Global organic skin care market is expected to reach USD 12.58 billion by 2022, according to a new report by Grand View Research, Inc. Growing demand for organic face creams, sunscreens, and body lotions among consumers is expected to have a positive impact on the sector over the next seven years. Changing consumer perceptions towards organic products coupled with growing utilization of environmentally sustainable products is expected to fuel product growth over the next seven years.
Growing awareness toward organic products, and changing lifestyle of consumers coupled with and rising consumer disposable income is expected to fuel product demand over the forecast period. In addition, increasing penetration of major players such as Reckitt Benckiser and P&G through new product developments and launches in India, Brazil and China is expected to promote growth over the next seven years.
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Rising consumer awareness regarding potential impact of organic skin care products on health and environment has resulted in augmenting sales over the past few years. Furthermore, reduced consumption of harmful chemicals including aluminum salts, parabens and phthalates coupled with shifting to sustainable products by numerous multinational corporations has contributed to the rise in product consumption and trend is expected to continue over the forecast period.
Further key findings from the report suggest:
Face creams was the fastest growing product segment at a CAGR over 20.0% from 2015 to 2022. The segment is expected to show high penetration due to rising increasing incidences of skin disorders which has led consumers to switch from synthetic products to natural products. Industry growth in Germany, France, and UK coupled with product innovation by companies such as L’Oreal will increase product demand over the next seven years.
Body lotion segment was estimated over USD 1.0 billion in 2014. Increasing need for naturally quick-fix skin problems that arise from pollution and environmental factors will have a positive impact on the sector over the forecast period.
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Europe was estimated over USD 750.0 million in 2014. Robust product manufacturing base in the UK, France and Germany is expected to be a favorable factor for demand. European Commission framed Horizon 2020 Strategy, with to promote consumption and production of natural ingredients in chemical, personal care, automotive and energy sectors. This is expected to have a positive impact on the industry over the next seven years.
The global organic skin care industry is highly competitive with large multinational companies dominating the sector on account of increased expenditure on advertising and continuous R&D. However, in 2014, numerous smaller companies have gained share on account of increasing interest in natural beauty particularly in Europe and North America. Furthermore, companies employ strategies such as joint ventures and mergers & acquisitions to expand their global presence. In October 2013, multinational L’Oreal acquired The Body Shop and Kiehl’s to increase its share in this sector.
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