Skincare Products Market to Reach a Valuation of US$269.2 Billion by 2031, According to TMR Research
ALBANY, NY, February 3, 2022 /PRNewswire/ — The global skin care products market was valued at US$148.3 billion in 2020. It is estimated to grow at a CAGR of 5.6% during the forecast period, 2021 to 2031. skin care products market should reach the valuation of US$269.2 billion towards the end of 2031. In order to meet the growing demand from customers across the globe, companies in the global skin care products market are majorly focusing on developing high-quality products. Additionally, consumers in developing countries are turning to organic and natural skin care products.
The growing presence of manufacturers across the globe is likely to drive the global skin care products market. The growing acceptance of skin care products around the world can be attributed to a growing awareness of the need to use them for optimal health and cleanliness. The high sales of these products are due to technological breakthroughs in product manufacturing and digitalization of distribution networks. The skin care products market in developing markets is propelled by growing promotional efforts and innovative marketing.
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People are becoming more aware of personal care products as their living conditions improve due to rapid urbanization and rising household incomes. Many people are more likely to use skin and body care items when their disposable income and spending capacity increase. Consumers prefer skincare items such as cleansers, face washmoisturizers, masks, lotions, sunscreens, gels, serums and body care products.
Key Findings of the Market Report
- The global skin care products market is driven by a growing awareness of the need to use skin care products to protect one’s skin from harmful UV rays, pollution and other external factors. Due to the increase in allergies, skin diseases and rashes, organic and natural products are becoming increasingly popular. Consumers are sensitive to the products they buy to maintain their overall health and cleanliness.
- The market in Asia Pacific is driven by rising income levels and consumer awareness. In addition, the proliferation of foreign brands, urbanization and the growth of E-commerce platforms and offline channels such as hypermarkets focusing on selling skincare products are expected to amplify the regional market.
- Scrubs and exfoliants, masks and peels, and moisturizers and creams are the most popular categories of skin care products. Lotions, face creams and face washes, on the other hand, are preferred by middle and high income customers as vital goods to protect and nourish their skin.
- Women account for the majority of demand for skin care products; however, there is an increase in the number of men selling skincare products, which is expected to drive the market for both male and female segments
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Global Skin Care Products Market: Growth Drivers
- Consumers are more aware of the amount of care they need. To build brand loyalty and thrive in the competitive landscape, skincare companies need to use more sustainable production methods and ingredient formulations due to increased awareness, rising standards of living, and increasing demand. increased environmental awareness.
- Natural skin care products are rapidly being selected by people in both developed and developing countries for a chemical-free diet that is safe for the skin. natural skin care the products are often made from herbal concentrates and do not harm or produce any type of adverse reaction.
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Global Skin Care Products Market: Key Players
Some of the major players in the market are
- Estee Lauder Companies Inc.
- Johnson & Johnson
- Procter & Gamble Company
- Beiersdorfs Inc.
- Shiseido Co.Ltd.
- Colgate Palmolive Company
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Global Skin Care Products Market: Segmentation
- Facial care
- Body care
- Shower bath
- oily skin
- Dry skin
- Sensitive skin
- Mixed skin
- normal skin
- Under 15
- 15-30 years old
- 35-50 years old
- 50-65 years old
- Over 65
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