Skincare market forecasted to reach 180 billion dollars by 2026

A new report has stated that the global skincare market is expected to grow by 180 billion dollars by the year 2026.

According to Brandessence Market Research, the sector is anticipated to experience a compound annual growth rate (CAGR) of 5 percent, largely driven by increased awareness surrounding the benefits of skincare and a boost in disposable income.

In the report, it appears Asia-Pacific will be most responsible for this growth, accounting for 40 percent of the global market share, followed by North America and Europe.

The research firm noted that the market in this region was highly competitive, however it is expected to particularly benefit from the expansion of the chemical industry in India and China, supporting access to raw materials.

Meanwhile, in the US and Canada, consumers were found to be causing an increase in demand for personalised beauty products as they become more aware of specific ingredients.

While the report outlined various positive factors in regards to the growth, it did note that the increased availability of counterfeit products could hinder the market, while consumers cutting discretionary spending due to economic uncertainty was also a possible setback.

Furthermore, rising legal issues within the industry, including the US’ new regulations under its Food and Drug Administration (FDA), will also require cosmetics companies to comply with varying regulations within the areas they operate in.