The global cosmetic skin care market will post a compound annual growth rate (CGAR) of approximately 6% during the period 2019-2023, predicts Technavio in a new research[ [Global Cosmetic Skin Care Market 2019-2023, Technavio, December 2018, Pages: 123]].
According to the market research firm, the increasing popularity of premium cosmetic skincare brands have led to the growth of the market in recent times. Affluent consumers are continually looking to update and advance their knowledge about skin care and, thereby, are receptive to learning and engaging with luxury and premium brands online. These affluent consumers have been influencing premium skincare brands to build up their digital appeal and credibility to boost their market share.
Growing preference for organic cosmetics
Technavio classifies the growing preference for organic cosmetics and cosmeceuticals as another significant factor that has the potential to significantly and contribute to the growth of the global cosmetic skin care market.
The consumers are gradually shifting from conventional cosmetics to natural or organic cosmetics that are claimed to be free from synthetic chemicals or from potentially harmful substances.
“Natural raw materials such as neem extracts, soybean, fish oil, aloe vera, and guar gum are being used to manufacture organic skin products. The organic cosmetics also include natural fragrances,” says a senior research analyst at Technavio.
According to the company, the global natural and organic personal care product market will grow at a CAGR of over 10% during the 2019-2023[ [Global Natural and Organic Personal Care Product Market 2019-2023, Technavio, January 2019, Pages: 116]], corresponding to a USD 8.33 billion global growth during the period.