Global Skin Care Products Market size is expected to reach USD 177.15 billion by 2024. Skin care products, as the name suggests, prevents early aging, pimples & black patches, and enhances beauty. The growing demand for natural skin care products, coupled with the increasing emphasis on personal health, is the main factor driving the growth of the market in the years to come. Governments’ stringent regulations promoting the use of organic materials in the skin care industry are expected to boost the market growth in the next couple of years. The market size is anticipated to grow at a CAGR of 4.7% in the upcoming period.
In the market, various skin care products are available such as face cream and body lotion. The “face cream” segment includes skin brightening cream, sun protection cream, anti-aging cream, and others. The “face cream” segment held largest market share in 2015 and is expected to grow at a high CAGR in the upcoming period. The increasing importance of natural ingredients for improving skin quality, avoiding dryness, and hydrating the skin is expected to boost the market growth over the forecast period. The “body lotion” segment includes premium body care lotion, mass body care lotion, and others.
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The other factors that play an important role in the growth of skin care products market include increasing urbanization & industrialization, changing lifestyle in developing countries, rising awareness about advantages of advanced skin care products, and high investments in emerging countries. Moreover, the growing demand for sunscreens, body lotions, and organic face creams among consumers is likely to propel the market growth during the forecast period.
However, limited shelf life of skin care products, presence of pseudo-natural ingredients in these products, and high cost of organic & natural ingredients used in these products are negatively impacting the growth of skin care products industry.
The probable stakeholders for market include skin care product manufacturers, raw material suppliers, distribution channels, and end-use industries. The market is widely analyzed based on different regional factors such as gross domestic product (GDP), demographics, acceptance, inflation rate and others. The market is categorized based on product, and geography.
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Asia Pacific held the largest market share in 2015 and is expected to witness the highest growth rate in the forthcoming years due to increasing demand for skin care products from developing countries such as India and China. On the other hand, North America and Europe are expected to hold the highest market share in the next couple of years. Increasing R&D investments coupled with associated technological innovations in processing and cost-effective production of skin products are expected to increase the product demand during the forecast period.
The key players contributing to the robust development of the skin care products market include L’Oréal S.A., The Estee Lauder Companies Inc., Unilever PLC, Beiseidorf AG, Avon Products Inc., Colgate Palmolive, Kao Corporation, Estee Lauder, Colgate-Palmolive Company, Johnson & Johnson, Beiersdorf and Avon Product Inc. These market players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.