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.
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