The global market for cosmetic skin care market is consolidated in nature, with a few players holding a massive share of the market, states a research study by Transparency Market Research. In 2015, the top players, namely Unilever Group, L’Oreal S.A., Procter & Gamble, Avon Products, and Beiersdorf AG held around 45% of the global market and are likely to remain in the leading position in the next few years. The rising focus of these players on new product development, mergers and acquisitions, and technological developments are anticipated to encourage the growth of the overall market in the coming years. In addition, the enormous amount being spent by the players on marketing activities and advertising are predicted to accelerate the market’s growth in the near future.
As per the research study by Transparency Market Research, in 2015, the global cosmetic skin care market was worth US$127.1 bn. The market is expected to register a healthy 5.10% CAGR between 2016 and 2024, reaching a value of US$200 bn by the end of 2024.
Improving Living Standards to Boost Demand for Cosmetic Skin Care Products in Asia Pacific
From a regional perspective, Asia Pacific is expected to remain in the dominating position throughout the forecast period. The high growth of this region can be attributed to the increasing adoption rate of skin care products and the rising contribution from China and India. The improving standard of living and the increasing disposable income of consumers are estimated to supplement the growth of the cosmetic skin care market in Asia Pacific. On the other hand, the Middle East and Africa is likely to register a robust growth rate in the coming years. The easy availability of products and the improving distribution network are expected to accelerate the growth of the market.
Among the key types available in the global cosmetic skin care market, the anti-ageing product segment is expected to grow substantially in the next few years. As per the research study, this segment is likely to account for a major share of the market, thanks to the tremendously rising demand across the globe. On the other hand, the multi-utility skin care product segment is estimated to register a progressive growth rate throughout the forecast period. The increasing number of products and the rising purchasing power of consumers are estimated to accelerate the growth of these segments in the near future.
Rising Purchasing Power of Consumers to Augment Global Cosmetic Skin Care Market
The rising focus of key players on innovations and development of new products are the major factors that are estimated to fuel the growth of the global cosmetic skin care market in the next few years. The rising inclination of consumers towards enhancement of appearance is likely to accelerate the growth of the market in the near future. In addition, the developing distribution networks and the increasing expenditure on advertising are projected to contribute towards the development of the market in the near future.
On the flip side, the high cost of products is estimated to hamper the growth of the cosmetic skin care market, especially in developing economies. Nevertheless, the increasing number of products and the rising awareness among consumers regarding the benefits of using these products are estimated to offer several new opportunities for key players operating in the cosmetic skin care market across the globe. Moreover, the rising number of players entering the market is expected to encourage the market’s growth in the coming years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Cosmetic Skin Care Market (Product - 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; Application - Stem Cells Protection against UV, Flakiness Reduction, Rehydrate the skin’s surface, Minimize wrinkles, Increase the viscosity of Aqueous) - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2016 - 2024.”
The global cosmetic skin care market has been segmented as below:
Global Cosmetic Skin Care Market, by Product
- 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, by Application
- Stem Cells Protection against UV
- Flakiness Reduction
- Rehydrate the skin’s surface
- Minimize wrinkles
- Increase the viscosity of Aqueous
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
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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