2011 was another year of solid performance for the global beauty market, despite economic uncertainty and pressures from an increasingly polarised market.

Industry growth accelerated slightly (from 5% in 2010 to 5.3% in 2011) and total sales reached nearly US$426 billion globally.

2011 proved to be a study in contrasts for the beauty industry. While sales continued to be sluggish in established markets plagued by economic and unemployment problems, improved conditions in developing markets added up to a profitable year for many global beauty companies.

It was most certainly the year of premium beauty, as premium sales continued their upward growth curve in 2011 and almost caught up with growth in the mass market globally, which in turn saw growth slow from 5.7% to 5.4%.

Driven by technological advances, increased advertising spend, increased discretionary spending and wider product distribution channels, sales of premium beauty products will continue to increase through 2012-2013.

Skincare, the largest segment, represents good growth, with increased demand for multi-feature products such as moisturising cream with sun protection and anti-aging or anti-wrinkle properties are likely to drive market growth.