The global facial care market has been forecast to increase at a compound annual growth rate (CAGR) of 5.3% over the next five years, increasing from a value of $51,743.5 million in 2012, to reach a value of $67,133.4 million by the end of 2017.
The facial care industry consists of anti-agers, night cream, creams and gels, toner, and face masks. The market continues to rebound with sales growth higher than any other time during the past five years.
Facial care is a vital weapon in women's appearance improvement and maintenance armoury. Only a very tiny minority of women have had surgical treatments to improve their appearance, which leaves topical treatments, cosmetics and lifestyle adjustments the main tools available to women hoping to look their best from youth through to later life.
Anti-agers amount to just over 25% of the market's total value, making up the largest segment of the facial care market. Geography-wise, Asia-Pacific accounts for more than half of the total market value.
The importance of the region is reflected in recent product launches. From Chanel and Christian Dior to Crème de la Mer, brands -- especially premium ones -- have been launching products to cater for the needs of Asian populations. The popularity of brightening/whitening products and BB (blemish balm) creams, which are now widely available in Western Europe and North America, is just one of the trends from Asia-Pacific that has had an impact on the wider skin care market.
The industry has shot up in recent years from basically a few well known expensive brands to millions of facial products scattered all over the stores and the internet. L'Oreal SA dominates the global facial care market, with a market share of 13%.
Fuelled by consumers' lack of time and the need to offer value for money, beauty brands have been launching more holistic products. SPF, hydrating, anti-wrinkle and evening out skin tone are just a few of the features now present in many skin care products.
The popularity of BB creams is set to continue, particularly as brands add more shades to their ranges. The launch of Lab Series' first BB cream for men and Sleek Make-up Be Beautiful BB Cream for dark skin in the UK are an indication of the increasing diversification of the category, and it is only a matter of time before its known if such products cannibalise sales of tinted moisturisers or even eliminate them altogether.
For more information on the global facial care market, see the latest research: Global Facial Care Market
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