The global skin care products market was valued at US$ 123.81 Billion in 2018, according to Skin Care Products Market Report, by Product Type (Face Care, and Body Care), by Formulation (Organic, and Inorganic), by End User (Men, Women, and Kids), by Category (Mass Products, Luxury, and Premium), by Distribution Channel (Hypermarkets, Supermarkets, Cosmetic Stores, Online Stores, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).
The global skin care products market is projected to reach US$ 179.51 Billion by 2027, exhibiting a CAGR of 4.37% during the forecast period. Increasing preference for beauty and personal care products is expected to boost the skin care products market growth during the forecast period. For instance, according to the International Trade Administration (ITA), U.S. Department of Commerce, Indian Beauty and Personal Care (BPC) industry was valued at US$ 8 billion in 2016 with a CAGR of 5-6% during the forecast period (2017-2021). However, stringent government regulations imposed on skincare products is expected to restrain growth of the skin care products market.
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Browse 25 market data tables* and 15 figures* on "Skin Care Products Market” - Global forecast to 2027.
Key Trends and Analysis of the Skin Care Products Market:
- Among end users, women segment was dominant in the skin care products market in 2018, owing to increasing working women population and rising disposable income of women. For instance, according to the United States Department of Labor, total annual median earnings of women in 2014 were US$ 40,168, which increased to US$ 41,554 in 2016. Moreover, the number of women in workforce in the U.S were 72,722 thousand in 2013, which increased to 74,432 thousand in 2016.
- Among formulation, organic segment is expected to be the fastest growing segment during the forecast period, owing to increasing consumer preference for natural and organic beauty and skin care products, as a result of toxic materials in conventional cosmetics.
- Growing demand for new product development and technological advancements in North America is expected to drive growth of the North American skin care products market during the forecast period. For instance, in 2017, Shiseido Company ltd. launched new waso skin care products line in the U.S. market. The range of products was formulated using a method that concentrates on whole botanical formulation and which helps in tackling common skin problems such as visible pores, dryness, and oiliness.
Key Takeaways of the Market:
- Among category, in 2018, mass products segment accounted for the highest market share in the global skin care products market, owing to increasing awareness related to organic, natural, and herbal skin care products, and cosmetic products. Moreover, increasing inclination of the population towards maintaining aesthetics is expected to drive growth of this segment in the skin care products market.
- Among regions, Asia Pacific held the highest market share in 2018 with a CAGR of 4.9% during the forecast period. Increasing disposable income in emerging countries such as India and China coupled with rising preference for organic skin care products over chemical-based products is a major factor influencing growth of the skin care products market in the region.
- According to the International Trade Administration (ITA), Japan stands as one of the largest market for personal care products in the world. In 2015, the cosmetics market in Japan was valued at US$ 13,208, and in 2014, per person annual expenditure on personal care and cosmetics was US$ 174.
- Major players operating in the global skin care products market include Unilever Plc., Shiseido Company Ltd., Johnson & Johnson Inc., Procter & Gamble Co., L'Oréal S.A., Revlon Inc., Kao Corporation, and Avon Products Inc., Beiersdorf AG, Colgate Palmolive Company, and others.