By Matt McBride, Fortune EditorThis story is part of Fortune’s coverage of the first quarter of 2017.

The world of beauty, the industry that has taken hold around the globe, is in a crisis.

The market for beauty products is in free fall.

And the trend for women’s beauty is on the decline.

“The beauty industry is in an existential crisis, and it’s a problem that is happening right now,” said Dr. Stephanie Hetfield, a dermatologist in Boston, Massachusetts, and an expert in the emerging skin-care market.

“There are literally billions of dollars at stake in the beauty business right now.

I don’t think we have any idea what’s going on in terms of what’s driving that,” she told Fortune.

The problem, as Hetfields term it, is the proliferation of new skin-cleansing products, from the anti-aging creams that can save your skin to the skin-softening serums that are touted as the answer to everything from acne to rosacea.

The products have become a popular alternative to traditional beauty products.

“What’s happening in terms on new skin care is a lot of the products, like the lotions and lotions, are all-in-one formulations,” Hetflons expert said.

“They are designed to take the makeup out of the way and give you a little extra moisturizer to keep you hydrated and prevent acne.”

Hetfield believes there’s a lack of understanding in the industry.

“There’s a lot that is not understood,” she said.

The lack of clear guidance on how to best apply the product is leading to a lot more variation in skin care options, and consumers who are not buying into the beauty trend are left behind.

“They’re getting the product that they want, but the fact that it doesn’t really do what they want it to does not make it a good product,” she added.

Hetflon believes this is happening in the cosmetics industry because of the huge market share that skin-pore products have in China.

She told Fortune that China has the largest market for skincare in the world.

She believes that China is a very different market from the U.S., where the market is still dominated by the beauty market.

“China has a really rich and diverse ecosystem,” Hets said.

The makeup industry is facing a similar dilemma.

While it is growing, the makeup industry’s share of the market in the U