Euromonitor International announced today that the beauty industry globally saw continued penetration of staple products in emerging markets, consumers upgrading to more superior products and the adoption of more extensive beauty routines across all product segments.
Skincare remains the largest segment across most markets, with global sales expected to reach over US$130 billion by 2019. “Of all beauty segments, consumers continue to spend most on skin care items at US$15 per person annually, compared to US$10 for hair care and US$7 for colour cosmetics,” said Euromonitor International’s Head of Beauty and Personal Care, Irina Barbalova. “One third of global beauty revenues by 2019 will come from skincare, compared to 23% between 2009 and 2014.”
Product diversification and innovation are transforming the skincare market. Technological developments are encouraging demand for a more personalised and unique product. “Consumers want to experience more with their products and innovation can create a unique experience worth paying for as well as creating brand loyalty,” added Barbalova.
Asia continues to inspire innovation in terms of new formats, textures and product benefits. Eighty percent of global skincare revenue gains by 2019 will come from Asia, with China set to account for 75% of the total regional absolute growth. “Indonesia and India will be the next growth frontiers to watch, with Indonesia expected to enter the top 10 global skin care markets by 2019," added Barbalova.
Read our blog post about Indonesian cosmetics company Martha Tilaar's involvement in the herbal market here.