According to US market research firm Transparency Market Research, the market for cosmetics and personal care products in the United States will reach a value of $19.2bn by 2015, and it predicts a bright future ahead.
TMR states in its report that growing health awareness over the years is causing the market to grow and people are becoming increasingly worried about the ingredients in creams and cosmetics; stimulating the demand for natural and organic cosmetics.
“The growing consumer concern for the use of natural and organic skin care products is encouraging new manufacturers to enter the market,” it says.
Intense competition can pose a serious challenge to the growth of the skin care industry owing to reduction in quality to reduce the overall cost of skin care products.
However, TMR comments that technological advancements in the skin care market combined with development of innovative products providing effective results and ease of use, are contributing to the growth of the industry.
“The increasing demand for anti-aging products and growing concern for the use of natural and organic skin care products are the major factors driving the skin care industry.”
The report shows that the US and Europe have the maximum potential both in terms of value and volume, whereas, Asia-Pacific is also expected to witness significant growth in the coming years owing to the increasing concern of the growing population about personal care and hygiene.
The BRIC countries should also see rapid development too. TMR also notes that the internet is playing a considerable role as an expanding sales channel.