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Press Release: Facial Skincare & Makeup Market to Surpass US$ 182,649.0 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Skin care encompasses a variety of procedures that help to maintain the integrity of the skin, improve its appearance, and alleviate skin disorders. They can include proper nutrition, avoiding excessive sun exposure, and using emollients appropriately. Cosmetics are made up of a combination of chemical substances taken from either natural or manufactured sources. Cleansers, toners, serums, and moisturisers are examples of skin-care cosmetics that can be used to wash, exfoliate, and protect the skin while also replenishing it.
The Global Facial Skincare & Makeup market is estimated to surpass US$ 182,649.0 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 4.5% during the forecast period (2020 to 2027).
Drivers
A substantial percentage of the population are millennials and older. Further, disposable income among the population has witnessed a substantial rise in the recent years due to growth in the industrial and tourism sector. This factor has led to a growth in the demand for skincare and makeup products in the region. About 70% of the Chinese population is above the age of 25, and approximately 50% of the people in this age group are females, amounting to about 493 million individuals. Increasing information among users about skincare is the primary driver for the demand of anti-aging skin products.
Among regions, Asia Pacific held dominant position in the global facial skincare & makeup market in 2019, accounting for 32.3% market share in terms of revenue, followed by Europe and North America. The aging population is the primary factor responsible for the growth in demand for products such as anti-aging cream, facial liquid serums, face oil, and night cream. Further, majority of the countries in Asia Pacific are tropical in climate receiving extensive sunlight throughout the year. This is a major factor driving the demand for sunscreen products in the country.
Figure 1. Global Facial Skincare & Makeup Market Revenue Share (%), By Region, 2019
Market Restraints
Lagging awareness regarding skincare products in the target population may restrict the growth of the cosmetics skin care market substantially. For facial skincare and makeup products, there is a requirement for significant market presence and promotional activities, with an emphasis on educating the target demographic about the products. Another restraint is the government's strict regulations. Despite the fact that the facial skincare and makeup market is growing at a rapid pace, numerous regulations still prohibit the use of certain chemicals as ingredients in skincare and makeup products.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 145,532.3 Mn |
| Historical Data for: | 2017 and 2018 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 4.5% | 2027 Value Projection: | US$ 182,649.0 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Procter & Gamble Company, Beiersdorf AG., L'Oreal SA, Unilever PLC, The Estee Lauder Companies Inc., Amorepacific Corporation, Shiseido Company Limited, Johnson & Johnson Services Inc., Kao Corporation, Colgate-Palmolive Company, Avon Products Inc., Oriflame Cosmetics S.A., Revlon, Inc., and Skin Food Co., Ltd. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Trends
Anti-aging crème products have witnessed a substantial rise in demand 2020, the trend is expected to continue during the forecast period. This is primarily due to the availability wide range of raw materials in Latin America. Vegan cosmetics are rapidly growing in demand across North America. Vegan cosmetics primarily have lesser number of ingredients and in some cases have no preservatives. Vegan products are also known as cruelty free products and are expected to form a major trend in the North American market during the forecast period. The influence of social media & the emerging trend of selfie has led to an increase in the interest of consumers for face makeup products, particularly among the young population.
Figure 2. Global Facial Skincare & Makeup Market Revenue Share (%), By Form Type, 2019
On the basis of form type, in 2019, the emulsions segment accounted for 21.4% of the revenue share. The emulsions industry has played the most significant role in the expansion and development of the facial skincare & makeup market across the globe. Teadora offers a range of products to the global market based on Brazilian botanical products. Some of the major formulations the company offers include emulsions, lotions, powder, and crème. Cover FX offers a range of vegan products including emulsions, powder, solids, and serums.
Global Facial Skincare & Makeup Market - Impact of Coronavirus (Covid-19) Pandemic
The covid-19 pandemic has had a substantial impact on the color cosmetics market, however, a substantial increase in demand for skincare products has been witnessed in 2020. Though, the increase in demand for skincare products may be limited until the pandemic lasts, skincare products manufacturers are focused on its development to gain a larger market share. Also, The Covid-19 pandemic has increased the stress levels for the entire global population in 2020, however, the Brazilian Population has started using numerous stress relieving skincare products.
Competitive Section
Key players operating in the global facial skincare & makeup market include Procter & Gamble Company, Beiersdorf AG., L'Oreal SA, Unilever PLC, The Estee Lauder Companies Inc., Amorepacific Corporation, Shiseido Company Limited, Johnson & Johnson Services Inc., Kao Corporation, Colgate-Palmolive Company, Avon Products Inc., Oriflame Cosmetics S.A., Revlon, Inc., and Skin Food Co., Ltd.
Skin care encompasses a variety of procedures that help to maintain the integrity of the skin, improve its appearance, and alleviate skin disorders. Creams, powders, and lotions are examples of skincare products that improve the quality and health of the skin while also providing sustenance. Face makeup is a type of cosmetic that is used to cover up flaws in the skin of the face, such as pores, dark spots, wrinkles, freckles, and blemishes.
Women and men use these facial skincare and makeup products on a regular basis for a variety of reasons, including moisturising, cleaning, hydrating, and achieving a bright complexion. The use of such items on a daily basis is thought to be damaging to the skin since it can produce acne cosmetica, which causes pore blockage, and the negative effects of synthetic chemicals on the skin have raised a number of concerns. As a result, demand for natural and organic products has increased. Ingredients obtained from natural sources, such as leaf and root extracts, are safe and have no negative skin effects. Natural and organic products are healthy for the skin since they are hydrating, antiseptic, antibacterial, and anti-inflammatory. Various face packs are now available that are made from natural ingredients, and people are aware of this because they care for their skin. As a result, demand for products with organic labelling, such as Garnier Organic and Avon Naturals, is rapidly increasing, and is expected to propel the growth of facial skincare and makeup products. According to the Soil Association Certification report, certified organic and natural beauty products grew at a Y-O-Y pace of 14% in the UK in 2018.
Players operating in the facial skincare & makeup market are focused on various strategies such as mergers and acquisitions in order to strengthen their market position. For instance, in January 2020, P&G, which is recognised for its men's and women's grooming categories, stated that it was looking to expand through the acquisition of Billie, a subscription-based, direct-to-consumer female body care brand that specialises in women's shaving tools and premium body care products. In June 2020, L’Oreal agreed to buy Thayer’s Natural Remedies, a natural skincare company located in the United States, from Henry Thayer Company.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
* Browse 50 market data tables* and 40 figures* on “Facial Skincare & Makeup Market” - Global forecast to 2027.
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