Global Skincare Market: Overview
Both cosmetic and medical products constitute the global skincare market. While the cosmetic products help in augmenting beauty, the medical products help to tackle skin-related problems such as rashes. The global skincare market can be broadly segmented into face creams and body lotions. The face cream segment can be further classified based on the different types of products into skin brightening, sun protection, and anti-aging products. They aid in improving the skin quality by preventing wrinkles, rejuvenating cells, and brightening the skin. The body lotion segment, again, can be further divided into mass market and premium products.
Among the two, the face cream segment leads with a staggering share in the market. The rising number of working women around the world and the easy availability of such products online these days has brought about exponential growth in the segment so far. Going forward too, face creams will experience robust demand. As far as the competitive landscape is concerned, key market players in the global skincare market are resorting to mergers and acquisitions, partnerships and collaborations, and product development to stay ahead of their competitors.
A report by Transparency Market Research examines the global skincare market in details by classifying it based on different parameters and by analyzing the different growth drivers and restraints shaping its growth trajectory. It also profiles the prominent companies operating in the market.
Global Skincare Market: Drivers and Trends
Growing awareness about one’s looks and skin quality, coupled with the rising spending power of people worldwide, are factors at the forefront of driving demand in the global skincare market. Aggressive marketing strategies of existing players along with massive investment in research and development to create innovative products have also led to significant increase in sales. Besides, the omnipresent polluted environment, global warming, and the busy lifestyle, affecting the quality of skin, has also been bolstering swift uptake of products that help to protect the skin and thwart damages to it.
A recent noticeable trend in the global skincare market is the increasing use of online platforms to reach out to a wider consumer base. Savvy companies and distributers are fast shifting to ecommerce to boost sales. Yet another major trend observed in the global skincare market is the soaring popularity of organic skin products sans synthetically derived chemicals. Manufacturers are unveiling new beauty care products formulated from natural or organic ingredients every now and then to capture the attention of consumers. Such products, though expensive, are witnessing significant sales worldwide on account of the growing awareness of the possible side effects of chemical based skin care products.
Restraining the growth in the market is the ban on animal testing. This has negatively impacted business, especially of small and mid-sized manufacturers. Also, hindering the market is the sale of pseudo products at reduced prices.
Global Skincare Market: Regional Outlook
Geographically, North America and Europe dominate the global skincare market with maximum share. Going forward, however, Asia-Pacific region will gain the most on the back of robust demand from developing countries with fast-growing economies such as China and India. The increasing awareness about organic products and the rising fortunes of the middle-class populace, has facilitated a massive upswing in the skincare products market in the region so far. The same factors will also bring about growth in the near future.
Companies Mentioned in Report
To present an in-depth assessment of the competition prevailing in the global skincare market, the report profiles companies such as Johnson & Johnson, Private Label, Warner-Lambert, Unilever, Cosmair Bristol-Myers Squibb, Jergens, and Beiersdor.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.