Skin care has always been a huge part in human history, but has it ramped up in the last 10 years? It would seem that the younger generation has been more invested with skin care and esthetics than others in the past. As hot fashion magazine FASHIONISTA has to say:
“To say that skin care came in hot would be quite the understatement. According to the NPD Group's total measured market report for the 12-month period that ended last October, sellers of prestige treatment products are running 16 percent ahead in the U.S., compared with an 8 percent increase from the year prior. Culturally, the impact is almost harder to ignore than the sales numbers. Suddenly, five consecutive sheet-mask selfies on your Instagram feed are the norm; you've found a way to justify a $305 bottle of botanical serum; your mom is calling to ask if CBD-infused moisturizer will get her high. Skin care is everywhere.”
It's so highly lucrative at this point that we are seeing more Millennials cashing in on starting beauty trends and opening more and more skin care lines than ever before! Why not start a successful brand and make good money all on your own? All you need to break into the industry is an esthetics license and when you compare that to a college degree, it’s a lot less expensive and only takes six months.
But will the market stay this popular? "The skin-care market is becoming increasingly fragmented and crowded," says Larissa Jensen, beauty industry analyst at the NPD Group. “In the prestige channel, skin-care brands outside of the top 20 now own the largest share of market sales. On average, the last two years have seen over 100 new brands debuting in department and specialty stores," she adds, noting that those smaller brands entering the market tend to focus on one singular beauty category, and in skin care, continue to steal share from larger legacy brands that have their hands in multiple product categories.
"Newer brands will continue to make waves in skin care as long as the consumer is ready to try new things — a sentiment that has increased in recent years — and is finding an emotional connection through social media.” Fashionista reports that while very popular, the issue seems to be lack of organization in the industry. The billion dollar industry seems to be only growing and with most states moving forward with more regulation, it seems we only have up to go from here.