The report “Global Skincare” gives a detailed analysis of the vital resources for top-line data and covers the Global skincare market including market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information. The industry profile also contains explanations of the key players which comprises of the leading financial metrics along with analysis of competitive pressures within the market.
The beauty and personal care products which are usually used for various skin related concerns, treatments, and skin beautification, are known as skincare products. The skincare market basically comprises of the retail sales of facial care, body care, hand care, depilatories, and make-up remover products.
The global market is majorly divided into three segments based on geography:
Americas, APAC and EMEA. The global beauty and personal care market segments consist of skincare products, hair care products, color cosmetics, fragrances, oral hygiene products, and depilatory products. The global skincare products market is noticeably bifurcated and competitive with the presence of a number of players providing an extensive range of skincare products. The major players in the global skincare market include: Beiersdorf, EstéeLauder, L’ORÉAL, Procter&Gamble(P&G), and Unilever. Other noteworthy vendors in the market include: AmorePacific, Amway, Aveda, BABOR, Bioderma Laboratory, Clarins, DS Healthcare Group, Lotus Herbals, Mary Kay, Missha, Nature Republic, NeoStrata, Oriflame, Rachel K Cosmetics, Revlon, Skin Food, Skinvisible, Shiseido, and Thalgo.
The global skincare market has managed to register higher revenues as the years have passed and total revenue of about USD 107.8bn was generated in 2016, with a decent CAGR of 5.1%. Market consumption volume at the same time posted a CAGR of 4.3%. A horde of factors, including demand for premium products with organic benefits, increasing disposable income, and the “look good factor”, have been noticed as contributing to overall development of the global market.
The face creams account for nearly 70% of the overall market share and is further anticipated to maintain its dominance in the years to proceed. Face creams which mainly comprise of skin brightening, anti-aging, and sun protection products (used for enriching the skin quality, rejuvenating the cells, preventing wrinkles, and brightening the skin) are experiencing an ever growing demand with the developing number of consumers who have commenced taking their beauty maintenance as a priority.
The skin care industry has showcased a transition in demand from older consumers to a growing younger consumer base and the people have started using skin care at an increasingly young age with an urge to delay their signs of aging, while the number of older consumers has relatively started dwindling. However, skin care companies are planning to adopt some marketing strategies which will help in improving the current situation and maintaining balance, holding on to their older consumer base.
Also, consumers have been observed as opting for products that do not involve synthetically derived chemicals, which has fueled the vendors to come up with more variety of beauty care products that contain ingredients derived from natural and organic sources. As a result, manufacturers have started introducing natural skin care products that are formulated using unique ingredients in order to attract the consumers and keep them interested. These products are usually high-priced and cater to the needs of specific strata of the society. For example, Rodial has recently launched the Bee Venom & Placenta 24 Carat Ultimate Crème that moisturizes and counteracts aging with its nano-peptides bound in 24 carat gold. It includes all those protein extracts from sheep placenta and bee venom to stimulate elastin and collagen production in the skin, and lessen the wrinkles. Similarly, Bioactive Skincare’s Organic Snail Gel is developed using snail mucus for treating skin inflammation. This demand for these natural products is anticipated to evolve with the passage of time as people are becoming more aware of the side effects of such chemicals and they simply cannot afford to compromise with their skin.
Consequently, this market on a whole has been highly competitive, wherein a lot of vendors compete on daily basis due to factors like- product differentiation, quality, and pricing. Vendors around the globe have been noticed as extending their businesses to emerging markets such as Central and South America and APAC which will ameliorate the overall situation of the skincare industry globally and cumulatively, the industry will proliferate. Moreover, the market is expected to experience a giant rise in the strategic partnerships and mergers and acquisitions in the coming years. Therefore, APAC is forecasted to be the largest revenue contributing region in the market and is expected to account for more than 42% of the overall market share. Much of this region’ growth may also be associated with the high demand for skin whitening creams, particularly in countries like India, China, and Japan.
By 2024, the global skin care market is evaluated to be somewhere around 180 billion USD due to the support from increasing disposable incomes and changing consumer lifestyles which will aid in propelling the skincare market. As far as short term is concerned, it is predicted that the global skin care products market will grow at a decent CAGR of around 5% by 2020 majorly because of the demand for skin lightening products being specifically high in APAC, Africa, and the Middle East.
Emerging demands for natural and organic ingredients in skin care products market will undoubtedly augment the application of these beauty products in the coming years and it is foreseen that organic skincare products segment will rise at a CAGR of 10% from 2016 to 2025. Moreover, with the onset of availability of beauty care products online due to growing number of working women worldwide, the global skincare industry is all set to witness a proliferating growth in the coming years.
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Ankur Gupta, Head Marketing & Communications