In recent times, skincare has become one of the important rituals in everyone’s life. This is because these products improve the quality and health of the skin and provide nourishment. Men & women both use it on a daily basis for purposes such as cleansing, moisturizing, and hydrating.
Product Type and Region Are Studied
By product type, the Industry is divided into creams, lotions, powders, sprays, and others. By packaging type, the Industry is segmented into tubes, bottles, jars, and others. On the basis of gender, the Industry is bifurcated into men and women. By distribution channel, the Industry is segmented into cosmetic stores, online channels, and others.
Europe is expected to showcase significant skincare industry share in upcoming years, owing to the increasing demand for skin nourishment products by both male and female population. Additionally, the greater spending power of the populace in the region, coupled with the strong presence of key players operating in the Industry, is promoting the regional Industry
The global skincare Industry size is expected to gain momentum by reaching USD 145.82 billion by 2028 from USD 100.13 billion in 2021, while exhibiting a CAGR of 5.52% between 2021 to 2028.
Increasing Awareness Regarding Personal Grooming to Drive Industry Growth
The rising trend of skin nourishment products by the young population to treat their skin problems such as acne, black spots, scars, dullness, and tanning is expected to drive skincare Industry growth. Products such as toners, scrubs, and sunscreen are highly in demand from the younger population, whereas products that treat wrinkles, cracked heels are demanded from the aged population. Moreover, incessantly changing lifestyle, increasing disposable income, and spending patterns of consumers on beauty care products is expected to boost the Industry in upcoming years.
Asia Pacific to Dominate Backed by Increasing Working Population
Asia Pacific is expected to remain at the forefront and hold the highest position Industry during the forecast period. This is attributable to the increasing employed population and rising disposable income in the region. For instance, a research by India Brand Equity Foundation on FMCG published in May 2018 states that in India, total consumption expenditure was USD 1,595 billion in 2016, which is projected to reach about USD 3,600 billion by 2020. The region’s Industry stood at USD 51.31 billion in 2020.
Key Players to Focus on New Launches & Acquisitions to Strengthen Their Presence
The Industry is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its Industry prospects. Below is the industry development:
January 2020: Procter & Gamble acquired a women’s body care company named Billie Inc. Through this acquisition, the company is expected to strengthen its product range as Billie is primarily involved in supplying female beauty as well as grooming products.
Skin nourishment products by the young population
List of Key Players Profiled in this Industry
L’Oréal Professional (Clichy, France), Unilever (London, England), Procter & Gamble (Cincinnati, Ohio, U.S.), Estée Lauder Inc. (New York, U.S.), Beiersdorf AG (Hamburg, Germany), Shiseido Co., Ltd. (Chuo City, Tokyo, Japan), Coty Inc. (New York, U.S.), Natura & Co. (Sao Paulo, Brazil), Kao Corporation (Chuo City, Tokyo, Japan), Johnson & Johnson Services, Inc. (New Brunswick, U.S.), Avon Products Inc. (London, U.K)