Skincare products: Key market research findings
- Growing demand for natural and organic products drive market growth
- Face care segment is the dominant shareholder in the market
- Key vendors – Avon, Beiersdorf, Estée Lauder, L’Oréal, P&G, and Unilever
Technavio’s market research analysts predict the global skincare products market to grow at a CAGR of around 5% between 2016 and 2020. The rising demand for natural and organic beauty products is the primary driver for growth in this market. Consumers are increasingly opting for natural and organic skincare products over those with chemical ingredients that could cause harmful side effects. To cater to this growing demand, many large companies are coming up with skincare products with natural and organic components. Natural oils extracted from argan, marula, almond, and coconut are some of the popular ingredients used in organic skincare products. The APAC region occupied more than 41% of the market space to dominate the global skincare products market during 2015. The reason for the growth of the market in this region is an increase in disposable income in key economies such as South Korea, Japan, China, and India.
The new market research report from Technavio presents a breakdown and analysis of the skincare products segments based on the type.
“The use of unique ingredients in skincare products is the latest trend in the global skincare products market. Vendors are introducing skin care products formulated by using distinctive ingredients to gain consumer interest and market shares. Such products are generally premium priced to appeal to the demand for exclusivity among high-end customers. For instance, Bioactive Skincare’s Organic Snail Gel, developed in Thailand, has been developed based on the age-old practice of using snail mucus to treat skin inflammation,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
In 2015, the face care segment accounted for more than 71% of the market share to dominate the global skincare market. Face creams include skin brightening, anti-aging, and sun protection products that are used for enhancing the skin quality, rejuvenate the cells, prevent wrinkles, and brighten the skin. The growth of this segment is stimulated by an increase in the number of working women across the globe. The rise in the number of points of sales worldwide coupled with the growth of digital marketing and e-commerce is likely to boost further growth in this segment during the forecast period.
The key vendors in the global skincare products market include Avon, Beiersdorf, Estée Lauder, L’Oréal, P&G, and Unilever. This market is highly competitive, where many vendors compete on the basis of product differentiation, quality, and pricing. Vendors are expanding their businesses to emerging markets such as Central and South America and APAC. As the market is dominated by the well-established players, the entry of new players will be restricted over the forecast period. Moreover, the market is expected to witness a huge rise in the strategic partnerships and M&As in the coming years.
A more detailed analysis is available in the Technavio report, Global Skincare Products Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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