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Skin Care Products Market Expected to Reach $194,961 Million by 2024 | Allied Market Research
Skin Care Products Market
According to a new report published by Allied Market Research, titled, Skin Care Products Market by Product: Global Opportunity Analysis and Industry Forecast, 2014-2024 the global skin care products market was valued at $136,304 million in 2016, and is projected to reach $194,961 million in 2024, registering a CAGR of 4.5% from 2017 to 2023. Among the various types of products, the face cream segment occupied the dominant share in 2016 and is expected to maintain this trend throughout the forecast period. Skin care products are applied to the skin to maintain it; avoid early aging symptoms, black patches, and pimples; and enhance beauty.
The skin care products market is expected to witness significant growth during the forecast period, owing to changing lifestyle and rapid urbanization. Moreover, rise in awareness towards skin care by use of advanced skin care products and consumers shift towards use of skin care products to maintain their skin from getting damage and spoiled, due to climatic changes, boost the market growth. However, limited shelf life of skin care products and high price of natural and organic ingredients used in these products are expected to restrict the market growth.
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The global skin care products market is segmented on the basis of product and geography. Based on product, the market is bifurcated into face cream and body lotion. Face cream includes skin brightening creams, antiaging creams, and sun protection creams. Body lotion includes mass market body care lotion and premium body care lotion. Geographically, the market is analyzed across North America, Europe Asia-Pacific, and LAMEA. The key players operating in the global skin care products market are Johnson & Johnson, The Estee Lauder Companies Inc., Unilever PLC, Avon Products Inc., L'Oréal S.A., Kao Corporation, Colgate-Palmolive Company, Shiseido Company, Beiersdorf AG, and Procter & Gamble.
Asia-Pacific was the highest revenue generator in the global skin care products market in 2016, whereas LAMEA is expected to be the fastest growing segment over the forecast period, owing to growth in awareness towards skin care through advanced skin care products and increase in wellness spending in the region. Africa is expected to be the fastest growing region in LAMEA. Rapid upsurge in population, a fast growing middle-class population, urbanization, and improved business regulation have made Africa the “next frontier” in cosmetics. Moreover, the major international players-L’Oreal, Procter & Gamble and Unilever-have developed expansion strategies to capture the skin care market in the continent.
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Key Findings of the Skin Care Products Market:
• In 2016, Asia-Pacific dominated the global market with around two-fifth share, in terms of value.
• LAMEA is estimated to witness the highest growth rate of 6.4% from 2017 to 2024.
• Based on product, the face cream segment generated the highest revenue in 2016, and is also expected to grow at the highest CAGR of 4.7%.
• Skin brightening cream occupied around one-third share of the global face cream market in 2016.
• Premium body care lotions are expected to witness highest CAGR in the global body care lotion market.
• In 2016, U.S. dominated the global market, owing to rise in demand for organic face creams and body lotions, driven by the increase in purchasing power of the end users.
In the market, the skin brightening creams possess high market attractiveness as this range includes products for men too. Antiaging creams and sun protection creams possess high potential in Asia-Pacific, owing to the growth in aging population compared to developed countries. This segment is projected to witness high growth in emerging countries. The body lotion segment is the second largest application in the global skin care products market.
In 2016, the antiaging cream and skin brightening cream segments collectively accounted for 75.6% market share of the global face cream market.
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The key players operating in the global skin care products market are Johnson & Johnson, The Estee Lauder Companies Inc., Unilever PLC, Avon Products Inc., L'Oral S.A., Kao Corporation, Colgate-Palmolive Company, Shiseido Company, Beiersdorf AG, and Procter & Gamble.
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
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