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Strong growth in Asia will drive $104 billion global skincare market to new heights by 2020, says MarketLine
The global skincare market has experienced healthy growth in recent years, registering a compound annual growth rate (CAGR) of 4.8% between 2011 and 2015 to reach a value of $104.1 billion, according to data from research company MarketLine.
MarketLine’s report shows that market values have increased in all regions. Global growth, however, is primarily driven by Asia’s growth economies, as swelling middle classes begin to buy more expensive products, and those in lower income brackets start to purchase what they once deemed luxury items. Thanks to dynamic growth in countries like China, India, Indonesia, and South Korea, the Asia-Pacific region now accounts for over half of the total global market in value terms.
Nicholas Wyatt, Analyst for MarketLine, explains: “In recent years, the region’s emerging economies have all seen shifts towards greater consumption of skincare products. Not only are consumers in countries like China, India, and South Korea buying more skincare products, they are also buying more expensive products. This is reflected in value growth outstripping volume increases. The market remains fragmented, but companies with desirable brands are increasingly gaining a foothold.”
The global market is forecast to grow with a CAGR of 5.7% between 2015 and 2020 as Asia’s strong performance shows no signs of abating. In fact, it is forecast to accelerate as more consumers begin to buy skincare products and upwardly mobile buyers move on to higher priced goods.
Wyatt adds: “Globally, volumes are growing at a slower pace than values, demonstrating the ability of producers to ‘upsell’ existing consumers, even in the mature markets of Japan, the US, and Western Europe. Growth in these geographies, coupled with acceleration in Asia’s developing markets, is a recipe for robust market growth going forward and that is exactly what we are forecasting through to 2020.”
– Comments provided by Nicholas Wyatt, Analyst for MarketLine.
– Information based on MarketLine’s report: Skincare Global Industry Guide_2016.
– All information correct at time of publication and prepared under MarketLine’s established methodology.
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