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| Global Skin Care Products Market Growth |
The global Skin Care Products Market is estimated to be valued at US$ 153.33 Bn in 2023 and is expected
to exhibit a CAGR of 4.3% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Skin care products refer to items used to enhance and improve the appearance and
health of the skin. The various skin care products available in the market
include face cream, body lotion, cleansers, toners, and sunscreens. These
products moisturize the skin, remove impurities, protect from sun damage,
anti-ageing, and improve the texture and appearance of the skin. Growing
consumer awareness regarding the benefits of maintaining healthy skin and
increasing spending capacity is driving the demand for skin care products.
Market key trends:
One of the key trends in the skin care products market is the growing demand
for natural and organic products. Rising health concerns regarding the harmful
effects of chemical-based cosmetic products are compelling consumers to shift
towards natural ingredients-based products. Manufacturers are focusing on
developing skin care ranges with natural herbs, plant extracts, and oils.
Another major trend is increasing adoption of personalized skin care routines.
Manufacturers are offering skin diagnostic tools and customizing products as
per individual skin type, concerns, climate, and lifestyle to deliver tailored
skin solutions. Advancements in beauty-tech such as virtual try-ons are also
enabling consumers to customize and personalize their skin care journey online.
Porter's Analysis
Threat of new entrants: The skin care products market poses a moderate threat
of new entrants as it requires significant investments in R&D, marketing,
branding and distribution. However, new companies can leverage digital
platforms and social media to promote new brands.
Bargaining power of buyers: Buyers have moderate bargaining power due to the
availability of numerous brands offering similar products. However, brand
loyalty and premiumizing of products provide some differentiation.
Bargaining power of suppliers: Raw material suppliers have moderate-to-low
bargaining power due to the availability of substitute material suppliers and
ingredients. However, some key ingredients have fewer sources of supply.
Threat of new substitutes: Substitutes pose a moderate threat as they can
leverage new technologies, delivery methods and ingredients. However, customer
loyalty to established brands provides stability against threats from
substitutes.
Competitive rivalry: The market sees intense competitive rivalry owing to
numerous global and local players offering similar products. Companies compete
on the basis of branding, marketing, innovation and pricing.
Key Takeaways
The Global
Skin Care Products Market Growth is expected to witness high growth,
exhibiting a CAGR of 4.3% over the forecast
period of 2023 to 2030, due to increasing concern about personal grooming and
changing lifestyles. The market size for 2023 is estimated to be US$ 153.33 Bn.
The Asia Pacific region is projected to dominate the market during the forecast
period. Developing economies like China and India represent major growth
opportunities owing to rising per capita incomes, increasing middle class and
growing awareness around skin care products. Western brands are also expanding
in these regions through e-commerce channels and online stores.
Key players operating in the skin care products market are Unilever Plc., Coty
Inc., Johnson & Johnson Inc., Procter & Gamble Co., LOreal S.A., Revlon
Inc., Kao Corporation, Avon Products Inc., Beiersdorf AG., Colgate Palmolive
Company, Natura & co., and Estee Lauder Inc. Major players are focusing on
product innovation, mergers & acquisitions and expansion in emerging
markets to strengthen their market position.
Read More: https://www.rapidwebwire.com/skin-care-products-market-share/