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The professional skincare market is expected to grow by USD 4.65 billion during 2021-2025, as per global market research company, Technavio.
However, the researcher states that this figure marks a significant market slow down compared to the 2020 growth estimates, due to the impact of the COVID-19 pandemic in the first half of 2020. That being said, Technavio expects healthy growth to continue throughout the forecast period, and the market is expected to accelerate at a CAGR (Compound Annual Growth Rate) of over 6%.
According to Technavio, the professional skincare market is driven by product innovation and product line extension, leading to product premiumisation. In addition, the growing concern of skin-related problems is anticipated to boost the growth of the professional skincare market.
Say the Technavio team: “Vendors regularly innovate their product range and increase their product lines. With growing purchasing power and increasing disposable income, customer spending on skincare products is gradually increasing.
“Skincare product manufacturers have also been focusing on differentiating themselves from pharmaceutical companies. Some vendors operating in the global skincare market offer products that provide innovative, professional treatments and products to customers. To heal several skin-related issues, products being offered must have the adequate and correct combinations. All the above factors will further strengthen value sales in the global professional skincare market.”