Cosmetics/Skin Care Market Could Exceed US $750 Billion by 2025
Financialnewsmedia.com News Commentary
Apr 30, 2020, 09:28 ET
PALM BEACH, Florida, April 30, 2020 /PRNewswire/ -- The global cosmetic skincare market and the cosmetic market are projected to continue substantial growth through the next several years. A report from Technavio projected that The global cosmetic skincare market size will grow by $38.03 billion during 2020-2024. The market's growth momentum will accelerate during the forecast period as there will be a steady increase in year-over-year growth. Another report from Statista projected that the global cosmetics market is projected to value at about 758.4 billion U.S. dollars by 2025. The Technavio report said that, in the cosmetic skincare market: "The key players in the market are engaged in partnerships, agreements, M&As, and continuous R&D to provide high-quality products to expand their geographical reach and increase their market shares… Although the presence of premium brands will offer immense growth opportunities, the high cost of cosmetic skin care products will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Active companies in the markets this week include: Pressure BioSciences, Inc. (OTCQB: PBIO), Revlon, Inc. (NYSE: REV), Nu Skin Enterprises, Inc. (NYSE: NUS), Coty Inc. (NYSE: COTY), Ulta Beauty, Inc. (NASDAQ: ULTA).
APAC accounted for the largest cosmetic skin care market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Several companies in this region offer cosmetic skincare. This, coupled with the increase in the number of specialty stores that offer a variety of skin lightening and whitening products of different brands, will significantly influence cosmetic skin care market growth in this region. 48% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for cosmetic skin care in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Pressure BioSciences, Inc. (OTCQB: PBIO) BREAKING NEWS: Pressure BioSciences, Through Cannaworx, Inc., Announces Letter of Intent to Acquire SkinScience Labs, Inc. - Pressure BioSciences, a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to the worldwide biotechnology, biotherapeutics, cosmeceuticals, nutraceuticals, and food & beverage industries, today announced plans letter to intent to acquire SkinScience Labs, Inc., parent company of the award-winning Dr. Denese skin care and anti-aging product lines. The rights to acquire SkinScience Labs, Inc., which includes Dr. Denese SkinScience, is through Cannaworx, Inc. PBI announced plans on April 28, 2020 to acquire Cannaworx, Inc. (Click here ).
Dr. Adrienne Denese, M.D., Ph.D. (Cornell, Harvard) is an industry leader in scientific skin care breakthrough technologies. Dr. Denese, an accomplished doctor, businesswoman, and skin care visionary, is the creator of the award-winning Dr. Denese SkinScience®. Dr. Denese has made it her life's mission to help women look younger, feel younger, and live healthier lives. Over the past 17 years, her skin care and anti-aging product lines have been top sellers on QVC, generating approximately $18 million in sales in 2019 and approximately $500 million in sales over the past 17 years (https://drdenese.com).
Mr. Richard T. Schumacher, President and CEO of PBI, said: "The Dr. Denese SkinScience brand has reached top performing status on QVC for a skin care line, selling over 25 million units and receiving multiple QVC customer choice beauty awards. Adrienne's tremendous brand recognition, regularly repeating customer base, and major existing sales momentum brings immediate accretive impact into the PBI portfolio – and we know that our UST nanoemulsions will create powerful new leverage and opportunities for her expanding product lines. Our team has worked very hard to bring this pivotal transition together for PBI and its shareholders, and we are very excited about the prospects for growth and value appreciation in our combined companies going forward."
The Dr. Denese SkinScience product lines will leverage PBI's Ultra Shear Technology (UST) for preparing nanoemulsions, to propel their product lines through new frontiers in product quality and effectiveness, for both existing cosmetics formulations and the introduction of new nutritional and therapeutic components that clearly reposition them into the rapidly emerging cosmeceuticals applications arena.
