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Skin Care Products Global Market Estimated to Surge at a CAGR of 8.2% to Reach $220.3 Billion By 2028 | LOreal S.A., Beiersdorf AG, Avon Products Inc., Coty Inc., Kao Corporation
Skin Care Products Market
As per the report, the skin care products market size has grown strongly in recent years. It will grow from $148.97 billion in 2023 to $160.94 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The skin care products market size is expected to see strong growth in the next few years. It will grow to $220.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
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Elevated Awareness Of Personal Care Product Benefits Fuels Skin Care Products Market Growth
The rising awareness regarding the various benefits of using personal care products is expected to propel the growth of the skin care products market going forward. Using personal care products in your daily routine helps maintain hygiene and prevents catching and spreading germs and diseases. For instance, in July 2021, according to an article published by Edge by Ascential, a US-based online price and promotion analytics service provider, the Health, Beauty, and Personal Care category is expected to grow rapidly, with sales increasing by 305.2 billion USD between 2021 and 2026. Meanwhile, e-commerce sales growth in this industry will outpace store-based sales growth by a 12.1% CAGR from 2021 to 2026. Over the next five years, the health, beauty, and personal care sector is expected to grow at a CAGR of 5.3% in e-commerce sales, surpassing the edible grocery segment and placing itself just behind household and pet care goods. Therefore, the increase in awareness regarding the various benefits of using personal care products is driving the growth of the skincare product market.
Artificial Intelligence Revolutionizes The Skin Care Products
The emergence of artificial intelligence is a key trend gaining popularity in the skin care products market. Major companies operating in the skin care products sector are focused on launching new AI-powered products to enhance their position in the market. For instance, in October 2022, AS Watson Group, a Hong Kong based beauty product manufacturer and retailer, launched Skinfie Lab, an advanced skin analysis tool that utilizes artificial intelligence (AI) to assess customers' skin and offer personalized skincare product recommendations based on their selfies, ensuring tailored skincare regimens.
The skin care products market covered in this report is segmented -
1) By Product Type: Anti-Aging Products, Skin Whitening Products, Sensitive Skincare Products, Anti-Acne Products, Dry Skin Care Products, Infant Skin Care Products, Other Product Types
2) By Distribution Channel: Hypermarket, Supermarket, Cosmetics stores, Online Stores, Other Distribution Channels
3) By End User: Male, Female, Kids
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Major companies operating in the skin care products market include LOreal S.A., Beiersdorf AG, Shiseido Co. Ltd., Procter & Gamble, Unilever, Johnson & Johnson Inc., Avon Products Inc., Coty Inc., Colgate-Palmolive Company, Revlon, The Estée Lauder Companies Inc., Himalaya Wellness Company, Lotus Herbals pvt Ltd., Neutrogena Corporation, Olay, Barbara Sturm Molecular Cosmetics GmBH, Renée Rouleau, Kao Corporation, CeraVe, La Roche-Posay, Aveeno, Vichy, Cetaphil, Eucerin, Nivea, Garnier, LVMH
Contents of the report:
1. Executive Summary
2. Skin Care Products Market Report Structure
3. Skin Care Products Market Trends And Strategies
4. Skin Care Products Market - Macro Economic Scenario
5. Skin Care Products Market Size And Growth
…..
27. Skin Care Products Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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