Skincare entails a variety of procedures that guarantee one takes proper care of their skin. A skincare routine tries to alleviate various skin disorders while also improving the appearance of the skin. Different skincare products are required for different skin types. As a result, there is no established skincare routine. If you have sensitive skin, you should visit your dermatologist before using specific products.
Skin Care market share data, winning methods, newest advancements, and financials are all included in the Skin Care Market report. The study recalculates the influence of macroeconomic and microeconomic factors that may have an impact on the Skin Care market's development in addition to providing information on the leading participants in the Skin Care industry.
Skincare is increasing at a quicker rate than any other sector of the beauty business. In the United States, sales of skincare products increased by 13% last year, while makeup sales increased by only 1%. In that time, online beauty businesses rose by 24%, with skincare leading the way.
Skincare's success is due to its unique position among a number of trends, including a growing desire for health-promoting and self-care products, an increased interest in the power of regimens and routines, the ability of social media to quickly empower and inform consumers, and, most importantly, the ability of new technology to simplify the unusually complex choices consumers face when interacting with skincare brands.
How Big is Skincare Industry in Canada?
The Skincare industry profile in Canada contains top-line qualitative and quantitative summary data, such as market share and market size (value and volume 2015-19, and forecast to 2026). The profile also includes descriptions of the top companies, as well as significant financial data and a study of market competitive pressures.
The retail selling of skin care, body care, hand care, depilatories, and make-up remover items makes up the skincare market. The market is appraised using the Retail Selling Price (RSP), which includes all taxes. The constant yearly average 2019 exchange rates were used for all currency conversions. Between 2015 and 2019, the Canadian skincare market generated total revenues of $1,655.7 million, reflecting a compound annual growth rate (CAGR) of 3.8 %.
Between 2015 and 2019, market consumption volume expanded at a CAGR of 2.2 %, reaching a total of 176.8 million units in 2019.
The key drivers of market expansion are favorable economic conditions and rising consumer spending power. In 2022, the Beauty & Personal Care industry will generate $8.32 billion in revenue. The market is predicted to expand by 3.73 % every year (CAGR 2022-2026). Skin Care is the market's largest category, with a market volume of US$3.98 billion in 2022.
It should come as no surprise that women spend more money on skincare than males. Skincare was primarily created for ladies. The average woman spends about $300 on skincare, according to a skincare statistic. This figure adds up to a significant amount of money spent on skincare by women each year. This figure does not include the beauty products they purchase each month.
The skincare Industry is booming, and given the current trends, it'll be even bigger in 2022 and beyond. When purchasing skincare products or following trends, be sure they come from a reputable source and are suitable for your skin type.