Euromonitor International’s Industry Forecast Model is a strategic tool, which allows companies to choose the right markets for growth. Using the Industry Forecast Model, we can determine which countries skin care manufacturers should prioritise in 2019. We can find out: where the risks and opportunities are, what the right focus markets to drive future success is, where the size of the prize is the biggest, and where and how to play to win.
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By exploring each country’s retail outlook, market potential, and potential uncertainty for skin care, we are able to identify to the top five priority markets for 2019 amongst 55 researched markets, using a consistent set of criteria. These most attractive markets are China, the USA, India, Germany, and Australia.
A growing number of local brands are rapidly gaining market shares at the expense of international labels in China, India, the US and Australia. Native brands are at an advantage to incorporate local heritage with authenticity, credibility and at price points reaching a larger consumer base than global brands. To survive and maintain their leading positions, multinationals will have to adapt, be innovate, and acquire.
The market environment, mainly the retail distribution landscape, is an important driver. Understanding where and how consumers in each country buy skin care products is crucial for future growth. In China and India, beauty specialist retailers are reinventing themselves with the emergence of new distribution concepts. In the US, direct-to-consumer channels and social commerce continue to gain huge momentum with brands such as Rodan + Fields moving from direct selling to social selling.
Premiumisation, niche innovations and M&A. In a saturated market, companies need to opt for a value-led growth strategy to gain a competitive edge and see some dividends. Those wishing to growth organically will need to think about premium, niche innovations. Cross-comparing income and price elasticities will help to determine which product category is more amenable to premiumisation. This will allow companies to choose the right market to invest in. Another way would be acquiring other companies with an already established footprint.