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Researchers claim global skincare market is growing
A report published by U.S. based market research company Grand View Research suggests the global skincare products market will reach $196.67 billion by 2024, up from an estimated $129.21 billion in 2015.
A report published by U.S. based market research company Grand View Research suggests the global skincare products market will reach $196.67 billion by 2024, up from an estimated $129.21 billion in 2015.
READ MORE ON PRODUCT FORMULATION: 8 things to know before formulating product
Fueling that growth are the emergency of advanced care, anti-aging and multi-benefit personal care offerings, ecommerce trading platforms and development of novel organic skincare solutions, according to a June 2016 Grand View Research press release.1
Clearly, there are a lot of products out there that have dermatologists’ names on them that have zero input by the dermatologist other than picking the color of the label and deciding on a name. There’s a big difference [in satisfaction] when it comes to actually going inside the bottle and working on the composition of ingredients, in an honest start-to-finish production, says dermatologist and cosmetic surgeon Joel Schlessinger M.D.
Dr. Schlessinger says it costs about $50,000 or more to formulate and produce one product, which includes not only the formulation but also the minimum that most manufacturers require for production.
