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PARIS — Skin care is the beauty category with the most global growth potential between 2009 and 2014, said Euromonitor International.
“The sector will grow above the cosmetics and toiletries market, and contribute the most to cosmetics and toiletries’ absolute [gains],” according to the tracking firm in a report titled “Global Cosmetics and Toiletries: Industry Prospects for 2009 and Beyond.” “Growth in this category will mostly be driven by China, while antiagers will contribute 45 percent of skin care’s absolute [gains].”
Euromonitor forecasts fragrance will be the next most profitable category. “It will grow above the market rate, forming the second leading category in terms of absolute growth, 61 percent of which will come from mass fragrances in Brazil,” the firm reported.
Euromonitor estimates the hair care business (coming in third, absolute growth-wise) will reach $4 billion.
“Shampoo will account for nearly 60 percent of the growth in this category, while the key markets will be China, Brazil and India,” stated Euromonitor.
The “BRIC” countries (comprised of Brazil, Russia, India and China) are expected to drive the worldwide cosmetics and toiletries market through 2014, “accounting for a combined $19 billion out of $30 billion in absolute value sales growth to be generated globally during the forecast period,” according to the tracking firm. “The leading markets [the U.S. and Japan] will contract.”
Euromonitor envisages Latin America will ring up one-third of the world’s cosmetics and toiletries market’s absolute growth through 2014 and overtake North America by 2011. Brazil is expected to lead the region, generating 55 percent of the category’s sales and 71 percent of its absolute sales gain.
Further, Euromonitor forecasts the rise of masstige.
“As consumers increasingly look for better value, acceleration in masstige beauty (particularly successful in antiagers) will continue, while companies focus on investing in more sophisticated formulations,” the tracking firm stated. “Consumers will continue to trade up from mass to more specialized, but slightly more expensive brands, as well as trade down from department stores.…While many are opting for lower-priced brands, high quality and novelty continue to be a key factor.”
Euromonitor also anticipates that natural and scientific beauty will thrive.