The cosmetics market is expected to garner $429.8 billion USD globally by 2022, according to new research. There are several factors contributing to the sustained boom of the cosmetics and anti-aging sectors, including a shift in disposable income spending habits and lifestyle priorities, an augmented consumer interest in purchasing new and more effective facial and skincare products, and the sustained popularity of products with anti-aging claims.
Recent studies have shown that while women are now less likely to shell out disposable income for name-brand clothing or pricey electronics, they are more likely to spend that income on cosmetic purchases. In addition, women are most likely to splurge on prestige products, or more expensive items, in order to have a product that promotes wellness, according to research by the NPD Group.
These high-quality personal care items allow consumers the chance to own top-shelf, professional brands and personal care treatments, at a fraction of the cost of other luxury goods like bags, clothing, or home decor items. In particular, prestige skincare items, containing multi-functional ingredients like the anti-aging, moisturizing, and exfoliating glycolic acid, are especially appealing to this burgeoning consumer purchasing trend.
Facial care represents almost 30% of the overall cosmetic industry.
Increased consumer interest in facial skincare is another contributing factor to the growth of the cosmetics market. Currently, facial care represents almost 30% of the overall cosmetic industry, or the largest segment of the personal care and beauty industry.
An increased demand for healthy, clear and vibrant skin continues to steer consumer wants and needs, making products with alpha hydroxy acids like glycolic acid and lactic acid likely to continue upward sales growth.
It’s also important to note that the overall skincare market consists not only of facial care products, but also body care, hand care, and makeup remover products. This wide breadth of products available will also factor into the overall growth of the booming skincare segment.
More anti-aging growth on the way…
The rising demand for anti-aging products is another element comprising the current cosmetic industry swell. The global anti-aging market is expected to reach $216.52 billion USD by 2021. A larger aging population is behind the increase in demand for these anti-aging products, as well as renewed interest from a younger generation.
Multi-functional anti-aging products like glycolic acid, which not only helps reduce the appearance of fine lines and wrinkles, but also combats dullness, oiliness, and adult acne will be increasingly important to consumers. Anti-aging products, once solely focused on improving skin appearance, are now just as important to consumers for their abilities to improve skin health and vitality.
The cosmetic industry surging growth offers many exciting new opportunities to manufacturers to create items that will meet growing consumer demands for products delivering small doses of luxury and big doses of efficacy via high-quality, multi-functioning ingredients and formulations.
