• Skincare market is expected to grow by both volume and value in coming years.
• Under the influence of social media, Mexican men have become conscious about their physical appearance and are demanding more Skincare products.
A detailed analysis of the Skincare industry. Category-wise coverage of different segments in the industry are also included in the report. In addition, detailed distribution and packaging data along with consumer trends enables to interpret future outlook on how the market will shape up by the end of this decade.
Societal values and culture are increasingly being more impacted by the influence of the US. The penetration of social media has made the population more aware about how the lifestyle choices being made by people in more developed economies such as the US. One significant trend that has emerged is that men are also buying Skincare products. They are becoming increasingly conscious about their physical appearance and the societal pressure of adhering to the typical male beauty stereotypes is forcing them to use Skincare products. In addition, there is also an increasing demand for Body Care products more than any other product in Skincare market.
In the wake increasing consumer base with the entry of males in the Skincare market, leading players in the market are now looking for more opportunities to earn revenues. One possible means of achieving competitive advantage and faster market penetration can be the introduction of male-specific variants of previously women-oriented Skincare products. Men are usually more inclined towards less-complex, easily accessible and innovative products and leading players within the industry can turn this insight into better revenues by introducing products that offer a unique value proposition. For instance, data suggest that hypermarkets and supermarkets are the leading distribution channels within the Skincare market because they offer a wider range of products with competitive pricing and better accessibility.
Global Skincare Industry
The global Skincare products industry consists a mix of international giants and domestic producers manufacturing a wide variety of skincare products such as facial care, hand care, body care, sun care and depilatories. There is tough competition in the global Skincare market as there are a large number of small, medium and multi-national players, each offering unique products at extremely competitive prices. This rapid increase in number of participants in the global Skincare market is supported by the growing number of people buying such products. Not only the older generation, but also the younger generation has become beauty conscious, adding to the already expanding consumer base.
Some trends driving the global skincare industry include:
• Increasing wealth of developing economies leading to burgeoning needs of the middle class
• Increased lifespans and improved technologies have made it easier for people to pursue the idea of agelessness Skincare products tend to guarantee
• Technological advancement has also made it possible for manufacturers to introduce high-end formulations that offer better results and increased prices.