LOS ANGELES, March 06, 2019 (GLOBE NEWSWIRE) -- The global skin care products market is expected to grow at significant CAGR around 4.5% throughout the forecast period and reach around US$ 184 billion by 2026.
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According to the report named “Skin care products Market - Global Industry Analysis, Growth, Share, Size, Trends and Forecast, 2018-2026”, increasing awareness towards skin care, escalating demand for herbal, natural and organic skin care products, changing lifestyle, growing demand for anti-aging products and ease of availability of various skin care products are some of the key factors that are fuelling the skin care products market growth across the globe. Skin care products are the products that help to enhance the skin appearance and reduce skin problems. Skin care products consist of various natural and synthetic products such as body lotions and face creams. Various skin care products include moisture, prevention of excessive exposure of sun and pollution and nutrition. Skin care products enhance the skin health by including various properties such as exfoliation, laser resurfacing, fillers, microdermabrasion, peels and retinol therapy. Asia Pacific is anticipated to witness the highest growth rate over the forecast period owing to the availability of wide range or skin care products, growing awareness towards health and beauty and huge demand for various skin care products. Continuously changing lifestyle is playing the major role in the growth of regional skin care products market.
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Rising Awareness towards Skin Care and Availability of Broad Range of Skin Care Products to Drive the Global Skin Care Products Market Growth
The awareness towards skin care is rapidly increasing with the changing lifestyle. This factor is increasing the demand for various skin care products such as sun protection cream, anti-aging cream, and creams with anti-wrinkle properties in skin care and makeup products. Increasing concerns about various skin problems and ease of availability of various skin care products in the market are some of the fundamental factors responsible for the rapid growth of skin care products market globally. Intensifying awareness towards natural components that provide UV protection is also anticipated to boost the market growth over the forecast period. Growing adoption of organic or natural skin care products is also increasing, thereby fuelling the overall growth of the skin care products market. Furthermore, multiple manufacturers of organic skin care product are focusing more on the expansion of advanced formulations aimed at solving the effects of skin aging. Change in the lifestyle patterns in developed as well as developing economies due to rapid urbanization, increase in awareness about advanced skin care products and high investments in emerging countries are some of the factors influencing the growth of skin care products market across the globe. With the rising disposable income, the various regions are developing more advanced skin care products and thereby propelling the overall growth of the skin care products market. Growing awareness towards various advantages of using personal care products has increased their demand over the last few years. This has also increased the adoption of organic and natural skin care products, further boosting the growth of the global skin care products market.
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Asia Pacific to Grow at Highest Rate in Skin Care Products Market
Geographically, the global skin care products market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is anticipated to contribute the highest revenue share and grow at highest CAGR during the forecast period owing to the ease of availability of wide range or skin care products, growing awareness towards health and beauty and huge demand for various skin care products. Continuously changing lifestyle is playing the major role in the growth of regional skin care products market. Growth in the young population and inclination towards more advanced skin care products are supplementing the regional market growth. Europe is also expected to show substantial growth over the forecast period due to the development of various innovative creams and solutions escalating demand for various skin care products. Growing demand for anti-aging creams is anticipated to boost the regional market growth throughout the forecast period.
Market Players
The skin care products market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are L'Oréal S.A.; Beiersdorf AG; The Estée Lauder Companies, Inc.; Unilever; Johnson and Johnson; Colgate-Palmolive Company; Shiseido Company, Ltd.; Revlon, Inc.; Avon Products, Inc. and Procter & Gamble Company
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