Sheet Face Masks Market Is Expected to Exhibit a CAGR of 8.7% from 2016 to 2024
Albany, NY -- (SBWire) -- 09/25/2017 --The TMR report reveals that the global sheet face masks market is expected to reach US$336.7 mn by the end of 2024. The market is projected at a CAGR of 8.7% from 2016 to 2024 and was evaluated at US$160.4 mn in 2015.
Asia Pacific Urban Population Surge Sheet to Benefit Growth of Face Masks Market
In a regional sense, Asia Pacific led the global market in 2015 with a share of 37.9%. Analysts of the market predict that the region will continue its lead over the given forecast period, thanks to its massive population base and its rising amounts of disposable income.
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Based on the types of fabric used for making sheet face masks, the global market is segmented into non-woven, hydrogel, bio-cellulose, and cotton. Bio-cellulose fabric masks are expected show a remarkable progress during the forecast period, likely a result of ease of availability and relative cost effectiveness than other types.
Rising Disposable Income in Emerging Economies Seen as a Positive Factor
Analysts have identified emerging economies such as Indonesia, Argentina, China, Brazil, and India as lucrative markets for sheet face masks for the next few years. The strengthening economies of these countries, growing disposable incomes, and changing lifestyles are all expected to make a significant contribution to the rising revenue of the global market. These markets will also benefit from the increasingly strong presence of manufacturers in the region.
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"The global sheet face masks market has been witnessing an incredible growth rate and high adoption levels across several key regions. As a relatively new trend in the global personal care industry, the extensive research and development in the global sheet face masks market is expected to drive its growth over the coming years," states a TMR analyst. Different sizes of manufacturers are increasingly projecting a majority of their strength on product development to meet the dynamic demands of consumers. The demand for sheet face masks is also likely to expand through the increasing demand for personal care products by the increasing geriatric population across the world.
High Cost of Masks to Deter Market Growth
The global sheet face masks market is currently being challenged by the reduced obtainability of sheet face masks, especially in emerging economies. The high cost of these products is a key factor also expected to hamper the growth of the market in the coming years. For instance, the aging population is the key consumer base of this market who might not have the purchasing power to buy these products. Thus, the market faces the tough challenge of catering to all types of consumers with varying budgets and needs.
According to Transparency Market Research, the three leading companies in the global sheet face masks market – Estee Lauder, Starskin, and Sephora Collection – held a share of 36.5% in 2015. These names are likely to increase their focus on the introduction of new trends and products as a part of their core strategies for strengthening profits and market position.
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