Professional skin care market: Optimistic outlook
The global professional skin care market is recovering. In this year, Europe recorded the strongest growth it had experienced the past six years and China kept its status as the largest skin care market worldwide. According to the market research company Kline Group, the outlook for the professional skin care market is optimistic. The analysts expect a CAGR of approximately 5% by 2019.
The changing needs of cosmetic consumers with the focus shifting from lower costs to value for money uplifts the category of professional skin care products and treatments, the company states. In addition, consumers tend to overall body treatments and are more interested in hybrid products that combine skin care and make-up.
Cultural differences influence consumer preferences
China, Europe and the USA are the leading markets for professional skin care products. All three regions stand for different cultures and reflect different beauty needs and preferences. In China, anti-aging products are less demanded than moisturizers and whitening products. According to the analysts, Chinese beauty consumers rather buy them in spas or beauty salons than in retail.
In contrast, in the USA and in Europe anti-aging products and tinted moisturizers dominate the professional skin care markets, the analysts report. Consumers of western countries rather prefer retail take-home sales than professional-use product sales at beauty institutes and spas. The number of take-home sales nearly triples the size of back-bar sales.
Sun protection products play an important role in all three markets. In the USA and in Europe where consumers attach importance to tanned skin as well as in China where light skin is a widespread ideal of beauty. The demand for professional sun protection products grows due to the increasing awareness about the harmfulness of sun exposure.
China and Europe are fragmented markets
According to Kline, local professional brands dominate the Chinese market. International brands only account for one tenth of all product offers, but their share increases. The market research company reports a CAGR of 8% in 2014. In Europe, the market is also fragmented due to a large number of different professional beauty brands, and no single brand with a convincing lead. But the European professional skin care market grows healthy because of the increased consumer spending. With the exception of Italy and Russia, all countries register solid growth, the market research company states.
Source: Kline Group, photograph: DN- Fotolia