The market was valued at USD 26.23 million in 2016, and is expected to reach a market value of USD 35.76 million by 2022, at a CAGR of 5.76% during the forecast period of 2017-2022. The market is on the rise due to the growth in new technologies in beauty enhancement, and also due to the growing geriatric population.
Over the last few years, there has been a gradual change in the product choices made by the consumers in the skincare market. Mass skincare products have registered lower growth rates, as consumers are increasingly veering towards premium professional products. This change in consumer preference has prompted modest growth in the market.
The market growth has also majorly affected the companies venturing into the premium skincare segment. For instance, leading players in skincare, such as L’Oreal Norge AS, have displayed dominance through the acquisition of Decléor and Carita, thus adding two well-established brands to an already-strong list that contains names such as Vichy, Biotherm and Lancôme.
Norwegian vendors are focused more on marketing campaigns that vary with seasonal changes in the country, which gives them an edge to assert dominance over the professional skincare market. Also, people in this country show high interest in managing their aging process, so that they can live a healthy and balanced life. Furthermore, with the advent of new beauty-enhancement technologies, they are attracted toward anti-aging and other professional skincare treatments and products.
ANTI-AGING PRODUCTS ARE A TRENDING SEGMENT IN THE COUNTRY
Over 40% of the Norwegian population between the ages of 30 and 59 are working, representing a major chunk of the market for professional anti–aging products. While the overall number of consumers in the country is small, the anti-aging segment of the Norwegian professional skincare market is substantial is size, primarily due to the high demand for premium products, as the latter are perceived to be more effective. Companies like La Roche-Posay are focusing their entire research and product line on active ingredients that can be effective against specific problems. In addition, the consumers in the country place great value on scientific demonstration of capabilities, which has traditionally helped the professional skincare products over their mass-produced counterparts. The brands are focusing on providing cosmeceutical products, as these treatments are continuously gaining in market share.
E-RETAIL CHANNEL TO OPEN NEW OPPORTUNITIES FOR PROFESSIONAL SKINCARE MARKET
The growing DIY trend has been evident in the skincare market in Norway, when compared to other mature markets. The increasingly self-reliant population has a very minimal reliance on professional services and prefers to perform most of its personal maintenance. Skincare experts in the region have re-emphasized on the importance of homemade and organic products in maintaining a smooth skin. The retail sector presents a viable and easier platform for purchase of such products in the market. With the country having approximately XX% internet penetration, the people have a very easy access to the internet. Therefore, the e-commerce segment sales in professional skincare products is expected to experience a boom during the forecast period.
UNILEVER ACUQUIRED DERMALOGICA, A LEADING COMPANY IN PROEFESSIONAL SKINCARE
The Unilever skin care march goes on, as the Anglo-Dutch giant announced that it will acquire the leading professional brand, Dermalogica, with the aim to crack the skin health market, given the United State-based firm’s portfolio of products.
NOTABLE MARKET DEVELOPMENTS
Our report on professional skincare market covers the following:
1.1 KEY DELIVERABLES OF THE STUDY
1.2 STUDY ASSUMPTIONS
1.3 MARKET DEFINITION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 MARKET OVERVIEW
4.2 MARKET DRIVERS
4.2.1 AGING POPULATION
4.2.2 NEW MEDICAL TECHNOLOGIES FOR BEAUTY ENHANCEMENT
4.3 MARKET CHALLENGES
4.3.1 INCLINATION TOWARDS NATURAL AND ORGANIC PRODUCTS
4.4 DEMOGRAPHIC ANALYSIS
4.4.1 AGE STRUCTURE
4.4.2 ETHNICITY (RACE)
4.4.4 LOCATION (URBAN & RURAL)
4.5 CONSUMER BEHAVIOR ANALYSIS
5. NORWEGIAN PROFESSIONAL SKIN CARE MARKET SEGMENTATION
5.1 BY PRODUCT TYPE
5.1.3 HYPER-PIGMENTATION CONTROL
5.1.4 FACIAL MOISTURIZERS
5.2 BY DISTRIBUTION CHANNEL
6. COMPETITIVE INTELLIGENCE – KEY COMPANY PROFILES
6.1 PERRIGO PLC (OMEGA PHARMA NORDIC)
6.2 CHRISTIAN DIOR AS
6.3 LESLEY COSMETICS AS (MARY KAY INC.)
6.4 UNILEVER (DERMALOGICA)
6.5 BEIERSDORF AS
6.6 ESTEE LAUDER COSMETICS AS
6.7 L’OREAL NORGE AS
7. FUTURE OF THE NORWEGIAN PROFESSIONAL SKINCARE MARKET