Skin is constantly growing and changing, so we have to remain vigilant in caring for it. Skin care is a booming industry, as everyone wants a flawless, beautiful and glowing skin. Glowing skin is a result of proper skincare. It means we can wear less makeup and let our skin shine through. Proper skin care is important because our skin is the largest barrier against infection that we have. Keeping our skin healthy and moist helps keep this barrier strong. Now more than ever, consumers are becoming quite conscious of what they put in, and on, their bodies to stay healthy. Skin care products are known to rejuvenate the skin cells, enhance complexion, prevent aging & wrinkles, and provide sun protection from harmful UV rays.
According to a new market report published by BlueWeave Consulting , the global skincare product market was valued at USD 130728 Million in 2017 and is expected to expand with a CAGR over 4.58 % from 2018 to 2025, reaching USD 184492 Million by the end of the forecast period. According to the report, Europe was the largest contributor in terms of revenue to the global skincare product market in 2017. However, Asia-Pacific is the fastest growing market with a CAGR over 6.39%.
Rise in awareness among people for health and beauty is driving the global skincare product market
Skin care products are those products/cosmetics that help the skin to retain its natural shine & glow. The changing lifestyle/food habits & global environmental issues are the major concerns for maintaining the good health of the skin. Skin care products are known to rejuvenate the skin cells, enhance complexion, prevent aging & wrinkles, and provide sun protection from harmful UV rays. Skin is constantly growing and changing, so it demands care and attention for it. Skin care is thus a booming industry, as everyone wants a flawless, beautiful and glowing skin.
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Emerging natural/herbal skincare products is the latest trend in the skincare market
The key drivers for the global skincare product market are rise in awareness among the people for health & beauty, rise in the male grooming product market, increasing disposable income, etc. Young and growing population in the developing countries is supposed to impact the workforce of the countries that creates demand for working professionals and jobs, and in turn helps to increase the disposable income of the youth who invest it for their health and beauty. The technology advancements and R&D teams of medical and cosmetic companies have come up with a number of innovative ant-aging skincare creams that helps to maintain the glow and youth of the skin. Asia has a rapidly growing population where baby and child specific skincare products are among the fastest growing product category because of the Asian culture where parenting is all about giving extra care to the health & safety of the baby.
Global Skincare Product Market: Scope of the Report
The global skincare product market is segmented on the basis of type of product, type of face creams, type of distribution channel and geography. On the basis of type of product, the market is segmented into face creams & body lotions. In 2017, the face creams segment accounted for the largest market share, in terms of revenue of the global skincare product market. Furthermore, demand for face creams is expected to increase during the forecast period. On the basis of type of face creams, the global skincare product market is bisected into skin-whitening cream, anti-acne cream, anti-aging cream, sunscreen lotions & other products like toner, cleanser, moisturizer, face wash, etc. Based on the distribution channel, the market is categorized into supermarket, hypermarket, specialty stores & online channels.
Global Skincare Product Market, By Region
Geographically, the global skincare product market is bifurcated into North America, Asia Pacific, Europe, Latin America, Middle-East & Africa. Europe is the major contributor to the global market and the increasing number of fashion-conscious customers has been propelling the growth of sales in the skincare products market in the region. However, presence of several emerging economies such as China, India, and South Korea are expected to drive the Asia Pacific market. The growth in Asia Pacific can be attributed to the increasing consumer spending on better lifestyle which includes expenditure on a variety of skincare and beauty products. As per International Trade Administration, China for example, spends USD 24 per person annually on personal care and skincare products, whereas South Korea and Japan spend USD 171 and USD 174 annually.
Global Skincare Product Market: Competitive Dynamics
Major industry players in skincare product market are adopting different expansion & innovation strategies to remain sustain themselves in the highly competitive market. For instance, in 2018, Shiseido Company Ltd. Has developed a new product, “Optune”, an IoT skincare system developed with a new concept that uses a special machine backed up by unique algorithms to satisfy skincare needs in real time. In June, 2016, the company has acquired Laura Mercier and ReVive brands for an estimated USD 260 million in order to boost their American business. The global skincare product market includes key players such as Shiseido Company Ltd., Procter & Gamble, The Estee Lauder Companies, Inc., The Avon Products Inc., Colgate-Palmolive Company, Unilever Plc, etc.
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