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‘Significant growth’ predicted for SA pro skincare market

New research from Mordor Intelligence predicts that the South African professional skincare product market size will grow from $25.08 million in 2023 to $37.90 million by 2028, at a CAGR of 8.61%.

According to the report, the rising demand from women and young consumers is fuelling growth, with multifunctional skincare products that protect the skin from harsh environmental conditions, while promoting even and light skin tones, are currently the most popular.

“Additionally, with the expanding middle class and increased purchasing power in various socio-economic categories, there is a demand for cost-effective, high-quality skincare products that cater to the needs of different ethnic groups, while also incorporating natural components,” states report.

Mordor notes that key ingredients such as niacinamide and salicylic acid are gaining popularity due to growing concerns about skin problems like acne and eczema among the African population. Pollution and hard water conditions are fuelling the demand for facial cleansers, moisturisers and exfoliators over the forecast period.

Specialty stores and salons offering expert consultations remain the most popular sales channels for professional skincare products. The increasing popularity of online shopping is also expected to influence sales of skincare products.

However, despite the growing adoption of skincare products among South African consumers, market growth may be restrained by the lack of awareness about the benefits of professional skincare products and their high cost.

The market for professional anti-ageing products is experiencing accelerating demand, driven by a rapidly growing demographic looking to prevent wrinkles, sun damage and other signs of diminishing youthfulness. Demand is particularly strong for anti-wrinkle face creams, serums and eye creams.

Three South African-born professional skincare brands are referenced in the report, namely Environ Skincare (Pty) Ltd, Saloncare and Vitaderm.

Source: https://www.mordorintelligence.com/industry-reports/south-africa-professional-skincare-product-market