Introduction
The beauty industry is very dynamic. One sector may be growing at a fast pace while another is suffering from severe adverse growth. In this paper I will analyse the trends of the cosmetic industry in the last few years and the direction it is expected to take in the near future.
The Cosmetics Industry
In the beauty care industry, health and beauty is treasured especially when it comes to the skin. In cosmetic industry the focus is usually on the skin and hair. Anti-aging products have been steadily gaining popularity and they will continue to be in high demand in the world. In the area of personal care, it is not just about the females. The male market for personal care has been increasing. Men have become comfortable taking care of themselves beyond the shaving and washing basics to taking care of their skin. They are now purchasing sophisticated products. Their skin is oiler, tougher and thicker causing it to be more prone to look older than the real age.
In 2005, the top 5 countries in skin care and cosmetic products were France, Japan, China, United States and United Kingdom. The expected market growth for cosmetics for the period 2007 to 2012 is expected to be 6%. In Europe, the interest in anti-aging products caused the sales to triple in the period 2002 to 2007. Research experts expect the market growth to increase to 8% in the period 2007 to 2012 (Nasreen, 2)
Germany is a country with a low birth rate which has caused a decline in the demand for baby care products. With most of the population aging, they have been seeking skin care products. The financial crisis affected the sales in the country however causing most people to shop in the discount counters for these products. In the United States, the women do not prefer a more natural look. They use a lot of make-up products and the consumption for cosmetic products has been stable.
In France, their role is increasing in the society especially in company and community positions. Their appearance is very important. This country records the highest sales in the cosmetic industry. In Japan and other Asian countries, their selection is slightly different with the people seeking skin-whitening, depigmentation and sunscreen products. Japan is a country that is highly innovative and they have even embraced the technique of skinceutical where companies add the beauty enhancing products to certain foods. The people are now buying Shiseido, which is a skin whitening product.
In India, there has been an increase of the wealth of the middle class as the economy has been doing quite well. Their purchasing and spending power has increased. The middle class are now interested in purchasing the international brands whether they are for the mass market or the premium class. There has been a growing interest in the global markets towards products which are based in traditional Indian herbal and ayuuvedic solutions, the Indians in the middle class segment still prefer international brands (Paramesh, 110). It is believed that these brands give one a more sophisticated and upper class appearance.
China is also experiencing increased growth in cosmetics due to increase in disposable income. The economic growth in emerging markets has been quite significant. In Korea, the women are gravitating towards the premium cosmetic products. The young generation is interested in the hair and skin products while the older generation prefers the anti-aging products. The older generation is more specific in its demands.
Conclusion
In the major global markets, women have a desire to look younger and have glowing skin and hair. The sales for the cosmetic products will continue to increase this year and in the near future. As women become more confident and influential in the society, they desire to enhance their appearance.
Works Cited
Nasreen, Abdullah. “A Comprehensive Review of Consumption Pattern and
Strategies in Cosmeceutical Market with a Focus on Dermaceuticals in Indian Market”. International Journal of Scientific and Research Publications, 2.2(2012): 1-10. Print.
Paramesh, Hemma. “Trends in Aging and Skin care: Ayurvedic concepts”. Journal of
Ayurveda & Integrative Medicine, 1.2(2010): 110-113. Print.
