LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global skincare products market to exceed USD 147 billion by 2020, according to their latest report.
The research study covers the present scenario and growth prospects of the global skincare products market for 2016-2020. According to the report, the market will grow at a steady pace during the forecast period, driven by a growing product awareness and an increase in disposable income worldwide. The rise in consumer spending on premium products has also been an important contributor to revenue growth.
Technavio consumer and retail analysts highlight the following four factors that are contributing to the growth of the global skincare products market:
- Demand for skin lightening products
- Demand for natural and organic products
- Rising demand for anti-aging products
- High demand for men's skin care products
Demand for skin lightening products
Consumers use skin lightening products because they reduce pigmentation of the skin and hide scars, discoloration, acne marks, and age spots. These products reduce the melanin pigment in the skin and smoothen the skin tone. In some cases, these products are also used to treat medical conditions such as melasma, hyperpigmentation, vitiligo, and rosacea.
According to Brijesh Kumar Choubey, a lead analyst at Technavio for cosmetics and toiletry research, “The demand for skin lightening products is particularly high in APAC, Africa, and the Middle East due to traditional associations of light skin tones with beauty. A growing number of men are also showing interest in these products whereas skin lightening products in the US and UK markets are used to reverse sun damage and for younger looking skin.” The leading skin lightening manufacturers are Beiersdorf, Shiseido, Unilever, P&G, Browne Drug Company, Emami, and Kanebo Cosmetics.
Demand for natural and organic products
Consumers now paying more attention to the ingredients in skin care products, preferring natural and organic ones over chemicals ingredients that could cause harmful side effects. In order to cater to this growing demand, many large companies are launching cosmetics with natural and organic products. Natural oils extracted from argan, marula, almond, and coconut are some of the popular ingredients used in organic skin care products.
In 2014, Oriflame launched a natural care moisturizing cream with aloe vera extracts to moisturize the skin. In 2015, Burt's Bees launched its Renewal Face Care line of products, which was made from natural and organic ingredients to reduce wrinkles. The growing demand for natural and organic skin care products is also encouraging new manufacturers to enter the market.
Rising demand for anti-aging products
People aged above 65 constitute 8% of the world's total population. This share is expected to double and reach 16% by 2050. The rise in the aging population will, therefore, play a significant role in the growth of the market over the next five years and beyond.
Many products have emerged in the global skin care products market that give results equivalent to age intervention facials. These anti-aging products not only reduce wrinkles, fine lines, and black spots but also improve skin texture, protect from UV rays, increase collagen, and help hydrate the skin. They also increase skin oxidation levels and protect from pollution.
High demand for men's skin care products
An increasing number of men are now investing in skin care products such as anti-aging, sun protection, and anti-wrinkle products. More than 40% of men in the UK, for instance, use facial moisturizers. In China, the facial products market for men grew at a CAGR of more than 20% between 2010 and 2015. Men are becoming aware of the grooming products available in the market and are using them to maintain their appearance and protect their skin. “Vendors are also launching products such as serums and eye creams for men, products that were traditionally launched only for women to cater to this growing demand,” says Brijesh.
In 2014, Johnson & Johnson launched the Neutrogena Age Fighter Face Moisturizer with sunscreen, specifically for men. Kama Ayurveda’s Skin Brightening Night Cream for men promotes cell growth and reduces dark circles and pigmentation. Other popular vendors that provide facial care products for men are NIVEA, L’Oréal, and Avon.
Browse Related Reports:
- Global Night Skin Care Products Market 2016-2020
- Global Personal Care Ingredients Market 2016-2020
- Global Sun Care Products Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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