Sales growth in the market is now at its highest level for the past five years
The global facial care market is set to increase at a compound annual growth rate (CAGR) of 5.3% to $67.13bn by the end of 2017, according to market research firm companiesandmarkets.com, which said that sales growth is now at its highest level for the past five years.
The market saw total revenues of $51.74bn in 2012, representing a CAGR of 4.3% between 2008 and 2012. Market volumes also increased over the same period, with a CAGR of 4.9%, finishing at more than 7.07 billion units in 2012.
“Anti-agers amount to just over 25% of the market’s total value, making up the largest segment of the facial care market,” said the company. “Geography wise, Asia Pacific accounts for more than half of the total market value.”
The importance of Asia Pacific is reflected in recent product launches, added companiesandmarkets.com, with many companies, especially premium brands, launching products specifically tailored to the Asian market. Categories include whitening products and BB creams. The spread of the latter to the west has also had an effect on the wider skin care market.