It’s no secret that the skin care market is huge. Let’s take a step back and look at the bigger picture to get a better idea of just how huge it really is. According to Technavio, the premier cosmetics market is likely to surpass $126 billion by the end of 2019. This market has an anticipated growth rate of 4 percent. The customization sector has something to do with it.
Skin Care Customization On The Rise?
Guess what? According to the report, the largest market segment for premium cosmetics has been identified as being in the Americas segment of the market.
Growth at such a fast rate can be due to a number of different factors. I presume that one of them is likely due to how quickly we’re advancing from a technological perspective within the market.
But what does it all mean for the consumer? Well, in my humble opinion, you’re going to see well-established skin care companies begin to shift their focus off of simply making products, and instead putting a stronger focus on each individualized customer experience. That’s where the skin care customization comes into play. What I mean by that is, companies are going to put more dollars towards the research and development of complementary products and technology that can be used to provide a better product experience for the end user.
This should come as no surprise to any of us though. As the market shifts and demand for more products that contain all-natural ingredients increases, the consumer is going to spend more time focusing on each specific ingredient that a product contains. This is especially true for products being advertised and sold in the U.S. market. They’re going to pay close attention to ingredients and the effect that each one has on their body. Oh, and they’re going to use technology to better track their progress too.
We’re all getting smarter, stronger and we are looking better than ever today thanks to some wonderful skin care products that exist. Product customization is going to continue to that trend and if you’re not okay with that, then I’d say you should leave now.
It’s going to be really exciting to see where this growth takes us. Hang on everyone because it’s going to be a wild ride!
Lastly, I’d like to remind you that this column is simply my personal opinion on where the market is headed based on some research that I’ve conducted. The information I’ve provided should not be used to make any investment decisions. If you do so, you’re doing on your own will. I’m merely trying to predict what the market might look like in the years to come.
That being said, don’t invest on my account, but have a fantastic weekend!