Cosmetic Skin Care Market is Projected to Rise to be Worth Just Over US$200 Billion by 2024

Consumer Base for Anti-aging Skin Care Products Widening

An increasing number of consumers have been contributing toward the demand for anti-aging creams and skin care products to fight various signs of aging. The growing global geriatric population, as a result, is one of the key factors driving the global market for cosmetic skin care. The number of people aged 65 and above has been reportedly increasing in China, Germany, Japan, Italy, and the U.S. and this trend is likely to benefit the demand for cosmetic skin care products.

“Interestingly, the demand for anti-aging products is not restricted only to the aging consumer group,” the author of the study finds. “Women over the age of 30 have also been contributing significantly to the demand for anti-aging creams and lotions.”

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A growing focus on new product innovation and an improvement in the quality and functions of various cosmetic skin care products is a key factor boosting the global market. “The cosmetic skin care market is built on the principle of new product innovation,” the TMR analyst states. “An increasing number of players have been investing huge capital in research and development to improve the effectiveness of products such as skin whitening cosmetics, anti-aging creams, sunscreen products, and multi-utility skin care products.”

MEA Providing Lucrative Options for Players in Cosmetic Skin Care Market

The opportunity in the global cosmetic skin care market was pegged at US$127.1 bn in 2015. Expanding at a 5.1% CAGR from 2016 to 2024, the market is projected to be worth just over US$200 bn by the end of the forecast period. By type of product, the market is led by anti-aging products and this segment is likely to retain its position throughout the forecast period, amounting to over US$44 bn by 2024.

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Cosmetic skin care products to minimize wrinkles were the key revenue generators in 2015, with multi-utility cosmetics expanding at the fastest pace during the forecast period. By region, Asia Pacific is the leading contributor to the cosmetic skin care market, while the Middle East and Africa is emerging as the most rapidly expanding regional segment in the forecast period. “Players have been expanding their operations in the MEA region owing to the growing product awareness of consumers and a booming retail sector,” states the TMR analyst.

The global cosmetic skin care market is fairly consolidated, with the top five players accounting for a share of over 45% in 2015. Transparency Market Research finds in a new report that these companies, namely L’Oreal S.A., Unilever Group, Procter & Gamble, Beiersdorf AG, and Avon Products, have been focused on research and development, acquisitions, and new product development as their key growth strategies in the cosmetic skin care market. Unilever’s acquisition of leading professional skin care brand, Dermalogica, in June 2015, for instance, is one among the many strategic alliances and acquisitions companies have been engaging in in recent years to shape their brands into more premium offerings.

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“The potential of ‘natural’ and organic cosmetic products is huge as an increasing number of consumers are becoming more aware of the ingredients in skin care products. The inclusion of this product segment in the portfolio can prove to be immensely lucrative for players,” the author of the TMR study recommends.

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