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.
The global skin care products market is segregated into two segments on the basis of a classification by product: body lotion and face cream. According to recent trends and future projections, face cream is envisaged to take the lead in the global skin care products market in terms of demand. The skin care products market for face cream secured a commanding share in the recent past.
Over the past few years, the face cream segment has been taking advantage of continuous introduction of new lines in the global skin care products market. Innovative formulations of these new products are expected to play a significant role in the growth of the face cream skin care products market. The face cream segment of the global skin care products market is further classified into sun protection, anti-aging, and skin brightening creams.
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The body lotion classification of the global skin care products market is forecast to bank on the growing significance of natural ingredients that help to avoid skin dryness, hydrate the skin, and improve skin quality. The use of natural ingredients could draw a number of consumers to the body lotion skin care products market in the near future. Natural ingredients not only improve the skin’s immune system but also carry antioxidant properties. The body lotion segment is further bifurcated into premium and mass market body care lotions.
The global skin care products market includes leading players such as Johnson & Johnson Services Inc., The Estee Lauder Companies Inc., and L’Oréal S.A.