Dr. Bobby (Babak) Ghalili partnered with Dr. Denese to create Cannaworx, Inc., bringing their combined medical and product design innovation backgrounds together to build a wide portfolio of products for Cannaworx in the cosmeceuticals industry. Dr. Ghalili added: "We are very proud to have a luminary like Dr. Denese bringing her vision and dedication to breakthrough innovations and quality in skin care and anti-aging products, and her large and loyal following of dedicated customers into our new, combined company."
Adrienne Denese, MD., Ph.D., characterized the compelling case for combining the three companies: "Our strong long-term repeating sales across a wide range of skin care & anti-aging products has been achieved with a passion for optimizing the consumer's experience and outcomes with our products. The potential for PBI's UST platform to deliver ultra-low nanoemulsions that yield higher and more consistent bioavailability of nutrients and therapies, while minimizing the need for added stabilizers and improving safety, created an undeniably convincing case for applying it to our products. In addition, we believe PBI's UST process will drive the nanoemulsion droplet sizes so small they not only will deliver new levels of silkiness, absorbability, and appeal, but should also turn previously cloudy mixtures into high quality transparent products." Read this and more news for Pressure BioSciences at: https://www.financialnewsmedia.com/news-pbio/
Other recent developments in the markets include:
Revlon, Inc. (NYSE: REV) recently announced two important steps forward in strengthening the Company's business, capital structure and foundation for future growth. First, the Company executed an agreement with Jefferies Finance LLC that will significantly enhance the Company's capital structure by refinancing the Company's Senior Notes due February 2021 and 2019 Term Loan, extend the Company's near-term maturities and deliver new funding for the business.
Second, the Company announced a new Revlon 2020 Restructuring Program that is expected to generate significant annualized cost reductions of between $200 and $230 million by the end of 2022. The goal of the 2020 Program is to build a stronger global business operation, enhance the Company's cost efficiency, and improve operating margin to continue accelerating the growth in operating income and profitability that the Company saw in 2019.
The new Revlon 2020 Restructuring Program is expected to deliver in the range of approximately $200 million to $230 million of annualized cost reductions by the end of 2022, with approximately 60% of these cost reductions to be realized from headcount reductions occurring in 2020.
Nu Skin Enterprises, Inc. (NYSE: NUS) Nu Skin's ageLOC LumiSpa was recently named the recipient of the 2020 NewBeauty Award for Best Cleansing Device. Award winners were selected by NewBeauty editors for the 10th Annual NewBeauty Awards, one of the leading publications and awards programs in the beauty industry.
ageLOC LumiSpa is a dual-action personal skin care device that works with specifically formulated treatment cleansers to deliver dramatic skin renewal and deep cleansing in a single treatment. It has been a top-selling product for Nu Skin in the world's number one at-home beauty device system brand in 2017 and 2018*. LumiSpa's success since its launch two years ago has also helped the ageLOC product line to grow into a cumulative $10 billion brand worldwide.
Ulta Beauty, Inc. (NASDAQ: ULTA) recently shared further updates to its operations in response to the COVID-19 pandemic. "As we navigate this very fluid situation, our teams are evaluating all new information, including recently passed legislation, to ensure we can make the best decisions for our associates, our guests and our business," said Mary Dillon, chief executive officer. "After thoughtful consideration, we have made the difficult decision to temporarily furlough many of our store and salon associates. During these uncertain times, we will do all we can to make sure these associates are supported."
Coty Inc. (NYSE: COTY) recently announced it has started producing hydro-alcoholic gel, which is used as hand sanitizer, to help combat the COVID-19 virus. Production and donations are expected to reach tens of thousands of units per week. The products are free of charge and are being distributed to medical and emergency services staff who are facing shortages due to the fast-spreading COVID-19 virus. Products will also be provided to Coty employees working in the plants and distribution centers producing sanitizers, as well as pharmacy staff at some retail customers.
The Company has produced its first batches of hand sanitizer at factories in the United States and Monaco. Additional factories will start production within the week. Production depends on the resources and materials available as well as local government regulations.
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