Launch of New Products and Increasing Expenditure on Personal Care Products to Augment Growth of Facial Essence Market

Facial essence is simply a moisturizer that is supposed to help your face stay moisturized, brighten and even tone while you sleep. There are some very important ingredients that go into the formulations of most facial essences. Take for example active Manuka honey, which is rich in antioxidants and has long been used as a facial essence due to its moisturizing abilities. Phytessence Wakame, on the other hand, can reverse signs of aging by keeping your hyaluronic acid level high, which helps to smooth away wrinkles and keeps your skin pliable and wrinkle free. These two ingredients combine to give you more than an average moisturizer, but a truly amazing and effective anti-aging treatment!

Market Dynamics

Launch of new products is expected to propel growth of the global facial essence market. For instance, in March 2020, SK-II, an official partner of the 2020 Tokyo Olympics (which have since been postponed to 2021), announced to release a “Tokyo Doll” edition of its popular Facial Treatment Essence. Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.

Increasing expenditure on personal care products is expected to offer lucrative growth opportunities for players in the facial essence market. For instance, according to the U.S. Bureau of Labor Statistics, average annual expenditure on personal care products in the U.S. increased from US$ 707 in 2016 to US$ 768 in 2018.

The global facial essence market is witnessing entry of new players. For instance, in September 2020, Augustinus Bader, a skincare brand, launched 3-in-1 toner, The Essence.

Competitive Analysis

Major players operating in the global facial essence market include, Helena Rubinstein, Lancome, Loreal Paris, Kiehls, Olay, Kitao Cosmetics, Co., Ltd., Estee Lauder, Dior, SK-II, Biotherm, Hera, Guerlain, Origins, La Mer, Clinique, Innisfree, and Shu Uemura.

Major players operating in the global facial essence market are focused on launching new products to expand their product portfolio. For instance, in January 2021, SK-II launched its Pitera Essence in XOXO New Year Limited Edition. Similarly, in January 2020, Kitao Cosmetics, Co., Ltd. launched the Kitao Matcha (green tea) products (cleanser, essence lotion and face cream) that utilizes ECOCERT certified organic matcha harvested from their own fields in Uji, Kyoto.