According to market researcher Mintel, it is not the typical anti-aging products that will drive future growth, but rather emerging trends such as multifunctional products.
"The facial skin care category is expected to see an uptick in growth thanks to improving economic conditions and emerging segments," says Shannon Romanowski, beauty and personal care analyst at Mintel.
"Consumers are gravitating toward multi-functional products that allow them to get more benefits while saving them both time and money.”
The beauty expert also claims that ‘natural’ and ‘free from’ claims are also becoming important, and the level of consumer demand for these products means that they have almost become expected in the facial skin care category.
Benefits and opportunity
“Improved functionality and multiple benefits garner higher levels of consumer interest, suggesting opportunities for eco-friendly brands to tout natural ingredients as a way to support product efficacy,” she adds.
Mintel’s research shows that over four in ten consumers seek products with multiple benefits and nearly a quarter are looking for products that say they are ‘free from’ certain ingredients.
Another interesting finding from the report is that 37 percent of consumers say they only purchase products from brands they trust.
Cleansing and treating dry skin are the most popular functions looked for in a face product, and the number of facial product users wanting to improve the texture of skin has also increased significantly since 2012.
"The idea of improving skin texture is resonating across all age groups, indicating a growth opportunity for the category. Improving skin texture speaks to women and men alike, as the idea of a more perfect and flawless complexion is broadly appealing," adds Romanowski.
Slight drop
Whilst some emerging trends are showing good potential, the most established segment, anti-aging, has shown a decline of 2.2 percent between 2010 and 2012.
This is hardly surprising given how developed the market is, and it isn’t a concerning drop. Anti-aging skin care is still the largest segment in the facial skin care category, holding nearly a 40 percent share of the market.
Meanwhile the acne treatment segment saw minimal sales gains between 2010 and 2012, as consumers tend to age out of this segment, generally keeping sales very consistent.