WILMINGTON, DE / ACCESSWIRE / August 17, 2022 / Transparency Market Research Inc. - The global skin care market size was worth around US$ 148.3 Bn in 2020. Skin care products market analysis project the market to rise at a CAGR of 5.6% during the forecast period, from 2021 to 2031.The global skin care industry statistics expect the market to attain valuation of US$ 269.2 Bn by 2031. In order to meet the growing demand from customers throughout the world, firms in the global skin care products market are primarily concentrating on producing high-quality goods.
Organic and natural skin care products are more popular amongst consumers in developing nations who want to keep their skin healthy. The rising number of manufacturers operating globally is what is likely to drive the market for skin care products worldwide. The rapid acceptance of skin care products across the globe is largely due to consumer awareness about the benefits of using them for cleanliness and better health. Sales of these items have increased as a result of technological developments in production process and digitization of distribution channels. In developing markets, the demand for skin care products is being further fuelled by rising promotional efforts and innovative commercials.
People are more conscious of personal care products as a result of improvements in living standards brought on by rapid urbanisation and an increasing number of workers. Several individuals are increasingly inclined to utilise skin care and body care goods due to increased disposable incomes and consumer buying power. Consumers frequently purchase skin care items like cleansers, gel, moisturisers, masks, lotions, sunscreen, serums, face wash, and various body care products.
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Key Findings of Market Report
- The global market for skin care products is being driven by rising consumer awareness about the need for products to safeguard the skin from damaging UV rays, pollution, and so on. Organic and natural products are becoming more and more popular as incidences of skin infections, rashes, allergies, and others are on the rise. Customers are very picky about the products they use to maintain their general cleanliness and wellbeing.
- There is a greater awareness among customers of the harsh chemicals, allergens, and other irritants found in skin care products, like parabens and synthetic colors. Organic skin care market analysis highlights that consumers from developed nations tend to choose products with vegan certification and environmentally friendly packaging. Numerous companies that compete on both the domestic and global markets provide skin care solutions using organic chamomile oil, olive oil, coconut oil and others.
- The expansion of the market is being driven by the rising sales of skin care products via different distribution channels. Increasing sales of skin care products are attributed to the growth of specialty shops, big retailers, as well as other stores. Buying skin care products through online distribution channels is becoming more and more popular. eCommerce websites, online stores, and business-owned websites are extremely popular amongst customers in the digital era. The online distribution is an extremely promising market segmentation of skin care products.
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Global Skin Care Products Market: Growth Drivers
- An increase in the working-age population, rising discretionary income, and more awareness about skincare products are all likely to bolster the market. Additionally, innovative marketing campaigns and commercials are also expected to boost customer demand. Consumers now have more purchasing power because to growing urbanization and a penchant for natural skin care products. Millennial demographics are asking for a wider variety of skin care goods.
- Rise in disposable income and consumer awareness are expected to support the Asia Pacific market's demand. Additionally, it is anticipated that urbanization, rise of eCommerce platforms, and offline distribution channels like hypermarkets are expected to drive the regional market.
Global Skin Care Products Market: Key Players
Some of the key market players are
- Estée Lauder Companies Inc.
- Procter & Gamble Company
- Beiersdorfs Inc.
- Shiseido Co. Ltd.
- Colgate-Palmolive Company
- Kao Corporation
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Global Skin Care Products Market: Segmentation
Product
- Facial Care
- Body Care
- Bath & Shower
- Fragrance
- Perfumes
Product Category
- Conventional
- Natural
- Organic
Skin Type
- Oily Skin
- Dry Skin
- Sensitive Skin
- Combination Skin
- Normal Skin
Pricing
- Low (Below US$ 70)
- Medium (US$ 70 - US$ 200)
- High (Above US$ 200)
Age
- Below 15 Years
- 15-30 Years
- 35-50 Years
- 50-65 Years
- Above 65 Years
End User
- Male
- Female
- Kids
Distribution Channel
- Online
- Offline
- Others
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