Introduction:
Global Skincare products are important for the overall health and skin. It is essential for the good appearance and regular routine keeps the skin healthy, also avoids the infection and diseases like acne, hives. Moreover, healthy skin is maintained by various different products consist of chemical and herbal elements which enhance the beauty with healthy skin. The products available on the market including body lotions, sunscreens, skin brightening creams and antiaging creams. Moreover, there is more rising in demand to the organic products due to awareness and benefits of skincare. The products are free from chemicals and these are from natural resources. Furthermore, many countries categories skincare products into drugs and cosmetics. For instance, sunscreens are regulated as cosmetics in major region but in United States it falls under drugs. This effects the demand and export of the products. Furthermore, according to the study of Femina article, the demand of face mask products has increased during the covid-19 pandemic situation. The customers are conscious about the skincare vitamin C, hyaluronic acid. Moreover, according to the study, minister of economy and industry, India’s industry is growing rapidly with 36% of market share in personal care. it has been estimated 9.5 to 10.5 billion USD in 2021. It has shown the growth of 5-6% from 2016.
Segmentation:
Global Skincare products market is segmented into product type, skin type, distribution, and region. Based on product type market is segmented into body lotion, cleanser, face mask, and others. Based on skin type market is segmented into normal, dry, oily, and combination. Based on distribution market is classified into supermarket, convenience store, drug store, online and others. Based on region, skincare products market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Market Dynamics and Factor:
Global Skincare products are increasing the popularity and awareness among the customers for skin care health, and others are driving the growth of the market. The organic and UV protection products gaining the growth of market share. The customers are also improving their healthy diet and also increasing the counselling with doctors. Moreover, according to the Baird report, during the pandemic the customers are more inclined to the wellness. The customers are interested in self care activity where 86% for beauty and personal care, 44% believing in organic products are the other major driving factors for the growth in market. Furthermore, skin care products cause the problem in individuals such as rashes, acne, and pimples are major factor restraining the growth. Additional, high cost of the natural and organic products are also hampering the growth of the market. Furthermore, the market opportunity in skin care products is increasing for the sun protection, anti-aging, and anti-wrinkle properties in skin care organic products. According to research studies, the natural and organic product is expected to grow 54.5 billion dollars by 2027.
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Regional analysis:
Geographically, skincare products market is segmented into North America, Asia Pacific, Europe, Middle East and Africa.
North America is the dominating market, the changing lifestyle habits of customers, increase in demand for personal care, and presence of wide channel distribution network that ease the market players in advertising which help to grow the North America region. Moreover, product launch, acquisitions and developments created the demand for cosmetics market in North America. For instance, L’oreal, a top cosmetic brand signed an agreement for acquisition with Thayer Natural Remedies, the natural skincare brand from Henry Thayer Company. The acquisition will expand the L’oreal’s presence across North America.
Asia pacific is also growing, increase in use of products such as facewash, sunscreen lotions, facial creams, wipes, other cosmetics increasing the demand for Asia-Pacific market. Further, growing consciousness among people regarding skin health, increase in disposable income and increase in demand for natural & organic cosmetic products.
Europe market is increasing the demand among the customers, brands are investing in R&D, the government investment opportunities for the cosmetics and personal care industry is helping to enhance the competitiveness of the European economy and contributing to future prosperity.
The Middle East and Africa region witnessed slowdown in volume growth in the skincare products. Local brands in these countries are benefited by supply shortages and resulting price increases, making foreign brands less competitive. The available local brands provide satisfactory quality standards, natural and personalised products to the customers.
Key Players:
- Olay
- Deciem Beauty Group Inc.
- Dermalogica CA.
- Johnson & Johnson Consumer Inc
- Sukin
- Cocokind
- 100% Pure
- True Botanicals
- Estée Lauder
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Key industrial report:
23-June-2021: Root Natural is an e-commerce beauty platform that offers chemical-free skincare products formulated in India exclusively for Indian skin type, it said in statement. The company aims to introduce the products that are developed in India, with naturally sourced ingredients that are tailor-made for the Indian skin and the environment both.
31-May-2021: L’Oreal found there has been a huge growth of e-commerce due to the Covid-19 pandemic, which has exacerbated the weak demand for offline shopping as people stay at home because of lockdown restrictions. As the role of offline retail destinations is shifting from a traditional point of purchase to spaces that prioritize delivering unique experiences and customer interactions.
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