Skincare market growth to accelerate to £1.3bn by 2016
Growth in the UK facial skincare market is set to accelerate to reach almost a billion (£964 million) by the end of this year and £1.3 billion by 2016. The latest research from market analyst Mintel found that the market for moisturisers, cleansers and lip care is particularly healthy. Over the past five years, sales of women's facial skincare products have grown 26% - up from £738m in 2006 to £930m in 2010. That growth is set to accelerate to 31% over the next five years to reach £1.3bn by 2016. Moisturisers currently account for 59% of all women's facial skincare sales, with sales worth £549m. Within the moisturiser category, anti-ageing creams are the most popular, accounting for almost £2 in every £5 spent on women's moisturisers. Cleansers are the second biggest sector, worth £307m. Within the sector, 'prestige' products account for 39%, or £380m, of sales, an increase of 21% between 2009 and 2011. Michelle Strutton, Senior Consumer Analyst at Mintel, said: 'While mass-market skincare has the edge on prestige, higher-end products are gaining despite the gloomy economic environment. The entire category may be invigorated even further by the arrival of BB Creams (Blemish Balm Creams) which have enjoyed great success in Asia for several years and are now hitting shelves in the UK. The hybrid treatment-and-colour products could recruit new users to skincare, who will likely be attracted to their multi-functional positioning.' Mintel also found that just 2% of UK women have had cosmetic surgery to improve their appearance, with the majority relying on facial skincare products to assist appearance. More than six in ten (61%) women aged over 65 said they use skincare products in a bid to look better for their age, which underscores the notion that pride in a person's looks is not only the realm of the young. Women aged 55-64 are most likely to use skincare to deal with wrinkles and fine lines, with 57% reporting such use. Women aged over 65 were next most likely, at 55%. However, a small number (6%) of forward thinking women aged between 16 and 24 and three in ten (31%) aged 25 to 34 use skincare products with wrinkles in mind. However, many UK women are sceptical of the powers of anti-ageing skincare with 57% saying anti-wrinkle creams are over-hyped. Furthermore, almost one in five (17%) said skincare products were a waste of money and that a woman's looks depend on her genes and lifestyle.