LONDON--(BUSINESS WIRE)--The global face cream market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio.
The prolonged use of face creams manufactured using synthetic materials can pose the risk of skin damage. With consumers becoming more aware of the harmful impact of synthetic materials in face cream, the demand for natural and organic face creams that contain little to no chemicals is increasing rapidly. As a result, several vendors are offering a range of face creams that contain natural ingredients such as antioxidants, sunflower, coconut, avocado, hyaluronic acid, aloe vera, carrot seed extracts, and clay. This shift toward natural and organic face creams is expected to boost market growth during the forecast period.
As per Technavio, the growing adoption of technology in face cream formulations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global face cream market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global face cream market: Growing adoption of technology in face cream formulation
To help customers make informed purchase decisions related to beauty care products, several vendors are incorporating deep learning and artificial intelligence (AI) technologies. Moreover, companies are significantly investing in R&D to utilize technology for beauty ingredient selection. The use of Al allows vendors to develop products specific to smaller and niche consumer segments. Thus, the incorporation of technology in face cream formulation will boost the growth of the global face cream market during the forecast period.
“The demand for specialized face creams that address specific skin concerns such as anti-aging, acne treatment, skin whitening, and blemish removal is increasing. Thus, vendors in the market offer solutions for specific skin types and textures. They are introducing specialized face creams as premium products mainly due to the growing willingness of consumers to spend on specialty beauty care products,” says a senior research analyst at Technavio.
Global face cream market: Segmentation analysis
This market research report segments the global face cream market by product (anti-aging cream; skin whitening, and sun protection cream; and moisturizer and anti-acne cream) and geographic regions (North America, Europe, APAC, South America, and MEA).
The anti-aging cream segment held the largest face cream market share in 2018. The rapid changes in lifestyles and environmental conditions are fastening the aging process for middle-aged consumers. This affects the wellness and physical appearance of these consumers, which is leading to growth in the demand for anti-aging products.
The North America region led the market in 2018 with a market share of more than 36%, followed by Europe, APAC, South America, and MEA respectively. The market growth in North America can be attributed to the high demand for natural and organic beauty products, and the presence of several established global players in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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