UK prestige beauty market worth £2.3 billion
The prestige beauty market in the UK grew to £2.3 billion ($3.4bn) in 2014, a 5.2% increase on 2013 figures, according to new data from market analysts the NPD Group.
Skincare, which recorded a 1.7% growth year-on-year, constituted the biggest share of the market and was valued at £500 million ($746m).
Anti-ageing is the dominant skincare segment, valued at £165m ($246m) and growing 1.3% between 2013 and 2014.
However, it was the market for facial cleansers and masks that saw the most significant increase.
Sales of facial cleaners hit £58.6m ($87.5m) in 2014, up 13.9%, while the £6.5m ($9.7m) turnover for facial masks constituted an 11.2% growth.
Sales of brightening products also saw double-digit growth in 2014, up 12% on 2013 and worth £25.5m ($38.1m).
The facial oils market, while still relatively small at £3.9m ($5.8m), grew an impressive 23% between 2013 and 2014.
NPD said the growing sales of products such as facial masks and oils demonstrate that consumer are now more interested in ”ageless beauty” than in turning back skin ageing time.
June Jensen, director UK beauty for The NPD Group, said: "There’s been a huge shift in the beauty industry as consumers more then ever seek out products that refresh and revitalise their skin.
As they go back to basics, purchasing cleansers, masks and oils in ever-greater numbers, they are less concerned about looking younger.
Beauty companies are responding to this with products and ranges that focus less on anti-ageing and more on radiance, renewal, health and the all-important glow factor.”
*Image: Marks & Spencer