Skin Care Products Market Report, published by Allied Market Research, forecasts that the global market is expected to $179 billion by 2022, growing at a CAGR of 4.7% from 2016 to 2022.Asia-Pacific dominated the market and contributed more than 40% of the overall market revenue, followed by Europe.
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The skin care products market is poised to witness notable growth during the forecast period, owing to rise in awareness toward skin care and usage of advanced skin care products, changing lifestyle supported by increasing disposable income and urbanization, and the increasing popularity of organic skin care products.
The face cream segment occupied dominant share of the skin care products market in 2015 and is expected to maintain this trend during the forecast period. Within the face cream segment, anti-aging cream and skin brightening creams collectively accounted for around 75% of the market revenue. The body care lotion segment held 41% market share of the global skin care products market in 2015.
Among various geographical regions, Asia-Pacific contributed the maximum revenue share in 2015 and is expected to maintain its lead throughout the forecast period. This could be attributed to changes in customer preferences, rise in consumer concerns towards personal appearance, and changes in lifestyle, primarily in the emerging markets, such as India, China, Japan, and South Korea. However, LAMEA is expected to attain the highest CAGR during the forecast period.
Key findings of the study:
In 2015, face cream product type segment led the overall skincare market revenue, which is projected to grow at a CAGR of 4.9% during the forecast period
Sun protection cream segment is expected to exhibit the fastest growth in face cream segment, owing to the increased demand from consumers as it acts as a protective layer when applied on the skin
At present, Asia-Pacific leads the global skincare market and is expected to continue this trend throughout the forecast period owing to the swift change in consumer preferences.
Key players in the market have adopted merger & acquisition, product launch, partnership, and geographical expansion as their key developmental strategies to provide their services in different geographies for business growth. The major players profiled in this report include Johnson & Johnson, The Estee Lauder Companies Inc., Unilever PLC, Avon Products Inc., L'Oral S.A., Kao Corporation, Colgate-Palmolive Company, Shiseido Company, Beiersdorf AG, and Procter & Gamble.
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