The skincare market may gather substantial growth over the forecast period of 2021-2031. The growing skincare awareness across the globe is the main factor influencing the robust growth of the skincare market. Awareness about skin-friendly beauty products among the global populace and the benefits of skin nourishment products in cosmetics may invite good growth opportunities for the skincare market. Millennials and Generation Z are the lucrative segments in the skincare market. Individuals are concentrating on self-care during the stay-at-home orders implemented by various countries on the grounds of the new coronavirus pandemic. People are focused on skincare more than ever due to the stay-at-home scenario. Therefore, the skincare market may see an upward growth trajectory during the forecast period.
A team of analysts at TMR curates market reports by considering the various factors influencing the growth rate. These aspects include the key trends, competitive landscape, and also the regional analysis of the said, market. CXO’s can make proper decisions based on this meticulously researched report. Furthermore, this report also provides insights regarding the effect of the COVID-19 outbreak on the e-market.
The consumer outlook towards natural skincare products is influencing the advancements in the skincare market. Research and development activities to introduce natural ingredients-infused skincare cosmetics with more effectiveness may also boost the growth rate of the skincare market significantly. The great use of social media to promote skincare is also acting as a growth generator for the skincare market. A major chunk of the population takes the help of online research to choose skincare products. With the use of attractive marketing campaigns, the players in the skincare market are launching new skincare products.
Key players operating in the skincare market are Unilever, Beiersdorf AG, Coty Inc., Kao Corporation, L’Oréal Professional, Natura & co, and Johnson and Johnson Company.
Natural ingredient-based cosmetics are creating ripples across the skincare market with products like wrinkle-defying creams, anti-aging creams, vitamin-enriched skin nourishment creams. Reducing carbon footprint through compostable packaging is proving to be a unique selling point for skincare. Powders, oil cleansers, and other cosmetic products such as lotions and creams packed with waterless formulations are further serving as a growth multiplier for the skincare market. Products such as sunscreen lotions, acne and pigmentation removal creams, vitamin C serums, and many such products are also gathering steam among consumers. The integration of wellness concepts might prove to be a game-changer for increasing the growth rate. The new trend of oral intake of skincare supplements can create the next wave in the skincare market. Winter skincare products and Ayurvedic skincare products have shown substantial growth due to their effectiveness.
Recent developments such as ‘Agrin Protein Therapy’ introduced by A*STAR (Agency for Science, Technology and Research) accelerate the healing process of skin tissues for chronic wounds, burns, or diabetes.
On a geographical basis, the skincare market can be classified into Asia Pacific, North America, the Middle East, and Africa, Central and South America, and Europe. Asia Pacific may serve as the most significant growth contributor for the skincare market as it has an enormous working population spending essentially on skincare products. This region is also gaining feet in terms of growth through increasing awareness among the individuals in the region regarding the use of skincare. Europe may follow Asia Pacific growth trajectory due to the consciousness among the European population about their looks. Furthermore, due to the rising demand for skin care products in Europe, the key players invest considerable amounts in setting up manufacturing units and expanding their global reach. All these factors may bring lucrative growth opportunities for the skincare market in the coming years.