Cosmetic Skin Care Market: Snapshot
Consumer trends for cosmetic skin care products vary from region to region. While skin lightening and brightening products are in greater demand in Asia Pacific, anti-aging creams have been witnessing higher demand in Europe and North America. On the other hand, consumers in countries with dry weather, such as Brazil and Argentina, are more prone to purchasing sun protection products.
Cosmetic skin care is one of the most dynamic markets in the personal care industry and is driven by evolving consumer trends and innovations on the part of manufacturers. The opportunity in the global cosmetic skin care market stood at US$127.1 bn in 2015 and this is projected to rise to be worth just over US$200 bn by 2024, expanding at a 5.1% CAGR therein.
Multi-utility Skin Creams Gain Prominence among Consumers
Cosmetic skin care products include those for anti-aging, skin whitening, sensitive skin, anti-acne, dry skin, warts removal, infant skin care, anti-scars solutions, mole removal, and multi-utility products such as beauty and balm, color correcting, and daily defense creams. In terms of revenue, anti-aging creams led the global cosmetic skin care market in 2015 owing to their diversified applications. Multi-utility skin care cosmetics, on the other hand, are expected to be the fastest growing product segment by the end of 2024.
The main applications of cosmetic skin care products include stem cell protection against UV, flakiness reduction, skin rehydration, minimizing wrinkles, and increasing the viscosity of aqueous. Among these, the segment of wrinkle minimization led the cosmetic skin care market in 2015. The stem cells protection against UV segment, on the other hand, is anticipated to expand at a rapid pace due to increasing awareness regarding the harmful effects of ultraviolet rays.
MEA to Offer Stiff Competition to APAC in Cosmetic Skin Care Market
Based on geography, the global cosmetic skin care market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. While Asia Pacific is the leading cosmetic skin care market in the world, the Middle East and Africa is predicted to be the fastest growing regional segment.
Accounting for a share of more than 40.0% during the forecast period, Asia Pacific is expected to retain its lead in terms of revenue through 2024. The rising adoption of beneficial skin care products in the emerging economies of China and India is one of the key factors driving the APAC cosmetic skin care market. These developing countries have been witnessing rapid changes in consumer living standards, which in turn, is expected to result in high market growth. Increasing purchasing power of the urban population, coupled with rising product awareness in rural areas, is also fueling the demand for cosmetic skin care products in the region.
The cosmetic skin care market in the Middle East and Africa is expected to witness significant growth during the forecast period due to the increasing average disposable income level and the rising expenditure on personal care products among consumers. In addition, consumer preference toward skin brightening creams has fueled the demand for cosmetic skin care products in the MEA region. Over the recent past, companies manufacturing cosmetic skin care products have been adopting extensive marketing strategies to strengthen their position in the market. This is expected to further the cosmetic skin care market growth in the region.
Key players in the cosmetic skin care market include L’Oreal S.A., Unilever PLC, Procter & Gamble, Beiersdorf AG, Avon Products Inc., The Estee Lauder Companies Inc., Johnson & Johnson, Kao Corporation, and The Body Shop International PLC.
The global cosmetic skin care market is primarily driven by rising demand for natural active ingredients based cosmetics that are finding favor among health and environment conscious consumers. Growth in the cosmetic skin care market is expected to be fuelled by the continuous innovation and development of more effective anti-aging and sun protection products in the upcoming future. The trend toward natural products is projected to create prospective market opportunities for natural and active cosmetic ingredients such as enzymes, botanical extracts, and amino acids. In addition, the demand for cosmetic skin care market is on the rise with growing interest in grooming among the young generation in different countries across the world Youngsters opt for skin brightening or skin whitening creams or lotions. The changing lifestyles of consumers in developing markets, increase in per capita income, and rising awareness about beautification are also contributing to the growth of the overall cosmetic skin care industry which in turn benefits cosmetic skin care product manufacturers. However, growing health concerns and various government restrictions are lowering the usage of synthetic antioxidants such as BHA (Butylated hydroxyanisole) in cosmetic products across the European countries
Under the scope of the report, the global cosmetic skin care market is divided into three segments: (i) by product (ii) by application and (iii) by geography.In terms of products, the cosmetic skin care market has been segmented into anti-aging cosmetic products, skin whitening cosmetic products, sensitive skin care products, anti acne products, dry skin care products, warts removal products, infant skin care products, anti-scars solution products, mole removal products, and multi utility products. The multi utility cosmetic skin care products segment includes BB cream (Beauty Balm), CC (Color Correcting) cream, DD (Daily Defense) cream, 7 in 1 skin care cream and solutions. In terms of revenue, anti-aging cream segment held the largest share of the global cosmetic skin care products market in 2015 due to its diversified applications, whereas multi utility skin care cosmetics are expected to be the fastest growing product segment. On the basis of application, the market is bifurcated into stem cells protection against UV, flakiness reduction, rehydrate the skin’s surface, minimize wrinkles, increase the viscosity of aqueous solutions in skin, and others. Others application segment includes removal of black patches and darkness, minimize scars of acne, mole and warts and infant skin care among others.
Increasing problem of early signs of aging and changing lifestyle is fueling the demand for cosmetic skin care products. Moreover, rising number of retail outlets and strengthening retail network is anticipated to be the most prominent drivers for the global cosmetic skin care market. Based on geography, the global cosmetic skin care market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA). Each region is further segregated into major country to draw attention to the respective market share of cosmetic skin care in each country. In 2015, Asia Pacific held the largest share of the cosmetic skin care market followed by Europe, North America, Latin America, and Middle East and Africa (MEA). Asia Pacific is largest cosmetic skin care market. However, Middle East and Africa is expected to be the fastest growing region during the next eight years. In addition, Asia Pacific is expected to maintain its leading position during the forecast period. Globally, Asia Pacific is the leading market for cosmetic skin care products due to significant growth in retail sales driven by the huge population in the region and is projected to hold its position over the forecast period from 2016 to 2024.
In this report, detail analysis of major driving factors along with key restraints and opportunities (DROs) of the cosmetic skin care market are covered. The research study analyzed the ongoing market trends and provides details forecast for the period from 2016 to 2024. The study covers all major developed as well as developing countries globally. The size and forecast for these markets for the period from 2016 to 2024 has been provided in the report. The report also provides the company market share analysis of key players operating in the cosmetic skin care industry. Some of the key players in this market include L'Oreal S.A., Unilever PLC, Procter & Gamble, Beiersdorf AG, Avon Products Inc., The Estee Lauder Companies Inc., Johnson & Johnson, Kao Corporation, and The Body Shop International PLC among others.
The scope of the study presents a comprehensive evaluation of the stakeholder strategies and winning imperatives for them by segmenting the global cosmetic skin care market as below:
Global Cosmetic Skin Care Market, Product Analysis
- Anti-Aging Cosmetic Products
- Skin Whitening Cosmetic Products
- Sensitive Skin Care Products
- Anti-Acne Products
- Dry Skin Care Products
- Warts Removal Products
- Infant Skin Care Products
- Anti-Scars Solution Products
- Mole Removal Products
- Multi Utility Products
Global Cosmetic Skin Care Market, Application Analysis
- Stem Cells Protection against UV
- Flakiness Reduction
- Rehydrate the skin’s surface
- Minimize wrinkles
- Increase the viscosity of Aqueous
In addition the report provides cross-sectional analysis of all the above segments with respect to the following geographical markets:
Global Cosmetic Skin Care Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America