Global skincare sales will reach $181 billion by 2025, driven by skinimalism, a trend defined as minimal make-up combined with basic skincare.
This is according to a new study by Euromonitor International, which reports that consumers continue to self-educate on active ingredients and seek out simplified brand messaging and formulations.
“Brands that play on trust and transparency, as well as those with science-backed credentials and ‘clinical’ efficacy, will continue to resonate well,” says Kayla Villena, beauty and fashion consultant at Euromonitor International.
The global beauty and personal care market as a whole is expected to grow by 3% over the forecast period.
Growth of e-commerce will also play a significant role in this growth, notes Euromonitor, which finds that the acceleration in online beauty sales that had been predicted to occur over the next five to 10 years took place in a single year as the COVID-19 pandemic boosted consumers' adoption of online platforms for their everyday needs. Sales of beauty and personal care increased 23% over 2020-2021, while virtually enabled at-home experiences will remain an imperative to drive e-commerce sales.
Euromonitor consultant Gabriella Beckwith adds: “Fifty-one-percent of beauty companies surveyed stated that they would implement digital strategies to embrace new ‘phygital’ reality, from contactless experiences to deployment of AR (Augmented Reality)/ VR (Virtual Reality) to integrate virtual processes in physical spaces.”