Fueled by the K-beauty craze, sheet masks have been one of the hottest beauty categories of the last few years. According to Transparency Market Research, the sheet mask market will grow at a CAGR of 8.7% through 2024, expanding from $160.4 million in 2015 to $336.7 million at the close of the forecast period.
Cost-efficient bio-cellulose fabric masks will grow at a CAGR of 8.8% during the forecast period, while Asia Pacific will continue to dominate global demand. In 2015, the region accounted for nearly 38% of all sheet mask sales.
Sephora Collection, Starskin and Estee Lauder at the top brands in the sheet mask space and comprise 36.5% of the total market.
Growth in the sector will be driven by:
- K-beauty trends in the United States and elsewhere
- Population growth in emerging markets, particularly Indonesia, Argentina, China, Brazil, and India
- Male consumers
The report warns, however, that growth could be hindered by the cost of masks.