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Toiletries Market Report Plus 2009
Key Note Publications Ltd, June 2009, Pages: 172
This Market Report Plus on toiletries divides the market into five sectors: personal wash and bathroom products, skincare products, hair care products, oral care products and shaving products. The combined value of retail sales in these sectors increased by 2.5% in 2008, to £4.38bn. The strongest growth continued to be shown by skincare, driven by premium-priced anti-ageing preparations, growing interest in products with a natural or organic positioning, and men's skincare products. With a fair number of products regarded as necessities, household penetration of many toiletries products is high and, in this mature market, value growth is, to a great extent, reliant on new product development (NPD).
The fact that many products are considered to be necessities means that demand is not so adversely affected by economic hardship as it is in other consumer-goods markets. Nevertheless, with such a wide range of price points, it will be easy in the current economic climate for consumers to trade down to cheaper brands or the own-label offerings that are already so prominent in the market.
The UK's overall balance of trade in toiletries is positive, the only category in which the cost of imports exceeded the value of exports in 2008 being that of bath salts, etc. With some sectors approaching saturation point, manufacturers are increasingly looking for opportunities overseas, notably in the emerging markets of Brazil, the People's Republic of China (PRC), India and Russia. However, the rates at which the economies in some of these countries were growing have slowed, as a result of the global recession.
Recent corporate activity has included the loss of 200 jobs from L'Oréal UK's factory in South Wales, announced in October 2008, as the company moved production to France, blaming a decline in its UK supplier base. The plant in Talbot Green was sold to a Paris-based manufacturer of beauty products, Fareva, which will retain a limited number of jobs producing L'Oréal hair products for the UK market. In the very same week that the L'Oréal blow was delivered, it was announced that another 200 jobs were to be lost at the outsourcing specialist Budelpack COSi in Maesteg, the situation having worsened by the end of November, as Budelpack put the UK operation into administration.
None would dispute that there are difficult times ahead for businesses and individuals alike. According to the latest forecast from the International Monetary Fund (IMF), published in March 2009, global activity is expected to decline by between 0.5% and 1% in 2009, before recovering gradually in the course of 2010. The Organisation for Economic Co-operation and Development (OECD) also predicts that the UK economy will begin to recover in 2010. In a mature market and with pressure on manufacturers, retailers and consumers continuing, the authors anticipate only modest growth in the value of UK sales of toiletries in 2009, as price cutting and `belt tightening' persist. However, a positive effect of the recession is a trend towards `home indulgence', as women forgo expensive professional pampering services, such as facials and massages in spas and salons, and spend more on indulgent products to enjoy in the home.
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