The global cosmetics and toiletries industry saw another year of strong growth in 2007 to reach a value of $290.9 billion. According to Euromonitor International’s research, the market grew by 6%, which represents only a slight slowdown on the 2006 figure ($274.7 billion). The worsening economic climate in many developed countries, particularly the U.S., and signs of a slowdown in penetration in emerging markets proved a drag on growth. These trends were partially offset by strong growth in emerging markets, continuing premiumization and product innovation across all sectors.
Sun care, while down from the double-digit growth achieved in recent years, remained the most dynamic sector, as consumer awareness of the dangers of solar radiation grew. There was no change to skin care’s status as the largest contributor to absolute growth, either. Thanks to innovation, premiumization and consumer fears about aging, skin care accounted for more than a quarter of the $16.2 billion growth in global beauty sales in 2007.