According to the findings of a recent report by Transparency Market Research (TMR), the global skin care products market is highly competitive in nature,
Albany, NY -- (SBWIRE) -- 10/09/2017 -- with the leading companies maintaining their stronghold via diverse product portfolio that cater to specific demands and are offered in both premium as well as budget pricing. New product introduction and aggressive marketing are two key strategies of the key players to gain market shares. Some of the key companies identified by the report in the global skin care products market are L'Oréal S.A., Johnson & Johnson Services, Inc., The Estee Lauder Companies Inc., Beiersdorf, Procter & Gamble, Avon Products Inc., Kao Corporation, and Unilever PLC.
As per the estimations provided by the TMR report, the demand in the global skin care products market will expand at a healthy CAGR of 4.90% during the forecast period of 2015 to 2021, reaching a valuation of US$155.4 bn by the end of 2021, significantly up from its evaluated worth of US$110.7 bn in 2014. Most of the key vendors are increasing their focus on the emerging economies in the region of Asia Pacific, primarily India, wherein vast population base is driven by color complexion and softness of the skin. The entry of new vendors is moderate to low in this market, which is driven by brand name. Strategic partnerships and mergers and acquisitions is expected to restructure the competitive landscape of the global skin care products market in the near future.
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Product-wise, the TMR report segments the global skin care products market into face cream and body lotion. While face cream is further sub-segmented into anti-aging, skin brighten, and sun protection, the body lotion segment is further categorized into premium body care lotion and mass market body care lotion. The report projects the face cream segment to increment the demand at the most prominent CAGR of 4.8% during the forecast period of 2015 to 2021, gaining traction from the growing awareness and willingness of the consumers to enhance skin quality, prevent wrinkles, rejuvenate the cells, and brighten the skin. As the number of working women, especially in Asia Pacific region, and the online availability of beauty care products is augmenting the demand for face cream segment in the global skin care products market.
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The TMR report detects Asia Pacific as a highly profitable regional market, projecting the China skin care products market to swell up to a valuation of US$6.3 bn by 2021, whereas India is expected to increment the demand at the most prominent CAGR of 5.10% during the forecast period of 2015 to 2021. This escalating demand from APAC is a reflection of high demand for skin whitening creams, particularly from India, a country which is heavily populated and the disposable income is increasing. The demand for personal grooming products is also on the rise in this region. The skin care products market in the Middle East and Africa region is anticipated to grow at a CAGR of 8.60%.
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Growing demand for skin lightening products, preference of anti-aging products for the geriatrics, increasing disposable income, aggressive marketing, increasing demand for natural and organic products, and escalating segment of men's skin care products are some of the key factors driving the global skin care products market. On the other hand, product packaging and labeling regulations, threat from counterfeit products, and the side effects are some a few restraints hindering the market from attaining its true potential. Nevertheless, the vendors operating in this market are expected to gain new opportunities from use of unique ingredients and high demand for UV absorbers and multifunctional skin care products.
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