According to a new report published by Allied Market Research, titled, Skin Care Products Market by Product: Global Opportunity Analysis and Industry Forecast, 2014-2024. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The global skin care products market was valued at $136,304 million in 2016, and is projected to reach $194,961 million in 2024, registering a CAGR of 4.5% from 2017 to 2023.
The skin care products market is expected to witness significant growth during the forecast period, owing to changing lifestyle and rapid urbanization. Moreover, rise in awareness towards skin care by use of advanced skin care products and consumers shift towards use of skin care products to maintain their skin from getting damage and spoiled, due to climatic changes, boost the market growth. However, limited shelf life of skin care products and high price of natural and organic ingredients used in these products are expected to restrict the market growth.
Change in lifestyle patterns in emerging countries due to rapid urbanization, rise in awareness towards skin care with advanced skin care products, and increase in demand of skin care products drive the growth of the global skin care products market. However, limited shelf life of skin care products hinders the market growth. On the other hand, new product innovation and surge in investment in emerging countries present new opportunities in the coming years.
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Based on type, the face cream segment held the highest market share in 2016, accounting for more than two-thirds of the global skin care products market, and is estimated to maintain its leadership status throughout the forecast period. Due to climatic changes consumers are moving towards the usage of skin care products to maintain their skin from getting damage and spoiled. This in turn drives the market for face creams market. Moreover, the same segment is projected to manifest the highest CAGR of 4.7% from 2016 to 2024.
Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2016, accounting for around two-fifths of the global skin care products market. This is attributed to changing lifestyle in combination with rapid urbanization Moreover, LAMEA is expected to witness the fastest CAGR of 6.4% during the forecast period, owing to rise in awareness towards skin care products.
The key players operating in the global skin care products market are Johnson & Johnson, The Estee Lauder Companies Inc., Unilever PLC, Avon Products Inc., L’Oral S.A., Kao Corporation, Colgate-Palmolive Company, Shiseido Company, Beiersdorf AG, and Procter & Gamble.
Key Findings of the Skin Care Products Market:
• In 2016, Asia-Pacific dominated the global market with around two-fifth share, in terms of value.
• LAMEA is estimated to witness the highest growth rate of 6.4% from 2017 to 2024.
• Based on product, the face cream segment generated the highest revenue in 2016, and is also expected to grow at the highest CAGR of 4.7%.
• Skin brightening cream occupied around one-third share of the global face cream market in 2016.
• Premium body care lotions are expected to witness highest CAGR in the global body care lotion market.
• In 2016, U.S. dominated the global market, owing to rise in demand for organic face creams and body lotions, driven by the increase in purchasing power of the end users.
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