The change in lifestyles in emerging countries due to rapid urbanization, increased awareness towards skin care using advanced skin care products, and increased demand for skin care products is driving the growth of the global market for skin care products.
Portland, ore.And Jan 19 2022 /PRNewswire/- Allied Market Research has published a report titled “Skin Care Products Market by Product (Face Cream & Body Lotion) – Global Opportunity Analysis and Industry Outlook, 2014-2024”. According to the report, the global skin care products industry was born 136.3 billion dollars In 2016, it is expected to breed $194.9 billion By 2024, it will experience a compound annual growth rate of 4.5% from 2016 to 2024.
basic determinants of growth
The change in lifestyles in emerging countries due to rapid urbanization, increased awareness towards advanced skin care products, and increased demand for skin care products are driving the growth of the global market for skin care products. However, the limited shelf life of skin care products hampers market growth. On the other hand, innovation of new products and increased investment in emerging countries provide new opportunities in the coming years.
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The outbreak of the COVID-19 epidemic has had a negative impact on the growth of the global skin care products market.
Due to the implementation of the global shutdown, skin care product production facilities were temporarily closed, which in turn hampered market growth.
However, the market is expected to recover soon.
the Face cream segment to maintain its leadership position throughout the forecast period
Based on type, the face cream segment held the highest market share in 2016, accounting for more than two-thirds of the global skin care products market, and is estimated to maintain its leadership position throughout the forecast period. Due to climate changes, consumers are turning towards using skin care products to keep their skin from getting damaged and spoiled. This in turn leads the market for face creams. Moreover, the sector itself is expected to show the highest compound annual growth rate of 4.7% from 2016 to 2024.
Asia Pacific, followed by Europe & North America, to maintain its dominance by 2030
based on the area, Asia Pacific, followed by Europe & North America, which had the highest market share by revenue for 2016, accounting for nearly two-fifths of the global skin care products market. This is attributable to changing lifestyle along with rapid urbanization Moreover, LAMEA is expected to experience the fastest compound annual growth rate of 6.4% during the forecast period, due to the increased awareness towards skin care products.
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Leading market players
Johnson & Johnson,
Estee Lauder Companies Inc.
Avon Inc. products. ,
as a company,
Procter & Gamble Corporation.
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SOURCE Allied Market Research