Skincare sales target $181 billion by 2025 with consumers on ‘skinimalism’ quest

Photo: skincare.com

KUALA LUMPUR: The global beauty and personal care market is expected to rebound in 2021, with a three per cent growth largely driven by Asia Pacific, according to global market research company Euromonitor International.

In its latest webinar ‘Beauty in recovery: going green and clean’, Euromonitor delves into the industry’s future outlook, exploring the key themes that will shape the beauty sector in the coming years.

By 2025, skin care will steal the brightest spot of the global beauty industry, as the category is estimated to reach $181 billion sales, mostly led by Asia Pacific, as consumers are increasingly self-educating on active ingredients and will continue their quest for ‘skinimalism’ happening in the form of simplified brand messaging, formulations and routines. ($1 = RM4.142)

“Fifty-one per cent 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,” said Consultant at Euromonitor International, Gabriella Beckwith, in a statement.

Meanwhile, Beauty and Fashion Consultant at Euromonitor International, Kayla Villena said: “Brands that play on trust and transparency, as well as those with science-backed credentials and ‘clinical’ efficacy will continue to resonate well.”

The e-commerce acceleration predicted to take course over the next five to 10 years occurred in one single year, as the pandemic boosted consumers’ adoption of online platforms for their everyday needs.

E-commerce sales of beauty and personal care increased by 23 per cent over 2020-2021, while virtually enabled at-home experiences will remain an imperative to drive e-commerce sales. – Bernama