Skin Care Products Market - Present Scenario and the Growth Prospects with Forecast 2021
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Skin care is a sensitive issue and consumers tend to be conscious in choosing skin care products. Consumers prefer standard quality skin care products for better and safe results. Keeping in mind the consumer shift towards premium quality skin care products, manufacturers are introducing skin care products with better formulations for good results. Increasing number of beauty salons in developing countries of Asia Pacific and RoW is also expected to boost the demand for skin care products in this region.
Increasing demand for flawless skin and beauty consciousness is one of the prime factors boosting the demand for skin care products in Asia Pacific, followed by Europe and North America. Consumers in these regions show strong preference for skin care products not only to avoid black spots, patches and wrinkles but also for maintaining a healthy skin. Currently, consumers are also showing looking for body care lotions for various skin types such as oily skin, dry and sensitive skin. In order to meet increasing demand for skin care products, manufacturers are investing huge amounts to launch skin care products with better formulation and solutions. Rising awareness about harmful effects of pollution is one of the major factors driving the demand for skin care products in rest of the world (RoW).
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Currently, consumers prefer to buy organic skin care products owing to increase in awareness about the adverse impact of chemicals on skin. Therefore, a large number of manufacturers of skin care products such as Weleda and Babor are focusing on product innovation. These companies are adopting upgraded formulations and solutions for premium quality skin care products. Additionally, decline in unemployment rate and increase in disposable income is propelling consumer spending on skin care products. Rising ability of higher income individuals to spend on premium skin care products is positively affecting the market for skin care products. Focusing on the busy lifestyle of consumers, manufacturers of skin care products are introducing products that provide multiple benefits. Kao USA Inc.
introduced a new cream named Jergens BB Body Perfecting Skin Cream taking into account the popularity of BB creams. Furthermore, L’Oréal USA introduced L’Oréal Visible Lift Blur Foundation, which offers sun protection factor (SPF) 18. However, rise in aging population is a prominent factor driving products such as anti-aging creams and sun protection creams. Thus, the global skin care products is expected to expand significantly during the forecast period.
Skin care products are distributed through various distribution channels including hypermarkets and supermarkets, beauty product retailers, departmental stores, drug stores, pharmacies and online stores among others. Currently, manufacturers are adopting business strategies such as widening distribution channels for better product availability in the market.
Changing lifestyle and preference for convenient skin care products is primarily attributing to the growth of skin care products market globally. Product innovation from the manufacturers end and increasing awareness towards the benefits of using skin care products is stimulating the market for skin care products globally.
Asia Pacific held the largest market share in global skin care products market followed by Europe in 2014. Changing preference towards skin care and rising consciousness for healthy and beautiful personality is creating a positive impact on the market for skin care products. Usage of skin care products in North America and Rest of the World is expected to witness decent growth over the forecast period.
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