The global facial skincare market remains one of the most exciting and dynamic beauty categories, and is now worth more than $100 billion. Consumer demand for rapid and lasting results is fuelling function-led claims such as hydration and anti-ageing, notes Mintel’s KinShen Chan, Associate Director for Beauty Personal Care (South APAC). So, while sales growth has slowed in many developed markets, there are still many strategic opportunities for brands that get the product and marketing mix right.
That’s because skincare has become an important and enjoyable part of the daily routine for many consumers. Take, for example, the 76% of Canadian skincare users who say that facial skincare products are an important part of their self-care routine.
This growing acceptance is reflected in skincare launch patterns. Global launches rose 10% between 2020-25, headed by Europe and Asia Pacific. However, this success is not a broad-brush picture for all regions; APAC launches grew 17%, whereas launch numbers in LatAm fell 3%.
While brands enthusiastically bring new products and range extensions to market, they need to take account of a move by some consumers to save time, money or effort by streamlining their routines. For example, 47% of French and 45% of Spanish facial skincare consumers say they have reduced their routine in the last 12 months.
Many brands try to offset any potential consumer inertia by providing attractive key ingredients and science-backed benefits. These appeal to increasingly skin-savvy consumers, but also risk alienating some time-pressed consumers if the information is not easily digested.
One category that has really benefited from enhanced consumer engagement with formats, claims and ingredients is lipcare. Combined with social media-engineered buzz and retail support, brands like Laneige have become favourites of Gen Zalphas. Laneige’s lip masks have become collectibles thanks to a non-stop rota of new ingredients, special editions and carefully judged collaborations. The evolution of this collectability, is a new generation of lip balm handbag charms, and the viral superstar, Rhode Skin’s Lip Case, a silicone mobile phone case that houses and showcases Rhode’s Peptide Lip Treatment.