The global skincare market size is expected to gain momentum by reaching USD 145.82 billion by 2028 from USD 100.13 billion in 2021, while exhibiting a CAGR of 5.52% between 2021 to 2028. In its report titled, “Skincare Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 98.83 billion in 2020.
In recent times, skincare has become
one of the important rituals in everyone’s life. This is because these products
improve the quality and health of the skin and provide nourishment. Men &
women both use it on a daily basis for purposes such as cleansing,
moisturizing, and hydrating. Additionally, awareness toward natural and herbal
skincare is also generating traction. For instance, ingredients such as aloe
Vera, various root and leaf extracts have replaced chemicals in these personal
care products since people are now aware of the adverse effects of synthetic
chemicals on the skin. Therefore, major skincare companies are labeling their
products to be natural. For example, key companies such as Avon and Garnier
have launched their natural and herbal range as ‘Avon Naturals’ and ‘Garnier
Organic’ to attract customers.
List of Key Players Profiled in the Skincare Market
L’Oréal
Professional (Clichy, France)
Unilever (London, England)
Procter &
Gamble (Cincinnati, Ohio, U.S.)
Estée Lauder Inc. (New York, U.S.)
Beiersdorf AG (Hamburg, Germany)
Shiseido Co.,
Ltd. (Chuo City, Tokyo, Japan)
Coty Inc. (New York, U.S.)
Natura & Co. (Sao Paulo, Brazil)
Kao Corporation (Chuo City, Tokyo, Japan)
Johnson &
Johnson Services, Inc. (New Brunswick, U.S.)
Avon Products
Inc. (London, U.K)
What does the Report
Provide?
The market report of
skincare products provides a detailed analysis of several factors, such as the
key drivers and restraints that will impact growth. Additionally, the report
provides insights into the regional analysis that covers different regions,
contributing to the growth of the market. It includes the competitive landscape
that involves the leading companies and the adoption of strategies to introduce
new products, announce partnerships, and collaborate to contribute to the
market growth.
Driving Factors
Increasing Awareness Regarding
Personal Grooming to Drive Market Growth
The rising trend of skin nourishment
products by the young population to treat their skin problems such as acne,
black spots, scars, dullness, and tanning is expected to drive skincare market
growth. Products such as toners, scrubs, and sunscreen are highly in demand
from the younger population, whereas products that treat wrinkles, cracked
heels are demanded from the aged population. Moreover, incessantly changing
lifestyle, increasing disposable income, and spending patterns of consumers on
beauty care products is expected to boost the market in upcoming years.
Furthermore, the increasing demand
for men’s grooming products, strong advertising initiatives by manufacturers,
and the digitalization trend that have enhanced consumer awareness about personal
care products are also promoting market growth. For instance, as per ‘Prima
& Prep’s Men Grooming survey 2019’, around 89.5% of the men are concerned
about skin issues, of which 35.8% of men use skincare and anti-aging products
on a daily basis.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/skin-care-market-102544
COVID-19 Impact
The pandemic crippled the global economy. The manufacturing facilities saw a decline in their production capacity due to lockdown and stringent regulations imposed by governments amid the pandemic to curb the spread of the virus. This is impacting the companies’ product revenues. Additionally, factors such as the closure of beauty retail stores and cosmetic businesses and the shortage of raw material supplies due to the lockdown restrictions hampered the product consumption rate. However, the market is expected to revive during the forecast period, as there is a shift in the consumer behavior towards personal care, wellness and beauty increased while they were indoors, amid lockdown.
Regional Insights
Asia Pacific to
Dominate Backed by Increasing Working Population
Asia Pacific is expected
to remain at the forefront and hold the highest position market during the
forecast period. This is attributable to the increasing employed population and rising
disposable income in the region. For instance, a report by India Brand Equity
Foundation on FMCG published in May 2018 states that in India, total
consumption expenditure was USD 1,595 billion in 2016, which is projected to
reach about USD 3,600 billion by 2020. The
region’s market stood at USD 51.31 billion in 2020.
Europe is expected to showcase significant
skincare market share in upcoming years, owing to the increasing demand for
skin nourishment products by both male and female population. Additionally, the
greater spending power of the populace in the region, coupled with the strong
presence of key players operating in the market, is promoting the regional
market.
Competitive Landscape
Key Players to Focus
on New Launches & Acquisitions to Strengthen Their Presence
The market is
consolidated by major companies striving to maintain their position by focusing
on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key
players are expected to strengthen its market prospects. Below is the industry
development:
December 2019: A subsidiary of Kao
Corporation, e’quipe, LTD., launched its new brand named ‘athletia’ in
February 2020. The brand offers skin nourishment products, such as ‘tune &
charge,’ the ‘active & go’ and ‘breathe & sleep’ range.
January 2020: Procter & Gamble acquired a
women's body care company named Billie Inc. Through this acquisition, the
company is expected to strengthen its product range as Billie is primarily
involved in supplying female beauty as well as grooming products.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/skin-care-market-9701
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