The global skin care products market size is expected to reach USD 196.67 billion by 2024, according to a new report by Grand View Research, Inc. The emergence and growth of e-commerce trading platforms and development of novel organic skin care solutions are expected to boost the market growth.
The market offerings can be categorized on the basis of products into face cream and body lotion. Face creams are divided into anti-aging, sun protection, and skin brightening while body lotions are classified as mass market and premium segment products. The face cream segment is expected to grow at a significant pace, owing to the demand for enhanced anti-aging creams.
Recent administrative regulations pertaining to the use of organic products in countries such as the U.S. and Europe are further expected to bolster the industry growth. Few regulations pertaining to synthetic products restrict the use of numerous chemicals to a certain degree to ensure consumer safety by minimizing the possibility of side-effects associated with the conspicuous products.
However, the availability of pseudo products is expected to pose a challenge to industry growth. The recent trend of green initiatives across industries is expected to impel the global skin care products industry growth.
Further key findings from the report suggest:
- The growing demand for organic face creams, sunscreens, and body lotions among consumers is expected to have a positive impact on the skin care industry over the forecast period. Increased prominence of e-commerce websites is further anticipated to drive the market as niche product vendors would be able to cater to a wide base of consumers.
- The prevalence of stringent regulations by various agencies including the U.S. Environmental Protection Agency (EPA), the U.S. Food and Drug Administration(FDA), and other associations to increase the shelf life of products is expected to have a positive impact on the market over the next seven years. Products also have to adhere to the Soil Association standard for securing ‘organic’ and ‘made with organic’ ingredients clearance.
- Asia Pacific is expected to witness a significant growth in the skin care product segment, owing to the increasing demand from developing economies of China and India. The growing awareness of organic products, changing lifestyle of consumers, and rising disposable income of the middle-class populace are expected to fuel the skin care product demand in these countries over the forecast period.
- The key industry participants include Kao Corporation, Beiersdorf AG, L’Oréal S.A., Avon Products Inc., Johnson & Johnson, Estee Lauder Companies Inc., Unilever PLC, Procter & Gamble Co., Colgate-Palmolive Company, and Shiseido Company. The natural raw material suppliers for organic substances are anticipated to dominate the value chain to offer exclusive ingredients, along with creating new varieties for consumers.