Skincare Market New Business Opportunities By 2024
The face cream segment can be further classified based on the different types of products into skin brightening, sun protection, and anti-aging products. They aid in improving the skin quality by preventing wrinkles, rejuvenating cells, and brightening the skin. The body lotion segment, again, can be further divided into mass market and premium products.
Among the two, the face cream segment leads with a staggering share in the market. The rising number of working women around the world and the easy availability of such products online these days has brought about exponential growth in the segment so far.
Going forward too, face creams will experience robust demand. As far as the competitive landscape is concerned, key market players in the global skincare market are resorting to mergers and acquisitions, partnerships and collaborations, and product development to stay ahead of their competitors.
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A report by Transparency Market Research examines the global skincare market in details by classifying it based on different parameters and by analyzing the different growth drivers and restraints shaping its growth trajectory. It also profiles the prominent companies operating in the market.
Global Skincare Market: Drivers and Trends
Growing awareness about one’s looks and skin quality, coupled with the rising spending power of people worldwide, are factors at the forefront of driving demand in the global skincare market.
Aggressive marketing strategies of existing players along with massive investment in research and development to create innovative products have also led to significant increase in sales.
Besides, the omnipresent polluted environment, global warming, and the busy lifestyle, affecting the quality of skin, has also been bolstering swift uptake of products that help to protect the skin and thwart damages to it.
A recent noticeable trend in the global skincare market is the increasing use of online platforms to reach out to a wider consumer base. Savvy companies and distributers are fast shifting to ecommerce to boost sales. Yet another major trend observed in the global skincare market is the soaring popularity of organic skin products sans synthetically derived chemicals.
Manufacturers are unveiling new beauty care products formulated from natural or organic ingredients every now and then to capture the attention of consumers. Such products, though expensive, are witnessing significant sales worldwide on account of the growing awareness of the possible side effects of chemical based skin care products.
Restraining the growth in the market is the ban on animal testing. This has negatively impacted business, especially of small and mid-sized manufacturers. Also, hindering the market is the sale of pseudo products at reduced prices.
Global Skincare Market: Regional Outlook
Geographically, North America and Europe dominate the global skincare market with maximum share. Going forward, however, Asia-Pacific region will gain the most on the back of robust demand from developing countries with fast-growing economies such as China and India.
The increasing awareness about organic products and the rising fortunes of the middle-class populace, has facilitated a massive upswing in the skincare products market in the region so far. The same factors will also bring about growth in the near future.
Companies Mentioned in Report
To present an in-depth assessment of the competition prevailing in the global skincare market, the report profiles companies such as Johnson & Johnson, Private Label, Warner-Lambert, Unilever, Cosmair Bristol-Myers Squibb, Jergens, and Beiersdor.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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