Skincare represents the biggest segment in the beauty industry. The global sales of the skincare segment are projected to exceed $130 billion by 2019. The global skincare market is expected to account for $180 billion by 2024.
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The Skincare Industry
In 2015, the beauty industry represented a $56.2 billion market in the US. Haircare is the largest sector and has 86.000 locations. Skincare is the 2nd one and is growing rapidly. It’s expected to account for almost $11 billion by 2018.
The reason is that people have started paying more attention to skincare. On the other hand, the growth is the result of the increase in the market for men.
In general, the US skincare and toiletries market is taking advantage of the rising demand for natural and organic products, accounting for a faster growth rate as compared to the overall market.
The demand driven by natural and organic products with no unnecessary chemicals, parabens, additives or fillers is growing. This segment represents more than 1/3 of the $9.6 billion natural and organic personal care industry, according to Nutrition Business Journal. It’s growing faster as compared to the overall skincare market.
Skincare Merchant Account
The global skincare industry was estimated to account for $121 billion in 2016. By 2018, the US skincare market will reach almost $11 billion.
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It’s interesting to note that in 2016, 57% of US women stated it was important to buy all-natural skincare products. That’s the reason why companies focus on offering consumers innovative products and developing environmentally friendly products either made locally or using locally sourced ingredients. Anti-aging products are also among the strong growth segments in the US cosmetics and toiletries market.
When it comes to the western European markets, some 40% of the global upgrade comes from the combination of Spain, Germany, Italy and France, which reflect the region’s steady economic stabilization.