The global skin care products market is set to register a CAGR of 4.4% during the forecast period, according to the new report by Grand View Research, Inc. The overall skin care industry has experienced a shift in demand from aged consumers to an expanding young consumer base. People are incorporating skin care routines at an increasingly early age to delay the signs of aging. Key companies are altering and transforming marketing strategies to align with this new trend, while hold on to their elderly consumer base.
The skin care and toiletries industry is enormously benefiting from the increasing demand for organic and natural products. In a response to this trend, industry participants are incessantly offering innovative products by developing environmentally friendly solutions made by locally available resources or locally sourced ingredients. Furthermore, anti-aging products are gaining immense traction and represent a strong growth area across developed countries like the U.S., UK, etc.
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Effect of Covid-19:
The Covid-19 pandemic has drastically affected the beauty industry. Handwashing has become the (CDC) top recommendation, which has reinforced the importance of personal care industry. Companies like Avon have taken up soap donation activities to help countries combat the risks associated with the spread of Covid-19. Intelligent skin solutions have gained prominence since the outbreak of novel coronavirus crisis and has accelerated the development of digital skin care solutions. Perfect Corp, a Taiwan-based beauty tech company is eyeing growth opportunities in digital personal care services. South East Asia’s well-known luxury beauty e-commerce platform called Shopee is tapping into online business markets for more premium brands.
Key Takeaways from the report:
- Based on product type, the global market has been categorized into and body lotions and face creams. Face creams segment is further sub-segmented into skin brightening cream, sun protection cream, and anti-aging cream. Body lotions are sub-segmented into premium body care lotion and mass market body care lotion
- The face creams segment accounted for the highest market revenue share in 2018 and is projected to continue its dominance during the forecast period
- Asia Pacific held the highest revenue share in 2018 as the skin care and personal care industry has experienced exponential growth in the region over the past few years
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- L’Oréal S.A.
- Beiersdorf AG
- Johnson and Johnson
- Avon Products, Inc.
- Shiseido Company, Ltd.
- Revlon, Inc.
- The Estée Lauder Companies, Inc.
- Colgate-Palmolive Company
- Procter & Gamble Company
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Grand View Research has segmented the global skin care products market on the basis of product and region.
Skin Care Product Outlook (Revenue, USD Billion, 2014 – 2025)
- Face Cream
- Skin Brightening Cream
- Anti-aging Cream
- Sun Protection Cream
- Body Lotion
- Mass Market Body Care Lotion
- Premium Body Care Lotion
Skin Care Products Regional Outlook (Revenue, USD Billion, 2014 – 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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