The market comprises key players such as L'OrealS.A., Unilever PLC, Procter&Gamble, BeiersdorfAG, Avon Products Inc., and The Estee Lauder Companies Inc. These players held a share of around 45.3% in the market in 2015, as per Transparency Market Research (TMR). These companies are introducing a number of products in the market and in this way they are understanding the needs of end users. There is a growing focus on product development and product innovation in the market.
The global cosmetic skin care market stood at US$127.16 bn in 2015 and is predicted to touch US$200.56 bn by 2024. The market is predicted to grow at 5.10% in the forecast horizon. On the basis of product, the segment of anti-aging cosmetic products held a significant share in the market in 2015 due to the increasing awareness on beauty and the growing elderly population globally. This segment held a share of 21.1% in terms of revenue. This segment was trailed by skin whitening cosmetic products, while sensitive skin care products trailed the segment of anti-aging cosmetics and held a share of 20.9% and 18.7% in the market in the same year. The segment of multi utility cosmetic products is poised to experience the swiftest growth are will expand at an 8.50% CAGR between 2016 and 2024.
Minimize Wrinkles Segment to Grow at an Exponential CAGR of 7.80% CAGR between 2016 and 2024
In terms of application, the segment of minimize wrinkles led the market in 2015, however, the segment of sunscreen, also known as stem cells protection against UV segment is also gaining traction due to the growing awareness about toxic effects of ultraviolet rays. The segment of minimize wrinkles will also experience the most exponential growth in the forecast period and is predicted to expand at a 7.80% CAGR in the forecast horizon.
Geographically, the Asia Pacific cosmetic skin care market is predicted to become a market leader by 2024, in terms of revenue. This region is predicted to constitute a share of 40% in the market and will lead the market all through 2024, in terms of revenue. This is due to the growing demand for skin care products in the developing economies of India and China. On the other hand, the Middle East and Africa is poised to be the most swiftly developing market. This is because of the rising average disposable income and the increasing spending on personal care products. Additionally, the growing inclination of customers toward skin brightening creams has also raised the cosmetic skin care products’ demand in the Middle East and Africa.
Launch of Innovative Products to Boost Cosmetic Skin Care Market
The increasing geriatric population is a prime factor fuelling the development of the global cosmetic skin care market, states a TMR analyst. The increasing marketing strategies and the introduction of innovative products will also positively impact the development of the global cosmetic skin care market. In addition, the busy lifestyles of individuals is a prime factor stimulating the development of the cosmetic skin care market.
“On the other hand, the global cosmetic skin care market is negatively impacted by the growing side effects of these products”, says a TMR analyst. This is because of the fact that a number of individuals are suffering from one or more than one sensitive reactions because of particular ingredients present within cosmetic skin care products. In addition, these products may also contain parabens, which have been linked to possible carcinogenicity. These factors may impede the demand for cosmetic skin care products.
Nonetheless, the growing demand for organic skin care products may bring in new opportunities in the development of the global cosmetic care market.
This information is based on the findings of a report published by Transparency Market Research titled, “Cosmetic Skin Care Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2016 - 2024.”
The segmentation of the market is as follows:
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
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
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