LONDON--(BUSINESS WIRE)--The global skincare products market is expected to grow at a CAGR of around 3% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global skincare products market for 2017-2021. The market is segmented based on distribution (online and offline), product type (face skincare products and body skincare products), and product specification (skin brightening products, anti-aging skincare products, sun protection products, moisturizers, and others).
The global skincare products market is expected to exhibit a steady growth during the forecast period as the market is significantly fragmented. A wide variety of skincare products are available in the market in the form of multiple brands. A growing demand for natural and organic products is expected to drive the demand for skincare products further. Customers have begun to opt for skincare products that are free of synthetic chemicals, parabens, fillers, or additives. Moreover, increased air pollution levels worldwide have resulted in a rise in demand for skincare products for facial care and body care over the years.
Technavio’s consumer and retail research analysts categorize the global skincare products market into the following segments by regions:
- APAC
- EMEA
- Americas
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APAC: largest skincare products market
In 2016, in terms of revenue, APAC featured as the largest contributor to the global skincare products market. This region has been witnessing a high demand for skin whitening creams. The demand for anti-aging and sun protection skincare products, too, are on a high. A growing concern for personal hygiene and wellness is driving the demand for skincare products in APAC.
“A number of APAC customers aspire to try multifunctional, premium skincare products. Skin lightening facial care products are in high demand in the region. This, in turn, enhances the sales of skincare products in APAC for five years from now. Skin lightening products are popular in China, Japan, and India. Though women are the largest end-user segment in the skincare products market in APAC, men too constitute a sizeable portion of the market's end-user segment,” says Tamal Saha, a lead analyst at Technavio for research on cosmetics and toiletry.
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Skincare products market in EMEA
In EMEA, Europe is the prime contributor in the skincare products market. Increasing number of fashion-conscious customers has been propelling the growth of sales in the skincare products market in the region. Therefore, the skincare products market in the Middle-East & Africa (MEA) is a key revenue contributor toward the skincare products market in EMEA.
“Leading skincare markets in Europe include the UK, Germany, France, Spain, Italy, and Russia. Some of the popular skincare companies in EMEA include Unilever, L’ORÉAL, Beiersdorf, and Procter & Gamble. The facial care product segment is the largest segment in Europe. The segment is characterized by stiff competition due to the presence of an enormous number of vendors. The region is characterized by a rise in the demand for premium skincare products and increased rates of adoption of anti-aging products. This has contributed to the growth of the skincare products market in Europe,” adds Tamal.
Skincare products market in the Americas
In the Americas, the skincare products market is driven by factors such as rising demand for anti-aging products, increasing demand for natural and organic skincare products, and rising popularity of multifunctional products among the customers. Anti-aging skincare products segment is the highest contributing segment in the skincare products market in this region.
The demand for facial care is expected to grow significantly during the forecast period. There has been a paradigm shift toward anti-aging products as they not only treat face wrinkles, but heal dry skin, treat dark circles under the eye, and address uneven skin tone as well.
The top vendors in the global skincare products market highlighted in the report are:
- Beiersdorf
- Estée Lauder
- L’ORÉAL
- Procter & Gamble (P&G)
- Unilever
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