Euromonitor International reports that the global cosmetics and toiletries market experienced another year of strong growth in 2007, registering 6% growth over 2006.
Innovation and premium quality products are two of the factors making up growth for the future, especially in skin care. Increasing consumer desire for healthy, younger-looking skin is proving to be beneficial for the entire beauty market.
Brazil is the largest single contributing country to the reported growth, with skin care, hair care and fragrances set to benefit most from the strong demand in the country. Brazil is expected to add $9.5 billion to global sales during the next five years, supplanting China as the No. 1 contributor to future growth.
The performance of skin and sun care has helped maintain growth in the global beauty market, with sun being the most dynamic sector in the industry, reaching $6.9 billion in global sales for 2007.
The United Kingdom also surpassed fellow European countries France and Germany to become the region's top beauty market.