Skin Care Products Market (2014-2024) the Biggest Trends, Growth with Top Companies

The global skin care products market would experience the growth significantly during the forecast period, owing to rapid urbanization and changes in lifestyle. In addition, increase in awareness regarding skin care and shift of consumers towards usage of skin care products supplements the market growth. However, less shelf life and expensive natural and organic ingredients would restrain the market growth.

Allied Market Research published a report, titled, Skin Care Products Market by Product: Global Opportunity Analysis and Industry Forecast, 2014-2024.
As per the report, the global skin care products market garnered $136.30 billion in 2016, and is expected to generate $194.96 billion by 2024, with a CAGR of 4.5% from 2017 to 2024. Among product types, the face cream segment contributed the highest share in 2016 and is projected to maintain its lead throughout the forecast period.

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In 2016, the antiaging cream and skin brightening cream segments collectively accounted for 75.6% market share of the global face cream market.

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.

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.

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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.

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