The fast-growing and increasing trend of beauty and skincare products is dominating the market, and it seems it doesn’t have any plans to slow down. And with the introduction of using eco-friendly substances and components, the beauty industry is skyrocketing.
The question is, what are the contributing factors of the increased growth of beauty products, specifically organic skincare products? Who are the major players in making such positive market growth? And why do people turn into using organic and natural products?
Market Introduction of Organic Skin Care Products
The moment consumers grew and developed their awareness of taking care of their skin and their health as a whole, they are now grown conscious of their choices. It starts with the food they eat to what products they apply to their faces and bodies.
Organic skin care is positively marketed into the public through the drive of choosing natural and safe components that highly benefits the body.
With increased consumer demand for healthier and environmentally-friendly products, organic skincare products became a key player in the beauty industry. And fortunately, it received an affirmative acceptance by many consumers. It further attracted more eco-friendly buyers that are concerned not only to their bodies but also to the Earth.
Millennials demands
Generation Y, or commonly called the “Millennials,” are the top contributing factor of the increasing growth of using organic products. These consumers highly believe that whatever product they use on their face, skin, or hair has something to do with their health and to the environment as well.
Recent statistics show that the Millenials are more concerned about the effects of the product they purchase to their health. This forces them to seek products that are free from harmful and synthetic chemicals.
Also, the intense drive to look for products with more plant-based attributes, organic, and sustainable. That even extends to product packaging, as they strongly demand eco-friendly packaging to reduce waste and contribute to healing the environment.
Organic skincare products growing potential
With all of these positively increasing demands by the Millenials and other groups of consumers, organic skincare products are set to rise and reach their peak in the coming years. The beauty and other personal care products are expected to boom and reach a global sales value of $800 billion by 2023.
While organic beauty products have a contribution of $11 billion of that, it is expected to grow for about 12% of the Compound Average Growth Rate (CAGR) by 2024, making $22 billion of estimated annual global sales.
Demographic factor
A 2018 survey has shown that 64% of US respondents show concern about buying beauty and personal care products that are healthy and clean. The same survey shows that many respondents value the quality of ingredients used in a product rather than the marketing itself.
These respondents’ age range is from 18-55, with 18-34 respondents as the highest score with 77%. It is the very same demographic that showed interest in how the product is sourced out and the processing quality of manufacturing it. These groups care less about the logistics the same as they do how the marketing is done.
Moreover, as long as the demographic plays a factor, it shows that many countries in the Asia Pacific have a large number of consumers willing to patronize organic skincare products. A region with an aging population, increased numbers of working women, and exponentially growing Millennials makes a reasonable equation of being a top market potential.
Countries like China, Japan, Hongkong, South Korea, and Malaysia are the high potential countries that will contribute to the value and volume of organic skincare products in the Asia Pacific—making the region the largest skincare market until the year 2022.
Popular Icons Influence
Gwyneth Paltrow, Miranda Kerr, Jessica Alba, and Madonna are just a few celebrities and icons that continue to influence the beauty industry. For people to patronize organic skincare products at the fullest, they need to look up famous people who actually use them. These stars have actively campaigned and vocalized that synthetic chemicals in beauty products can harm a person in many different ways.
Because of these celebrities, they have influenced a lot of their followers and fans to use organic skincare products and start to take care of their skin naturally. Not a surprising factor why there is an increasing demand in the beauty industry since buying their products gives the fans a personal connection to these stars.
Takeaway
When it comes to taking care of our skin and body, we always want the best for it. This is why there is no surprise that organic skincare products will be a great trend in the market due to its natural and safe content. Not to mention how it was promoted by many celebrities that have a great following. Aside from that, consumers have grown conscious and aware of how their purchases can affect their health and the environment. All of these combined made up the positive growth of organic skincare products in the market.
