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The global skincare market has been forecast to increase at a compound annual growth rate (CAGR) of 4.4% over the five year period to 2015, with the industry set to hit a value of US$6.2 billion two years later in 2017.
Key factors contributing to growth within the global skin care market include the global population becoming older, increasing wealth in emerging markets, the pursuit of agelessness, technological advancements, and massive awareness of health & wellness.
While acne bogs down the teen beauty, pre-mature aging bothers the twenty-some things. Four-fifths of the world's teen populace is victim to acne and is relying heavily on medicated creams that cleanse the skin blemish-free from acne and prevent recurrence, spelling untold opportunity for skin care products.
In terms of technologies, cosmetic procedures have become less invasive, cheaper, and faster. Botox doesn't involve scalpels like a facelift or require downtime and because of this more consumers are getting procedures including men.
There's less shame now in getting cosmetic procedures than in previous years. In fact, some would say that there's increasing peer pressure to get work done among the affluent.
By aggressively introducing technologically advanced formulations, skin care companies have been able to charge higher prices. While many consumers will not want to pay more than US$10 on a product that merely moisturises the skin, many are willing to pay US$20, US$40, or even US$400 if the item claims other benefits such as firming and wrinkle reduction and contains a bevy of exotic or difficult to pronounce ingredients.
Big multinationals such as L'Oreal, Estee Lauder and Unilever are finding that men, especially Asian men, are now increasingly willing to shell out sizeable sums to take care of their skin.
Sales of men's facial products still make up only a small fraction of the global skincare market, but it's a growing fraction, despite the economic slowdown. Last year, skincare sales for men rose 17% to $2.4 billion, with 83% of that growth in Asia.
Key players currently dominating the global skin care market include L'Oreal S.A., Beiersdorf AG, Unilever Group, and Procter and Gamble Co.
For more information on the global skincare market, see the latest research: Global Skincare Market
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