Once depending on makeup for big sales, now the skincare industry is seeing a growth due to informed consumers looking for natural products
A market research from The NPD Group shows that skincare products sales grew in 2018 by 13% hitting $5.6 billion, while makeup sales only grew 1%. The recent growth is due to the rising popularity of skincare products and the interest in natural and organic ingredients, as well as to the ever expanding community on social media.
Women are still the primary consumers in the skincare industry, and are now more than ever interested in products made from natural ingredients as well as in anti-aging products. However, men are also increasingly showing interest in skincare products, and companies are starting to launch new lines targeted at them as well. The skincare industry is now also benefiting from the visual nature of social media which offers new avenues for purchasing and discussing skincare routines and trends.
Buying products made only from natural ingredients is proving to be a daunting task as there is not much interest from the government to thoroughly regulate the ingredients used in making skincare products. Therefore, the need for information comes from not knowing exactly what a certain ingredient does but wanting to stay informed in order to make the best choices.
While big legacy skincare brands such as Estee Lauder and L’Oreal have slowly started offering more natural alternatives, it took them a while to meet consumer demand. That delay, along with the desire for more product information, created an opportunity for lots of smaller natural-based companies. Experts see the need for greater transparency as the future of the skincare industry. It’s something smaller brands have realized and responded to quickly, and bigger brands are slowly starting to follow suit with new products of their own.