Skin care products are those that support the skin’s integrity, enrich its appearance in addition to curing skin conditions. Skin care products provide the nutrition required for the skin, while products such as sunscreens protect the skin from harmful UV-radiations, thus helping in the prevention of skin cancer. The rising personal care industry worldwide, is driving the growth of the skin care products market. According to the International Trade Administration (ITA), in 2014, per capita spending on cosmetic products was reported as USD 139 in United States, USD 171 in South Korea and USD 174 in Japan. Thus, the high per capita spending on cosmetic products is anticipated to boost the growth of the market. Further, new product launches and various innovation in the skin care products such as organic personal care products, are the factors, supporting the growth of skin care products market. For instance, Revlon Inc. had launched a series of Almay Kinetin Skincare Advanced Anti-Aging products, in 2017. However, the limited shelf life of the skin care product poses as a limitation to the market growth.
Factors driving market growth include increasing inclination towards probiotic skincare products, which has probiotic bacteria such as bifidobacterium and lactobacillus that are beneficial to the skin. For instance, Aurelia Probiotic Skincare Miracle Cleanser, launched by Aurelia, incorporated this bacteria in its products. Demand for hyaluronic acid and retinoid-based products, is increasing on account of the powerful anti-aging properties of these products. These help in treating issues such as wrinkles, scars, acne, and sun damage.
The online stores segment is expected to exhibit fastest growth on an account of the growing e-commerce retail industry. Customers are preferring the online segments for the purchase of skin care products due to the option to choose from a wide range of products in addition to options such as discounts and delivery. According to U.S. Census Bureau News, total e-commerce sales in the U.S. in 2017 accounted for US$ 453.5 billion, an increase of 16.0% compared to 2016.
Some of the major players operating in the field of skincare products market are Unilever Plc, Shiseido Company Ltd., Johnson & Johnson Inc., Procter & Gamble Co., Revlon Inc., Kao Corporation, and Avon Products Inc.
Global Skin Care Products - Market Taxonomy:
On the basis of distribution channel, the skin care products market is segmented into:
On the basis of product type, the skin care products market is segmented into:
On the basis of end user, the skin care products market is segmented into:
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