L’Oréal's Nice & Lovely has launched a new bio body oil that clears over 80 per cent of stretch marks, tapping into an industry that is expected to hit $5.4 billion in next decade.
Speaking when she unveiled the product over the weekend, L’Oréal consumer division GM Victoria Karanja said the new product by Nice & Lovely helps women reduce the appearance of stretch marks at different stages of their lives.
"The locally manufactured product is designed to achieve even and flawless skin in record time," she said.
Nice and Lovely which is part of the L’Oréal Group undertook a research study and discovered, 80 per cent of Kenyan women are faced with stretchmark problems.
“Stretch marks are a very common problem on the African skin and as L’Oréal we work at creating beauty that moves East Africa," Karanja said.
She added that they have worked with renowned scientists and dermatologists to create the formula of the Flawless Bio Body Oil which is an effective blend of four natural oils namely Sunflower, Avocado, Sweet Almond and Apricot.
The firm adds that the dermatologically tested oil is also suitable for those with dry and sensitive skin.
The survey sampled 211, with 9 out of 10 reporting the product worked with their skin types, with Nice & Lovely noting tests have shown a 96 per cent efficacy.
The Stretch Marks Treatment market size category is currently valued at $2.3 billion as of 2022 and is projected to top $5.4 billion by 2032 according to Precedence Research.
The market, fast gaining popularity globally growing at a compound annual growth rate (CAGR) of 8.91 per cent during the forecast period 2023 to 2032.
Consumers in developing countries including Kenya select products based both on efficacy and cost-effectiveness as well as accessibility thereby boosting demand.
According to the latest statistics, total revenues from the global cosmetics market are set to hit $103.8 billion in 2023.
This represents a whopping 11.6 per cent year-over-year increase, which is the second-largest annual growth in at least 13 years.
Despite the surge, analysts expect cosmetic products to remain the third-biggest revenue-generating products in the global beauty market.
Their overall contributions are set to make up 18.2 per cent of the beauty industry’s total revenues in 2023, behind personal care and skin care products, which hold 44.4 per cent and 27.3 per cent of the market share, respectively.
From 2015 to 2027, the global cosmetics market is set to follow a growth trend. With the exception of 2015 and 2020, it’s forecast to increase its revenues year after year. In 2015, the industry shrunk by 5.3 per cent to $77.9 billion.
It rebounded quickly and recorded positive growth rates for the next four years, before falling drastically by 19.5 per cent in 2020 as a result of the Covid-19 pandemic.
The $72.4 billion revenue recorded that year was also the lowest in the period from 2015 to 2027.
