PORTLAND, Ore., Jan. 19, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Skin Care Products Market by Product (Face Cream and Body Lotion) – Global Opportunity Analysis and Industry Forecast, 2014-2024”. According to the report, the global skin care products industry generated $136.3 billion in 2016, and is anticipated to generate $194.9 billion by 2024, witnessing a CAGR of 4.5% from 2016 to 2024.
Prime determinants of 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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- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global skin care products market.
- Due to the implementation of the global lockdown, production facilities of skin care products were temporarily closed, which in turn, hampered the growth of the market.
- Nevertheless, the market is expected to recover soon.
The face cream segment to maintain its leadership status throughout the forecast period
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.
Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030
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.
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Leading Market Players
- Johnson & Johnson,
- The Estee Lauder Companies Inc.,
- Unilever PLC,
- Avon Products Inc.,
- L’Oréal S.A.,
- Kao Corporation,
- Colgate-Palmolive Company,
- Shiseido Company,
- Beiersdorf AG,
- Procter & Gamble.
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