The US skincare industry is expected to experience moderate growth and reach an estimated $12.2 billion by 2018.
Online PR News – 19-November-2013 – Irving/Texas – The US skincare industry is expected to experience moderate growth and reach an estimated $12.2 billion by 2018. The major driver of skincare industry is the rising concern and demand for natural and organic skincare products. Growing concern for health and safety, consumer awareness about synthetic chemicals, and rising green consciousness drove the demand for organic and natural skin care products. Another key driver of skincare industry is increased demand of anti-aging products. This market is benefited by high disposable income of baby boomers group.
Lucintel, a leading global management consulting and market research firm, has conducted a competitive analysis on the US skincare industry and presents its findings in “US Skincare Industry 2013-2018: Trend, Forecast, and Opportunity Analysis.”Skincare manufacturers recognized that valuable opportunities exist in the skincare industry. Skincare product manufacturers are continuously adopting new strategies to gain market share in this industry.One of the key take-away from the data is the sales opportunitiesin multifunctional skincare products.
Lucintel Market Research Reportanalysts advise that the biggest challenge the industry facesis toprovidegood quality products at low-cost.Consumers have become price conscious, but at the same time do not want to compromise on quality. Hence it is crucial for the manufacturers to maintain a balance between price and quality. Continuous innovation has also become a challenge for the players in the industry. Regular innovation of products is very important for companies tosustain their successful position in the market..
The study also highlights key drivers of growth in the industry. Consumers use skincare products for long-term application effect, safety concerns and even eco-friendliness, which will certainly be a major skincare trend in the future.Consumers with high incomes are increasingly buying premium products,respondingto the improving economy and product innovations from premium skincare manufacturers.
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