Dubai, United Arab Emirates (AETOSWire): Beauty and e-commerce have historically gone hand in hand, making it easier for customers to shop online without having to set foot in a store, and for luxury brands and pharmacy to increase their reach and market to potential customers.
The global cosmetics and skin care market was valued at $ 129.23 billion in 2020 and is expected to grow by $ 38 billion between 2020 and 2024, accelerating at a compound annual growth rate (CAGR) of 5% over the course of this forecast period.
The Covid-19 pandemic has had a lasting devastating impact on the beauty and cosmetics industry. Store closures due to strict global lockdowns have had dire consequences, with sales falling 60% to 70% from March to April 2020 globally.
However, the thriving e-commerce industry is expected to revive market growth to pre-Covid levels. The pandemic has moved away from cosmetics slightly, with customers now turning to high-end brands more interested in skin care. This effect has helped high-end skin care companies expand their market share and innovate, boost their digital appeal and prestige, and improve their credibility.
Dr Sabet Salahia CosmeSurge Jumeirah said: “Companies have responded positively to the crisis by increasing their production capacities and focusing on immediate needs by offering hand sanitizers and cleaning agents. Research shows that consumers now intend to spend more on skin care products, instead of traditional beauty and skincare products. We also now see a consumer base more knowledgeable than ever about skin care formulations, ingredient-aware, and demanding social and economic responsibility from the brands they buy from.
“Currently, there is an increasing demand for face creams, serums, sunscreens and body lotions across the world as consumers have learned to prioritize skin care over different blockages. when people were stuck at home. There are also many global “trends” in skin care, the most recent of which is the Korean skin care craze that led to many sales before the pandemic. This increased demand for flawless complexion is expected to positively impact the growth of the market during the forecast period. ” he added.
Face creams, moisturizers, serums and sheet masks are gaining more and more popularity as men and women continue to place great importance on physical appearance and beauty. The ease of access to online knowledge through Youtube, skincare blogs and forums has also raised awareness of easy-to-treat skin conditions, making it easier for clients to create their own skin care routines. the skin. Eco-friendly consumers, such as those who opt for cruelty-free, vegan, and plant-based skin care products, are a big part of the skin care market.
The online distribution model has drastically changed the purchasing habits of consumers, as this channel offers benefits such as home delivery, easy payment methods, large discounts and the availability of a wide range of products from anywhere in the world, on one platform. . Notable brands and distributors in the market are strategically launching e-commerce websites in large, lucrative markets due to increasing internet penetration and a now largely digitalized mobile shopping consumer base. Skin care enthusiasts can expect to see more quality skin care during the forecast period ahead.
* Source: AETOWire
© Press release 2022