Global Skincare Products Market – An Overview
A number of reasons are helping the global skincare products market chart a sturdy growth curve. Some of the prominent ones include growth in social media and how it has set a new benchmark of what’s normal. This is leading people to shell extra for premium products. Besides, more women are now earning, and this has lead to an increase in spending capacity on personal grooming, helping the global skin care market grow substantially.
Some of the other factors that are leading to growth in the market over the forecast period of 2015 to 2024 are outlined below:
- Skincare product would be in high demand because due to stress and a poor lifestyle, people are experiencing ageing and dull skin. Besides, pollution is negatively impacting skin, leading to a lot of other issue such as acne. All this together leads to a growth in demand for skin care products. This will push the market on to a high trajectory.
- Additionally, social media influencers are also driving the global skincare products. Some of the beauty and wellness influencers have elaborate morning and night skin care routines, which they promote on their handles. The large number of people following them imitates to get similar results, generating demand for a plethora of skincare products. This helps the global skincare products market grow further.
- Geriatric population is seeing growth in numbers. One in every six persons, across the world, will be aged 65 and above by the 2050; one in every four in North America and Europe. This ageing population will also demand for advanced skin care products to look youthful. This will contribute massively to growth of global skincare products market over the forecast period stated above.
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Global Skin Care Products Market: Snapshot
The global skin care products market is anticipated to increase growth due to the strong desire of people to enjoy robust health. Increasing healthcare awareness and focus toward building a confident personality could work in the favor of the global skin care products market. The demand in the global skin care products market is projected to increase because of the need to maintain skin health in today’s environment where pollution levels are extremely high. Rising self-consciousness among people and their changing lifestyle could be other factors augmenting the demand in the global skin care products market.
The global skin care products market could reach a US$155.4 bn as total valuation by 2024 while clocking a 4.9% CAGR during the forecast period 2015-2021.
Face Cream to Gain Traction with Launch of New Products with Innovative Formulations
The global skin care products market is segregated into two segments on the basis of a classification by product: body lotion and face cream. According to recent trends and future projections, face cream is envisaged to take the lead in the global skin care products market in terms of demand. The skin care products market for face cream secured a commanding share in the recent past.
Over the past few years, the face cream segment has been taking advantage of continuous introduction of new lines in the global skin care products market. Innovative formulations of these new products are expected to play a significant role in the growth of the face cream skin care products market. The face cream segment of the global skin care products market is further classified into sun protection, anti-aging, and skin brightening creams.
The body lotion classification of the global skin care products market is forecast to bank on the growing significance of natural ingredients that help to avoid skin dryness, hydrate the skin, and improve skin quality. The use of natural ingredients could draw a number of consumers to the body lotion skin care products market in the near future. Natural ingredients not only improve the skin’s immune system but also carry antioxidant properties. The body lotion segment is further bifurcated into premium and mass market body care lotions.
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Asia Pacific to Collect King’s Share with Changing Preferences for Skin Care
On the geographical front, Asia Pacific is predicted to dominate the global skin care products market in the coming years. Improving preferences for skin care products and high levels of pollution in emerging economies such as India could push the growth of the regional skin care products market. Increasing awareness about the benefits of using skin care products and product innovation are envisioned to bode well for the skin care products market in the region. Another factor that could create telling demand in the regional skin care products market is the rising need to avoid black spots, pigmentation, wrinkles, and skin patches.
The Rest of the World could also show decent growth in the global skin care products market due to the increasing number of beauty salons and rising concerns due to the harmful impact of high pollution on the skin.
The global skin care products market includes leading players such as Johnson & Johnson Services Inc., The Estee Lauder Companies Inc., and L’Oréal S.A.
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