The global SKIN CARE PRODUCTS MARKET is projected to reach USD 177.15 billion by 2024, according to a new report by Grand View Research, Inc. Stringent regulations promoting the use of organic materials in the skin care industry is likely to propel market growth.
Rising awareness about different advantages of personal care products has resulted in increased demand over the past few years. Organic and natural personal care products have become a major segment in the cosmetics and wellness market. Rising awareness about the harmful effects of synthetic products has led to the increasing demand of organic care products. This rising demand has led manufacturers to focus more on R&D and product innovation.
The levels of accessibility of both synthetic and organic products have also increased over the past few years owing to the widening of distribution networks of manufacturers and suppliers. In addition, the rise of online market platforms, where consumers can purchase a wide range of products from any part of the world, has been one of the primary reasons for the increase in accessibility.
The skin care products value chain consists of raw material suppliers, skin care product manufacturers, distribution channels, and end-use industries. Raw materials for synthetic skin care products include various colorants, skin conditioning agents and surfactants. BASF, Antaria and Canton Chem, Inc. are few leading manufacturers of raw materials used in the production of skin care products.
Asia Pacific was the largest market for these products in 2015. The increase in the disposable incomes of consumers, coupled with the increasing demand for organic products, is expected to drive industry growth in the region. In countries such as India and China, the growing demand for skin care products can be attributed to the rapidly-growing population.
Browse Research Report on Skin Care Products Market:
Further key findings from the report suggest:
- The global skin care products market is anticipated to reach 177.15 billion by 2024, growing at a CAGR of 4.7% from 2016 to 2024
- In terms of revenue, the face cream segment is projected to ascend at a CAGR of 5.0% over the forecast period
- The anti-ageing cream product type segment dominated the global market with a share of over 39.6% in 2015
- The U.S. market is anticipated to exceed 19.7 billion by 2024
- Europe is projected to witness a steady growth rate of 4.1% over the next seven years, owing to the presence of a number of regulations that are propelling the demand for natural skin care products
- Asian countries such as India and China are expected to observe a remarkable growth over the forecast years
- The market for skin care product is highly competitive with the presence of a number of multinational companies with vast product portfolios
- Some of the key companies present in the market are L'Oréal S.A., Unilever PLC, Beiseidorf AG, Colgate Palmolive, Estee Lauder, Johnson & Johnson, and Avon Product Inc.
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Grand View Research has segmented the global skin care products market on the basis of product and region.
Product Outlook (Revenue, USD Million; 2015 - 2024)
- Face cream
- Skin brightening cream
- Anti-Ageing cream
- Sun protection cream
- Body lotion
- Mass body care lotion
- Premium body care lotion
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
For more information: www.grandviewresearch.com
