Skinimalism trend set to drive global skincare market growth to £130bn by 2025
Global skincare sales are expected to reach $181 billion (£130bn) by 2025, driven by the trend for skinimalism, according to analyst Euromonitor International.
The quest for glowing skin with minimal make-up and easy routines is predicted to accelerate as consumers continue to self-educate on active ingredients and seek out simplified brand messaging and formulations.
“Brands that play on trust and transparency, as well as those with science-backed credentials and ‘clinical’ efficacy will continue to resonate well,” said Kayla Villena, beauty and fashion consultant at Euromonitor International.
The global beauty and personal care market as a whole is expected to grow by 3% over the period.
Growth of e-commerce will also play a significant role in this growth, according to thr analyst, which stated that the acceleration in online beauty sales that had been predicted to occur over the next 5 to 10 years took place in one single year as the pandemic boosted consumers' adoption of online platforms for their everyday needs.
In fact, sales of beauty and personal care increased 23% over 2020-2021, while virtually enabled at-home experiences will remain an imperative to drive e-commerce sales.
Euromonitor consultant Gabriella Beckwith added, “51% of beauty companies surveyed stated that they would implement digital strategies to embrace new ‘phygital’ reality, from contactless experiences to deployment of AR/VR to integrate virtual processes in physical spaces.”
The Asia Pacific region will see the biggest growth globally, Euromonitor’s report stated, particularly within the colour cosmetics and skincare categories, and much of this will be driven by the speed of the post-Covid rebound in China.
“Beauty brands that are purpose-driven, digitally-savvy, clinically-backed, price accessible and approachable are most likely to thrive, and continue to do so,” said Villena.
Euromonitor's Beauty in recovery: going green and clean webinar covers the "new normal" for beauty’s post-Covid era.
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