Multifunctional products to drive pro skincare growth
Demand for multifunctional and men’s products will drive growth in the UK professional skincare market, which is predicted to increase at an average rate of 3.6% per year until 2018.
The market will be worth £307.2m at the end of this year, growing to £354m by 2018, according to a new report by research company Technavio.
Anti-ageing dominates the market, accounting for 44% of sales in 2013. Products targeting sun protection and hydration made up 18% of the market, with pigmentation (12%) and acne (9%) the third and fourth largest segments.
In the coming years, as skincare technology gets more advanced, client demand will grow for multifunctional products that provide a “quick solution” such as all-in-one day creams that moisturise, protect and correct, and Technavio predicts this will be a key driver for the UK market.
Male grooming products are also set to boost and men currently make up 20% of salon customers, according to Technavio. But salons have already started to reduce product and treatment prices to attract more men through the doors and this is likely to continue.
The major challenge facing the professional skincare market in the UK is the growth of advanced procedures such as injectables, which, according to the analysts, poses a greater threat than premium skincare brands or an economic slowdown.
Two thirds of professional skincare sales were made through salons and spas, with medical clinics and retailers making up the remaining third of the market. Technavio predicted that, globally, medical clinics are going to see the biggest growth of professional skincare sales, with an average rate of 5.3% per year.
The UK is the fourth largest single market for professional skincare with a 4% share of the global total in 2013, behind China (22%), the US (13%), and France (5%). Growth in affluent developing markets such as China is driving the global average growth rate for the coming years, which is 4.69%, a full 1% above the UK’s growth rate.
This story first appeared in the December issue of Professional Beauty magazine. To make sure you’re the first to read excusive news, subscribe for £37 a year for print issues, or just £4.99 a year for 12 full digital issues.