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 changing market trends, key segments, top investment pockets, regional scenario, Porter’s Five Forces, and competitive scenario.
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.
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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.
Among the various types of products, the face cream segment occupied the dominant share in 2016 and is expected to maintain this trend throughout the forecast period. Skin care products are applied to the skin to maintain it; avoid early aging symptoms, black patches, and pimples; and enhance beauty.
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.
Key Benefits:
○ The study provides an in-depth analysis of the skin care products market with current and future trends to elucidate the imminent investment pockets.
○ It offers information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
○ Porter’s Five Forces model analysis of the industry illustrates the potency of the buyers and suppliers.
○ Market player positioning provides a clear understanding of the position of leading companies.
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