The skin care products market is expected to witness significant growth over the forecast period, owing to changing lifestyle and rapid urbanization
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, October 7, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled Skin Care Products Market by Product: Global Opportunity Analysis and Industry Forecast, 2014-2024, the global skin care products market was valued at $136,304 million in 2016 and is projected to reach $194,961 million in 2024, registering a CAGR of 4.5% from 2017 to 2023. Among various product types, face cream segment occupied the dominant share in 2016 and is expected to maintain this trend throughout the forecast period. Skin care products are applied to the skin to maintain it; avoid early aging symptoms, black spots and pimples; and enhance beauty.
Rising demand for organic and natural ingredients in skin care products has accelerated the growth of the market. Additionally, new product innovation and large investments by private investors and governments in emerging countries are supporting substantial growth in the global skin care products market.
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The major players operating in the global skincare products market are Johnson & Johnson, The Estee Lauder Companies Inc., Unilever PLC, Avon Products Inc., L’Oral SA, Kao Corporation, Colgate-Palmolive Company, Shiseido Company , Beiersdorf AG, and Procter & Gamble.
The skin care products market is expected to witness significant growth over the forecast period, owing to changing lifestyle and rapid urbanization. Additionally, increased skin care awareness through the use of advanced skin care products and consumers are turning to using skin care products to prevent their skin from being damaged and spoiled , due to climatic changes, are driving the growth of the market. However, the limited shelf life of skincare products and the high price of natural and organic ingredients used in these products are expected to limit the market growth.
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In 2016, the anti-aging cream and skin lightening cream segments collectively accounted for 75.6% of the global face cream market.
Key Findings of the Skin Care Products Market:
In 2016, Asia-Pacific dominated the global market with around two-fifths share, in terms of value.
LAMEA is estimated to experience the highest growth rate of 6.4% from 2017 to 2024.
Based on product, the face cream segment generated the highest revenue in 2016 and is also expected to grow at the highest CAGR of 4.7%.
Skin lightening cream occupied about a third of the global face cream market in 2016.
Premium body care lotions are expected to witness the highest CAGR in the global body care lotions market.
In 2016, the United States dominated the global market, due to the increase in demand for organic face creams and body lotions, driven by the increase in the purchasing power of end users.