Report Summary

Credibility, novelty and high-impact benefits are key pillars of innovation and strategy in a competitive category wherein switching-out is commonplace.

Joan Li, Senior Analyst, Beauty and Personal Care

Table of Contents

  1. Executive Summary

    • What you need to know
    • Consumer trends: key takeaways
    • Market predictions
    • Opportunities
  2. The Market

    • Market context
    • Market drivers
    • Budgetary behaviors on the decline
    • Graph 1: budgetary behaviors, July 2023 vs February 2024
    • Mass and masstige make gains over budget
    • Graph 2: product launches by price positioning, 2019-23
    • Accessibility continues to drive distribution
    • Anticipate the impact of buzzy teen and Gen alpha skincare
    • Graph 3: facial skincare priorities among teens/tweens, 2024
    • Market size and forecast
    • Facial skincare sales expected to grow 8.5% through 2028
    • After a hot period of growth, sales steady off
    • MULO sales is forecasted exceed 12bn by 2025
    • Adjusted for inflation, the category is still expected to see long-term growth
    • Market segmentation
    • Acne treatments and facial moisturizers are expected to make the largest strides through 2028
    • Graph 4: total retail sales and forecast of facial skincare products, by segment, at current prices, 2018-28
    • Facial anti-aging, lip balm, and facial cleansers are expected to see steady, long-term growth
    • Market share/brand share
    • A handful of leading companies see topline sales growth in 2023
    • As major anti-aging brands hold their position, niche players make modest gains in market share
    • L'Oréal remains dominant across facial cleansing brands
    • e.l.f., CeraVe, and La Roche Posay continue to make market share gains
    • Church & Dwight's acquisition of Hero Cosmetics bolsters its acne treatment performance
    • Aquaphor's strong 2023 sales performance boosts Beiersdorfs' lip balm segment
  3. Competitive Strategies & Opportunities

    • Balance what's new and what's tried-and-true
    • Get ahead of holistic facial skincare routines
    • Ensure a role in health maintenance routines
    • Anticipate premium to shift toward complex, multi-functional formulas
    • Compete on the frontier of biotech-driven claims
    • Graph 5: Biotech product launches by beauty price positioning, 2019-23
    • Connect green formulas to skin concerns
    • Provide solutions to underserved oily skin frustrations
  4. Consumer Insights

    • Consumer fast facts
    • Knowledge levels
    • Facial skincare knowledge goes mainstream
    • Graph 6: facial skincare knowledge levels (%), 2024
    • Younger consumers lead in facial skincare fluency
    • Graph 7: facial skincare knowledge levels among age groups, 2024
    • Usage & frequency
    • Secondary products make gains
    • Graph 8: usage of facial skincare products, 2022-24
    • The average routine has become more elaborate
    • Graph 9: product usage, repertoire, 2022-24
    • Men's routines go beyond the essentials
    • Graph 10: product usage, repertoire, by gender, 2024
    • Daily use is the standard
    • Graph 11: frequency of facial skincare usage, by product, 2024
    • Unlock further gains: make formats available for all skin types
    • Graph 12: select use of facial skincare products, by skin type, 2024
    • Connect normal skin types to the importance of prevention & routine
    • Graph 13: select use of facial skincare products, by skin type, 2024
    • Don't neglect the basics of normal skin needs
    • Trade-out behaviors & motivations
    • Anticipate switching out across all product categories
    • Graph 14: trade-out rates, by product, 2024
    • Novelty drives trade-out behavior
    • Graph 15: reasons for switching out products, by age, 2024
    • Sensitive skin types are on the constant hunt for better and more gentle
    • Graph 16: select reasons for switching out, by skin type, 2024
    • On the flip side, oily skin types are trying to streamline their routines
    • Graph 17: select reasons for switching out products, by skin type, 2024
    • Skin "immunity" is mainstream principle
    • Graph 18: agreement with skin "immunity" concept, by knowledge level, 2024
    • Design and innovate for variety in advanced routines…
    • …or take a stance against overconsumption
    • Trade-up motivations
    • Long-lasting results and multi-functional benefits are worth the extra splurge
    • Graph 19: product features that motivate trading-up, 2024
    • Brand rises to the top for advanced users
    • Graph 20: features that motivate trading-up products, by knowledge level, 2024
    • Build trust and exclusivity with new "expert" influencers
    • Gentle continues to become an indicator of quality
    • Graph 21: select trade-up motivations, by skin type, 2024
    • Appeal to the most-challenged skin types with formula-first concepts
    • Graph 22: select trade up motivations, by skin type, 2024
    • Connect advanced ingredient narratives to persistent skin troubles
    • Facial skincare goals
    • Hydration is the broadest-reaching benefit
    • Graph 23: facial skincare goals, 2024
    • …but men's goals come with the challenges of oily skin
    • Graph 24: select facial skincare goals, by gender, 2024
    • Leverage distribution to unlock further growth among men
    • Continue to formulate for ethnic skin concerns
    • Graph 25: select facial skincare goals, by ethnicity, 2024
    • Acknowledge varied life stage needs for different skin tones and ethnicities
    • Pain points and barriers
    • Many are still looking for their "holy grail"
    • Oily skin types are acutely underserved
    • Graph 26: select facial skincare attitudes, by skin type, 2024
    • Streamline routines for frustrated, advanced users and daunted beginners alike
    • Graph 27: select facial skincare attitudes, by knowledge level, 2024
    • Consider facial skincare routines in the context of larger health regimens
    • Graph 28: facial skincare changes, by knowledge level, 2024
    • Value-driven behaviors
    • The majority of consumers stick to the same price point
    • Graph 29: trade-up or down purchases in the past 12 months (% of consumers), 2024
    • Younger men drive trade-up potential
    • Graph 30: trade up vs trade down behaviors in the past 12 months, by gender and generation, 2024
    • Premium offerings must continue to bridge the gap between results and price
    • Graph 31: trade up vs trade down behaviors, by financial situation, 2024
    • Premium offerings must continue to bridge the gap between results and price
    • Graph 32: trade up vs trade down behaviors among consumers interested in paying more for skincare that works, 2024
    • Tap into transparency as a lever of quality
    • Bring consumers into the fold as brand stakeholders
  5. Appendix

    • Market definition
    • Consumer research methodology
    • Generations
    • Abbreviations and terms
    • Market size methodology
    • Forecast methodology
    • Forecast fan chart
    • Product category bases

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