Researchers claim global skincare market is growing

October 10, 2016

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.