The leading players in the global skin care products market, which is fragmented in nature, are Avon Products Inc., Unilever PLC, L’Oreal S.A., Beiersdorf AG, and Procter & Gamble. Among them, Unilever Group led the market in Asia Pacific, which holds the dominant market share, accounting for about 20.7% in 2014. It was followed by L’Oreal S.A. and Procter & Gamble.
To capture a greater share in the market, most of the leading players have heavily invested in product development. Not only are they attempting to come up with new products but are also adding to the unique selling properties of existing products to retain as well as to grow their customer base. The big ticket companies are also resorting to strategic acquisitions to augment their market share and expand their global footprints further.
The global skin care products market was worth US$110.69 bn in 2014 and going forward it is slated to clock a value of US$155.44 bn by 2021.
Matured Asia Pacific Market to Pare its Share
Depending upon the type of products, the global skin care market can be broadly divided into face cream and body lotion. The face creams segment can be further classified into anti-aging cream, skin brightening cream, and sun protection cream. The revenue in the face cream segment was worth US$69.22 bn in 2015, which was less than that clocked by the body lotion segment. Going forward, however, it is the latter segment that will exhibit higher growth rate in the years to come.
Geography-wise, Asia Pacific holds a dominant share in the global skin care market, followed by Europe. APAC accounted for a 39.8% share in the market in 2014. In the upcoming years, however, both Europe and Asia Pacific will likely trim their market shares marginally due to slowing growth rates in their matured markets.
Skin Brightening Product Category Buoys Market in Asia Pacific
The drivers in the global market for skin care products differ from region to region depending upon the requirements of the people.
The need of the population in Asia Pacific, for example, is different from their counterparts in Europe and Africa on account of their skin tone. The main reason for the stellar growth in the market in the region so far has been on account of the significant popularity of skin brightening products, especially in the countries of India and China. Rapid pace of urbanization and increasing purchasing power of the people in the densely populated emerging economies in the region have also boosted the market. In the Middle East, the market has been propelled by increasing interest in grooming, especially in countries such as Saudi Arabia and UAE, and growing disposable incomes.
Popularity of Organic Personal Care Products Fillips Market in North America
In North America, robust demand for organic personal care products, particularly in the U.S. has been at the forefront of pushing growth in the market. Others factors responsible for providing a fillip to the market in the region is growing demand for anti-aging cosmetic products and skin brightening creams, especially in the countries of Canada and the U.S.
Stimulating demand in the continent of Europe is the busy schedule of the people in the continent. Explains the analyst of the report, “In Germany people lead a hectic and fast paced life, which results in a lot of stress that shows on their faces. So people use face cream to have a fresh appearance and to prevent the signs of exhaustion on their faces. This acts as a major driver for the overall skin care market in Europe.”
This review is based on the findings of a TMR report, titled “Skin Care Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2021.”
Global Skin Care Market, by Product
Global Skin Care Market, by Geography
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