According to the latest report by IMARC Group, titled “Skin Care Products Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global skin care products market size reached US$ 128.9 Billion in 2018. The skin is the largest and one of the most delicate organs of the body, which makes it essential to maintain its health. Nowadays, as people are becoming more conscious about their appearances, the utilization of skin care products, such as cleansers, exfoliators, toners and moisturizers, has increased. In order to fulfill this demand, manufacturers are introducing specialized products to suit specific skin types. They are also incorporating natural and organic ingredients, such as rosehip oil, vitamin C and vitamin E, in line with the rising health and environmental concerns. Apart from this, governments of several nations have introduced stringent regulatory frameworks prohibiting the use of potentially harmful ingredients and for ensuring the production of cruelty-free products.
Global Skin Care Products Market Trends:
Over the past few years, there has been a significant rise in pollution levels, which has led to the escalating demand for products that can protect the skin from environmental aggressors. Other than this, consumers are also concerned about exposure to blue light from digital devices, which can accelerate skin aging. These concerns are providing a boost to the production of anti-pollution and anti-blue light skin care products across the globe. Furthermore, skin care brands are adopting innovative marketing strategies to diversify their consumer base by focusing on inclusivity. For instance, the US-based beauty products company, Wet N Wild, has recently launched the ‘Breaking Beauty’ campaign that stars a transgender model, a cancer survivor, an activist, and the first model with albinism. On account of these factors, the market is projected to expand at a CAGR of around 4% during 2019-2024, reaching a value of US$ 165.9 Billion by 2024.
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- Based on the product type, the market has been segmented into face cream and body lotion. Amongst these, face cream represents the largest segment. It is further divided into skin brightening, anti-aging and sun protection creams. Whereas, body lotion includes mass body care and premium body care products.
- The global market for skin care products has been categorized on the basis of the ingredient, which mainly comprises chemical and natural ingredients. Currently, chemical ingredients account for the majority of the market share.
- On the basis of gender, the market has been segregated into male, female and unisex. Amongst these, women represent the largest consumer base for skin care products.
- Based on the distribution channel, the market has been bifurcated into supermarkets and hypermarkets, beauty parlors and salons, multi branded retail stores, online, and exclusive retail stores. Presently, supermarkets and hypermarkets are the most preferred distribution channel.
- The report has analyzed the market on a regional basis, which includes Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, Asia Pacific represents the biggest market for skin care products, holding the majority of the total market share.
- The competitive landscape of the market has also been examined with some of the key players being Johnson & Johnson, The Estee Lauder Companies Inc., Unilever PLC, Avon Products Inc., L’Oréal S.A., Kao Corporation, Colgate-Palmolive Company, Shiseido Company, Beiersdorf AG, Procter & Gamble, and Revlon, Inc.
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