Skin Care Products Market to Reach US$155.4 Mn by 2021
The global skin care products market demonstrates a highly competitive business landscape, states a new research report by Transparency Market Research (TMR). The leading vendors of skin care products are focused on maintaining their stronghold on this market through their diverse product portfolio, which they are continuously updating to cater to the specific demands of their customers. In addition to premium products, the emphasis on offering budget products has also increased among the vendors as to reach the middle class populace. L’Oréal S.A., The Estee Lauder Companies Inc., Johnson & Johnson Services Inc., Beiersdorf, Avon Products Inc., Procter & Gamble, Kao Corp., and Unilever are some of the leading players in this market reviewed in this report.
According to TMR estimations, the opportunity in the global market for skin care products is expected to expand at a steady CAGR of 4.90% over the period from 2015 to 2021, increasing from a value of US$110.7 bn in 2014 and reaching US$155.4 bn by the end of the period of the forecast. Face cream and body lotion are the two main products available in this market. Among the two, the demand for face cream is relatively higher and the trend is anticipated to remain so over the next few years. Among the regional markets, Asia Pacific has occupied the leading position and is projected to remain seated there in the years to come, reports the market study.
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The global market for skin care products have been observing a substantial rise in its valuation. As per a TMR analyst, “the augmenting interest of consumers towards personal grooming, together with their escalating disposable incomes, is boosting the market for skin care products across the world.” Apart from this, the rising demand for skin lightening products, increased uptake of anti-aging products by the geriatric population, aggressive marketing, augmenting shift of consumers towards natural and organic products, and the expanding range of men’s skin care products are also supporting this market substantially, notes the research study.
On the flip side, increasing implementation of product packaging and labeling regulations, rising threat from counterfeit products, and the escalating number of cases of side effects caused by skin care products may hinder the growth of the global skin care products market in the near future. However, the increasing usage of unique ingredients and the rising demand for UV absorbers and multifunctional skin care products are expected to offer new opportunities to the vendors of skin care products across the world over the forthcoming years, states the research report.
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