WASHINGTON, June 06, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Skin Care Products Market finds that the increasing awareness about personal care is expediting market growth. Primarily driven by growing demand for sustainable products, the total Global Skin Care Products Market is estimated to reach USD 165.3 Billion by the year 2028.
The Global Market revenue stood at a value USD 129.4 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.2% during the forecast period.
Furthermore, the improved living standards and rising disposable income are also anticipated to augment the growth of the Global Skin Care Products Market, states Vantage Market Research, in a report, titled “Skin Care Products Market Size, Share & Trends Analysis Report by Gender (Male, Female), by Product (Face Creams & Moisturizers, Cleansers & Face Wash, Sunscreen, Body Creams & Moisturizers), by Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Pharmacy & Drugstore, Online), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Rising Awareness about Personal Care to Drive the Market Growth
Demand for skin care products is increasing due to growing concerns about skin nutrition owing to the factors such as acne, darkening, scars, dullness, and sunburn. Whitening products, toners, and exfoliating agents are in demand from young people, while products that provide solutions to wrinkle and heel cracks are becoming more established due to increasing demand from older people. Consumer lifestyles and spending patterns for premium beauty care products are expected to change and support the growth of the market during the forecast period. In addition, the demand for sunscreen lotions and creams is increasing due to growing awareness of the negative effects of continued sun exposure. For example, according to a February 2021 survey conducted by Unilever, 10,000 respondents from nine countries, including the United States, India, and China, participated, with 74% of respondents liking the beauty and personal care products. In addition, increasing awareness of men’s grooming products, strong manufacturer advertising initiatives, and digital trends are also driving the demand for skin care products such as fairness creams and aftershave creams. For example, according to the 2019 Prima & Prep Men Grooming Survey, about 89.5% of men are worried about skin problems, of which 35.8% use skin care and anti-aging products daily. Thus, this is expected to support the growth of the market in the years to come.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Skin Care Products market is predicted to grow at a CAGR of roughly 4.2% during the forecast period.
- The Skin Care Products market was estimated to be worth roughly USD 129.4 Billion in 2021 and is expected to reach USD 165.3 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Skin Care Products market.
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Segmentation of the Global Skin Care Products Market:
- Face Creams & Moisturizers
- Cleansers & Face Wash
- Body Creams & Moisturizers
- Shaving Lotions & Creams
- Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Pharmacy & Drugstore
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Growing Demand for Sustainable Products to Stimulate Market Growth
The increasing demand for sustainable products is anticipated to augment the growth of the Skin Care Products Market in the years to come. Consumers are now focusing on using eco-friendly products owing to the ill effects caused with the use of the normal products. For example, exfoliating skin care products contain plastic beads, which is a major problem with plastic pollution. As a result, consumers tend to use products that do not contain plastic beads. Companies like Bio-Powder are taking initiatives to develop biodegradable microbeads that are used to exfoliate products and eliminate waste. In addition, manufacturers are focusing on reducing carbon dioxide emissions by using improved manufacturing techniques that require little energy and resources. Innovative and eco-friendly product packages that are recyclable or refillable are also in high demand. In addition, growing awareness of animal rights has shifted consumers to vegan ingredients that are entirely derived from plant-based products. Therefore, players active in the market are focused on developing vegan products to attract more customers and increase their sales. For example, Unilever’s Love, Beauty and Planet brands, launched in December 2017, are vegan certified and offer a variety of skin care products packaged in 100% recycled materials.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the beauty & personal care industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Skin Care Products Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Asia Pacific Dominated the Global Skin Care Products Market
Asia Pacific dominated the Global Skin Care Products Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the improved living standards, a growing working-class population, and an increasing purchasing power of the consumers in the region. According to the India Brand Equity Foundation report on FMCG released in May 2018, India’s consumer spending in 2016 was US $ 1.595 trillion, but by 2020 it is expected to reach US $ 3.6 trillion. Furthermore, the increasing awareness of skin care products through increased access to a wide range of brands is also likely to support the growth of the market.
List of Prominent Players in Skin Care Products Market:
- L’Oréal S.A.
- Beiersdorf AG
- Shiseido Co. Ltd.
- Procter & Gamble (P&G)
- Johnson & Johnson Services Inc.
- Avon Products Inc.
- Coty Inc.
- Colgate-Palmolive Company
January 2020: Procter & Gamble announced the acquisition of Billie Inc. Since Billy primarily provides beauty and personal care products for women, the acquisition aims to enhance Procter & Gamble’s product range.
December 2019: E`quipe, LTD, a subsidiary of Kao Corporation announced the launch of its new brand “athletia” on February 19, 2020. Skin care brands offer products such as “tune & charge”, “active & go” and “Breathe & Sleep”.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Skin Care Products Market?
- How will the Skin Care Products Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Skin Care Products Market?
- What is the Skin Care Products market drivers and restrictions?
- What will be the CAGR and size of the Skin Care Products Market throughout the forecast period?
This market titled “Skin Care Products Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size Provided for Years||2016-2028|
|Region & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
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