SEATTLE, May 12, 2022 /PRNewswire/ — According to Coherent Market Insights, The global skin care products market is estimated to be valued at US$ 140.76 million in 2021 and is expected to exhibit a CAGR of 4.37{5c5ba01e4f28b4dd64874166358f62106ea5bcda869a94e59d702fa1c9707720} during the forecast period (2021-2028).
Key Trends and Analysis of the Global Skin Care ProductsMarket:
The market is experiencing an accelerating demand for anti-aging products, like anti-wrinkle cream, face cream, serum, eye cream, and others. In addition, factors like pollution and hard water conditions are driving such products’ needs. A number of consumers in the market are becoming aware of pollution’s impact on the skin. For instance, accoding to the OECD (Organisatoin for Economic Co-Operationa and Development) report in may 2021, in the U.K., nearly 80{5c5ba01e4f28b4dd64874166358f62106ea5bcda869a94e59d702fa1c9707720} of consumers are aware of the impact of lifestyle stresses on the skin. Thus, consumers are inclined toward spending on skincare treatments at a younger age.
Personalized skin care products have been gaining traction among consumers in the U.S. With the growing consumer inclination toward natural beauty products, the concept of creams, serums, and moisturizers infused with natural ingredients is expected to witness significant demand over the forecast period. Such products are considered to be more effective and have few or no side effects, which, in turn, is expected to increase their application among consumers. Increasing investments in the research & development of products, coupled with the growing trend of natural ingredient-based skin care products, have encouraged manufacturers to launch new products. For instance, in June 2021, Hale Cosmeceuticals, a well-established skin care manufacturer in the U.S., launched two natural ingredient products-Natural AZA Cleanser and Date Palm Deep Moisturizer for the U.S. market.
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Key Market Takeaways:
The global skin care products market is expected to exhibit a CAGR of 4.37{5c5ba01e4f28b4dd64874166358f62106ea5bcda869a94e59d702fa1c9707720} over the forecast period (2021-2028). The rising beauty consciousness and incresing skin care need has made the female segment of end users hold the majority of the market shares, as female consumers are paying more attention to the effectiveness of skin care products. According to Ipsos global, a multinational market research and consulting firm report on skin and beauty consumption in june 2021, the respondents with higher household income are more inclined to use highly specialized skin care products. The growing popularity among the female consumers regarding skin care is the driving factor for the market growth
Among End User, male skincare products holds the market share of 36.8{5c5ba01e4f28b4dd64874166358f62106ea5bcda869a94e59d702fa1c9707720} in year 2020. Unline womens skin, male skin has more collagen and elastin that makes their skin thick and firm and, hence, the signs of ageing appear much later as compared to women. The growing awareness in male regarding skin care is driving the market growth. Compairing the past, nowadays mens are more particular about their skin and looks, the various products available for the various needs are benefiting the market.
Major players operating in the global skin care products market include Unilever Plc., Coty Inc., Johnson & Johnson Inc., Proctor & Gamble Co., L’Oreal S.A., Revlon Inc., Kao Corporation, Avon Products Inc., Beiersdorf AG., Colgate Palmolive Company, Natura & co. and Estee Lauder Inc.
Mergers and acquisitions, strategic collaborations, new product launch, and business expansions are the key strategies adopted by key players to retain their market share. For instance, in January 2021, L’Oréal, a French personal care company headquartered in Clichy, Italy, signed an agreement to acquire the Japanese company Takami Co., which develops and markets products licensed by the skincare brand Takami, owned by Doctor Hiroshi Takami, founder of two eponymous dermatological clinics in Tokyo.
L’Oréal also renewed a very long-term brand licensing agreement with Doctor Takami and signed a collaboration contract with the Takami clinics.
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Detailed Segmentation:
Global Skin Care Products Market, By Product Type:
- Anti-Aging Products
- Skin whitening Products
- Sensitive Skin Products
- Anti-Acne Products
- Dry Skin Care Products
- Infant Skin Care Products
- Others
Global Skin Care Products Market, By Distribution Channel :
- Hypermarket
- Supermarket
- Cosmetic Stores
- Online Stores
- Others
Global Skin Care Products Market, By End user:
Global Skin Care Products Market, By Region:
- North America
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- § By Country:
- § China
- § India
- § Japan
- § ASEAN
- § Australia
- § South Korea
- § Rest of Asia Pacific
- o Latin America
- § By Country:
- § Brazil
- § Mexico
- § Argentina
- § Rest of Latin America
- o Middle East & Africa
- § By Country:
- § GCC Countries
- § Israel
- § South Africa
- § Rest of Middle East & Africa
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