Skin Care Products Market to Grow at a CAGR of 5.6% During the Forecast Period 2021-2031, According to TMR Research

WILMINGTON, DE /ACCESSWIRE/August 17, 2022 / Transparency Market Research Inc. – The global skincare market size was worth around US$148.3 billion in 2020. skin care products market the analysis forecasts the market to grow at a CAGR of 5.6% during the forecast period, 2021 to 2031. Global skin care industry statistics forecasts the market to reach a valuation of 269 .2 billion by 2031. customers around the world, companies in the global skin care products market are mainly focused on producing high-quality products.

Organic and natural skin care products are more popular among consumers in developing countries who want to keep their skin healthy. The increasing number of manufacturers operating globally is likely to drive the global skin care products market. The rapid acceptance of skin care products around the world is largely due to consumer awareness of the benefits of using them for cleanliness and better health. Sales of these items have increased due to the technological evolution of production processes and the digitization of distribution channels. In developing markets, the demand for skincare products is further fueled by increasing promotional efforts and innovative advertisements.

People are more aware of personal care products due to improved living standards brought about by rapid urbanization and an increasing number of workers. Many people are increasingly inclined to use skin and body care products due to the increase in disposable incomes and consumer purchasing power. Consumers frequently purchase skin care items like cleansers, gels, moisturizers, masks, lotions, sunscreens, serums, facial cleansers, and various body care products.

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Key Findings of the Market Report

  • The global skin care products market is driven by growing consumer awareness of the need for products to protect the skin from harmful UV rays, pollution, and more. Organic and natural products are becoming increasingly popular as the incidences of skin infections, rashes, allergies and the like are on the rise. Customers are very picky about the products they use to maintain their overall cleanliness and well-being.
  • Customers are increasingly aware of harsh chemicals, allergens and other irritants found in skincare products, such as parabens and synthetic dyes. Organic skin care market analysis highlights that consumers in developed countries tend to choose vegan-certified products and eco-friendly packaging. Many companies competing in domestic and global markets offer skin care solutions based on chamomile oil, olive oil, coconut oil and others.
  • Market expansion is driven by increasing sales of skincare products through various distribution channels. The increase in sales of skin care products is attributed to the growth of specialty boutiques, large retailers as well as other stores. Purchasing skin care products through online distribution channels is becoming increasingly popular. E-commerce websites, online stores, and corporate-owned websites are extremely popular among customers in the digital age. Online distribution is an extremely promising segmentation of the skin care products market.

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Global Skin Care Products Market: Growth Drivers

  • An increase in the working-age population, increase in discretionary income, and greater awareness of skincare products are all likely to support the market. Moreover, innovative marketing campaigns and advertisements are also expected to boost customer demand. Consumers now have more purchasing power due to increasing urbanization and a penchant for natural skin care products. Millennial demographics demand a greater variety of skin care products.
  • Rising disposable income and consumer awareness are expected to support the Asia-Pacific market demand. Additionally, urbanization, rise of e-commerce platforms, and offline distribution channels like hypermarkets are expected to boost the regional market.

Global Skin Care Products Market: Key Players

Some of the major players in the market are

  • Estee Lauder Companies Inc.
  • Procter & Gamble Company
  • Beiersdorfs Inc.
  • Shiseido Co.Ltd.
  • Colgate Palmolive Company
  • Kao Corporation

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Global Skin Care Products Market: Segmentation

Product

  • Facial care
  • Body care
  • Shower bath
  • Fragrance
  • Perfumes

product category

  • Conventional
  • Natural
  • organic

skin type

  • oily skin
  • Dry skin
  • Sensitive skin
  • Mixed skin
  • normal skin

Pricing

  • Low (less than 70 USD)
  • Medium (US$ 70 – US$ 200)
  • High (above USD 200)

Age

  • Under 15
  • 15-30 years old
  • 35-50 years old
  • 50-65 years old
  • Over 65

Final user

Distribution channel

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