Cosmetic Skin Care Market Projected to rise to be worth just over US$200 bn by 2024, expanding at a 5.1% CAGR

Cosmetic Skin Care Market: Snapshot

Consumer trends for cosmetic skin care products vary from region to region. While skin lightening and brightening products are in greater demand in Asia Pacific, anti-aging creams have been witnessing higher demand in Europe and North America. On the other hand, consumers in countries with dry weather, such as Brazil and Argentina, are more prone to purchasing sun protection products.

Cosmetic skin care is one of the most dynamic markets in the personal care industry and is driven by evolving consumer trends and innovations on the part of manufacturers. The opportunity in the global cosmetic skin care market stood at US$127.1 bn in 2015 and this is projected to rise to be worth just over US$200 bn by 2024, expanding at a 5.1% CAGR therein.

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Multi-utility Skin Creams Gain Prominence among Consumers

Cosmetic skin care products include those for anti-aging, skin whitening, sensitive skin, anti-acne, dry skin, warts removal, infant skin care, anti-scars solutions, mole removal, and multi-utility products such as beauty and balm, color correcting, and daily defense creams. In terms of revenue, anti-aging creams led the global cosmetic skin care market in 2015 owing to their diversified applications. Multi-utility skin care cosmetics, on the other hand, are expected to be the fastest growing product segment by the end of 2024.

The main applications of cosmetic skin care products include stem cell protection against UV, flakiness reduction, skin rehydration, minimizing wrinkles, and increasing the viscosity of aqueous. Among these, the segment of wrinkle minimization led the cosmetic skin care market in 2015. The stem cells protection against UV segment, on the other hand, is anticipated to expand at a rapid pace due to increasing awareness regarding the harmful effects of ultraviolet rays.

MEA to Offer Stiff Competition to APAC in Cosmetic Skin Care Market

Based on geography, the global cosmetic skin care market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. While Asia Pacific is the leading cosmetic skin care market in the world, the Middle East and Africa is predicted to be the fastest growing regional segment.

Accounting for a share of more than 40.0% during the forecast period, Asia Pacific is expected to retain its lead in terms of revenue through 2024. The rising adoption of beneficial skin care products in the emerging economies of China and India is one of the key factors driving the APAC cosmetic skin care market. These developing countries have been witnessing rapid changes in consumer living standards, which in turn, is expected to result in high market growth. Increasing purchasing power of the urban population, coupled with rising product awareness in rural areas, is also fueling the demand for cosmetic skin care products in the region.

The cosmetic skin care market in the Middle East and Africa is expected to witness significant growth during the forecast period due to the increasing average disposable income level and the rising expenditure on personal care products among consumers. In addition, consumer preference toward skin brightening creams has fueled the demand for cosmetic skin care products in the MEA region. Over the recent past, companies manufacturing cosmetic skin care products have been adopting extensive marketing strategies to strengthen their position in the market. This is expected to further the cosmetic skin care market growth in the region.

Key players in the cosmetic skin care market include L’Oreal S.A., Unilever PLC, Procter & Gamble, Beiersdorf AG, Avon Products Inc., The Estee Lauder Companies Inc., Johnson & Johnson, Kao Corporation, and The Body Shop International PLC.

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