« Europe posted its strongest growth in professional skin care for the past six years according to the latest report, with social, ethnic, and environmental factors playing their part in shaping consumer preferences and behaviours.
According to Kline’s latest Professional Skin Care Global Series: Market Analysis and Opportunities report, Europe, China, and the United States, are three of the world’s leading markets for professional skin care products.
Despite the current economic slowdown and challenging political conditions China maintains growth and the status of the largest of these markets, but it is Europe’s growth which it says is the biggest surprise.
In Europe, Kline reports that retail take-home sales are nearly triple the size of professional-use product sales, and the market is also fragmented, with a large number of players across the region, and no single brand with a convincing lead.
“In 2014, the top five leading brands account for just a little over one-fourth of the total sales in the region. However, the European professional skin care market, fortified by increased consumer spending, registers the highest sales increase in 2015 in the last six years,” comments Kline.
“With the exception of Italy and Russia, all countries register solid growth. The United Kingdom shows the fastest growth of all countries at almost 8 %.”
The market research firm adds that Europe, along with the US and China, represent three culturally-distinct regions highlighting that social, ethnic, and environmental factors play an undeniable role in shaping consumer preferences and behaviour in the market, and therefore each market is unique, offering distinct growth pockets.
The difference in the ethnic and cultural influences of each region are most evident in the order of skin care concerns that drive the professional skin care market, and the products that are the most in-demand.
An example is that in Europe tinted moisturizers gained popularity in 2014 with several new offerings from leading marketers, as consumers want a tanned ‘sun-kissed’ look; however this is different in China where skin-whitening products are the most popular.
At the same time, demand for sun protection products continues to increase, not only in the light skin-seeking Chinese market, but also in the tan-loving European and US markets, with the increasing awareness about the harmfulness of sun exposure helping sales of professional sun care marketers like EltaMD soar through 2014 and 2015.
The outlook for the professional skin care market is optimistic, according to Kline, at a compound annual growth rate of close to 5 % by 2019.”
Article by Andrew Mc Dougall
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