ALBANY, N.Y., Feb. 3, 2022 /PRNewswire/ — The global skin care products market was valued at US$ 148.3 Bn in 2020. It is estimated to expand at a CAGR of 5.6% during the forecast period, from 2021 to 2031. The global skin care products market is anticipated to reach the valuation of US$ 269.2 Bn toward the end of 2031. In order to meet the growing demand from customers all over the world, firms in the global skin care products market are primarily focused on the development of high-quality products. Moreover, consumers in developing nations are gravitating toward organic and natural skin care products.
The growing presence of manufacturers throughout the world is likely to drive the global skin care products market. The rising acceptance of skin care products globally can be attributed to increasing awareness about the need of utilizing them for optimum health and cleanliness. High sales of these products are due to technological breakthroughs in product manufacturing and digitization of distribution networks. The market for skin care products in developing markets is being propelled by rising promotional efforts and innovative marketing.
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People are becoming increasingly conscious about personal care products as their living conditions are improving owing to rapid urbanization and rise in household income. Several people are more likely to utilize skin care and body care items when their disposable income as well as spending capacity increases. Consumers prefer skin care items such as cleansers, face wash, moisturizers, masks, lotions, sunscreens, gels, serums, and body care products.
Key Findings of Market Report
- The global skin care products market is being driven by rising awareness about the need for using skin care products to defend one’s skin from damaging UV rays, pollution, and other external factors. Due to increase in allergies, skin illnesses, and rashes, organic and natural products are becoming increasingly popular. Consumers are sensitive about the products they purchase to maintain their overall health and cleanliness.
- The market in Asia Pacific is driven by rising income levels and consumer awareness. In addition, the proliferation of foreign brands, urbanization, and growth of eCommerce platforms and offline channels such as hypermarkets concentrating on the sale of skin care products is expected to amplify the regional market.
- Scrubs and exfoliators, masks and peels, and moisturizers and creams are the most popular skin care product categories. Lotions, face creams, and face wash, on the other hand, are preferred by middle- and upper-income customers as vital goods for protecting and nurturing their skin.
- Women account for the majority of skin care product demand; however, there is an increase in the number of men sing skin care products, which is projected to drive the market for both men and women segments
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Global Skin Care Products Market: Growth Drivers
- Consumers are more conscious about the amount of skincare they require. To gain brand loyalty and prosper in the competitive landscape, skin care firms need to employ more sustainable production methods and ingredient formulations as a result of increased awareness, rising standards of living, and enhanced environmental conscience.
- Natural skincare products are rapidly being selected by people in both developed as well as developing nations for chemical-free and safe skin nourishment. Natural skincare products are often made from plant-based concentrates and do not hurt or produce any type of adverse response.
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Global Skin Care Products Market: Key Players
Some of the key market players are
- Estée Lauder Companies Inc.
- Johnson & Johnson
- Procter & Gamble Company
- Beiersdorfs Inc.
- Shiseido Co. Ltd.
- Colgate-Palmolive Company
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Global Skin Care Products Market: Segmentation
- Facial Care
- Body Care
- Bath & Shower
- Oily Skin
- Dry Skin
- Sensitive Skin
- Combination Skin
- Normal Skin
- Below 15 Years
- 15-30 Years
- 35-50 Years
- 50-65 Years
- Above 65 Years
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