The facial care industry also consists of night cream, creams and gels, toner, and face masks, and is forecast to increase at a compound annual growth rate (CAGR) of 5.3 percent over the next five years, to reach a value of $67,133.4 million by the end of 2017, according to a Companies & Markets report.
Anti-aging products make up over a quarter of the market's total value, making up the largest segment of the face care segment, with Asia-Pacific accounting for more than half of the total market value.
Eastern influence
Asia-Pacific is also a driving force that saw the rise of BB creams two years ago, before Western firms got on board and maxed out the trend in the US last year, with all the big players vying for a slice of the action.
The popularity of brightening/whitening products and BB (blemish balm) creams, which are now widely available in Western Europe and North America, is just one of the trends from Asia-Pacific that has had an impact on the wider skin care market.
C&M states that the popularity of BB creams is also set to continue, particularly as brands add more shades to their ranges.
BB cream hits men's grooming category
There has also been the launch of the first BB cream for men and for darker skin across the pond in the UK, which indicates an increasing diversification of the category, which the analyst says is only a matter of time before its known if such products cannibalise sales of tinted moisturisers or even eliminate them altogether.
Fuelled by consumers' lack of time and the need to offer value for money, beauty brands have also been launching more holistic products. SPF, hydrating, anti-wrinkle and evening out skin tone are just a few of the features now present in many skin care products.
This has seen the industry improve in recent years and expand from a few brands dominating the market, to many facial products on the shelves and the internet, with L'Oreal the market leader globally.