The global cosmetics industry is making a lot of money. This includes products like shampoo, makeup, perfume, soap, and deodorant. Experts think the industry will grow to $379 billion in the next four years. But the biggest growth is in skin care. Skin care is now the most important part of the beauty market. It makes about 25% of $52 billion in annual revenue, and it could reach $196 billion by 2024.
Skin care is popular because people want to take care of their skin and be healthy. Many brands focus on natural and clean products. The “wellness” trend is important. Wellness is about eating healthy, exercising, and using products that help skin look good. This trend makes people spend more money on creams, lotions, and face washes.
South Korea has a special influence on the global skin care market. In Korea, skin care is very important in daily life. Many global brands are learning from Korean products and methods. The idea is simple: healthy, clean, and beautiful skin is very valuable today.
Vocabulary:
• revenue (noun) : the money a company earns
• moisturizer (noun) : a cream that makes skin soft and wet
• lucrative (adj) : making a lot of money
• outsized (adj) : bigger or more important than usual
• wellness (noun) : the state of being healthy in body and mind
• fragrance (noun) : a pleasant smell, like perfume
• consumer (noun) : a person who buys goods or products
Source: CNBC