Global Skin Care Products Market
Skin care products are defined as cosmetic products which enhance the nourishment and act as protection against any negative factors of the environment. These products enhance the overall appeal and features of skin as they moisturize, revitalize and destroy any negative components present on the skin of individuals. The products included in this category have diverse varieties ranging from face cream, moisturizers, skin brightening products, sun protection, anti-ageing, body lotion, and various other products. These cosmetic offerings are in widespread use as the population focuses on enhancing their aesthetic appeal amid growing awareness regarding their availability in the market
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The main factor behind the growth of the market is:
- Demand for natural products: Currently, the market for cosmetic products is focusing on development of naturally formulated products, with utilization of environmental-friendly production methods and ingredients. The demand for natural/organic products is not just limited to cosmetics, with the individuals focusing on naturally formulated products throughout their consumption base. In essence, the demand for natural products by the customers translates to cosmetic manufacturers focusing on better quality of cosmetics with no addition of chemicals or compounds
- Growth of e-commerce trading or online shopping: The prevalence of e-commerce distribution channel and the preference of individuals to utilize this distribution channel as the primary purchase point for all their consumer product needs. E-commerce method offers ease of shopping with guarantee of authentic products supplied from manufacturers or exclusive distributors meaning the chances of products being counterfeit is immediately reduced. Due to their direct supply of products from the manufacturers or exclusive distributors, the discount rate is also enhanced. Along with these factors, consumers also prefer online shopping as it can help avoid any extra efforts on their part on having to visit any exclusive stores, malls or shopping centers to acquire their requested products
The market is segmented on the basis of product type as face cream, body lotion.
Some of the recent market developments are as follows:
- In August 2019, TOM FORD announced that they had launched a new range of cosmetic products to their brand range, with a focus on skincare. The company is focused on clinically-tested scientifically proven products which ensure guaranteed results for consumers. The products have been developed based on the knowledge and information extracted from a team of experts comprising of scientists and dermatologists. Initially, the company will present two products with three more product offerings expected in 2020
- In June 2019, Armani Beauty announced the availability of a new range of grooming products for men with the products available under the range being natural produced with the help of biodegradable formulations and environmental-friendly packaging methods. The products included in the line are facewash, toner and moisturizer for face & eyes. The products are designed with a focus on promotion of hydration and nourishment of skin amongst consumers
“According to Data Bridge Market Research, global skin care products market is growing at a steady CAGR of 4.6% during the forecast period of 2018 to 2025”
Some of the major players operating in the market are L'Oréal S.A., Unilever, Beiersdorf AG, Colgate-Palmolive Company, The Estee Lauder Companies Inc., Johnson & Johnson, Avon Products Inc., Shiseido Company Limited, Procter & Gamble, Revlon Incorporation, Gillette, Pantene, Nivea, Neutrogena, Head & Shoulders, Clinique, Garnier, Maybelline, Chanel, Clarins, Lancome, Schwarzkopf, Mac, Palmolive, L’occitane, Sulwhasoo and The Body Shop among others.
Various cosmetic companies and manufacturers are implementing large-scale expenditure of their organizations towards research & development; they are focusing on hiring industrial experts and scientists as they look towards various technological innovations in their offerings. The manufacturers are implementing innovations all across their operational cycle, ranging from production method, enhancement of characteristics of cosmetics, ingredients used and other applicable areas.