DUBLIN--(BUSINESS WIRE)--The "Skincare Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Skincare Products Market was valued at USD 140.92 billion in 2020 and is projected to grow at a CAGR of 4.69% during the forecast period 2021 - 2026.
The COVID-19 pandemic influenced consumers' spending habits and purchase decisions leading to a slight decline in the market growth by 1.12% in 2020 owing to various governments imposing multiple measures intended to slowdown spread of the COVID-19. Some basic initiatives include social isolation directives, limitations on business opening hours, and travel restrictions. But, the sales of the product through on-line outlet escalated during the pandemic period. For Instance, Zalando, Europe's fashion and lifestyle e-commerce company, witnessed a YOY increase of 300% in sales of skin-, nail-, and hair-care products in 2020.
Companies Mentioned
- Procter & Gamble Company
- Beiersdorf AG
- Loreal SA
- Unilever PLC
- The Estee Lauder Companies Inc..
- Amorepacific Corporation
- Shiseido Company Limited
- Johnson & Johnson Services Inc.
- Kao Corporation
- Colgate-Palmolive Company
Key Market Trends
Escalating Demand For Anti-aging and Anti-pollution Ranges
The market is experiencing an accelerating demand for anti-aging products, like anti-wrinkle cream, face cream, serum, eye cream, and others. In addition, factors like pollution and hard water conditions are bombarding such products' needs. An ascending number of consumers in the market are becoming aware of pollution's impact on the skin. In the United Kingdom, nearly 80% of consumers are aware of the impact of lifestyle stresses on the skin. Thus, consumers are inclined toward spending on skincare treatments at a younger age. They spend significant time and money on products that reduce the signs of aging. Hence, the increasing interest in anti-aging skincare products for youthful skin and skincare products enriched with vitamin-c, vitamin-E, collagen, and others to delay the aging, has resulted in an increasing number of manufacturers trying to penetrate this highly lucrative market through various strategies such as product innovation, mergers & acquisitions, and others. For instance, In 2019, San Francisco-based Gryphon Investors, announced the acquisition of anti-aging skincare brand RoC from Johnson & Johnson Consumer Inc. RoC has a 60+ year history in anti-wrinkle and anti-aging skincare, with more than 75 products sold in the United States, Europe, and Latin America.
Asia Pacific Registers the Fastest Growth Rate
Growing population and rapid urbanization, along with the increase in per capita spending on personal care products in highly developing economies such as China, South Korea, India, and Indonesia are contributing towards the growth of the skincare market in this region. In addition, increasing availability of affordable skincare products also helps drive the skincare market. Moreover, consumption of facial care products in China is most prevalent in tier 1 megacities of the country, with increasing penetration in tier 2 and tier 3 cities, which have been experiencing an increase in China's growing middle class and the consumption of skin and personal care products as a whole. Thus, major players are intensely embarking on product innovation and mergers and acquisitions as their prime strategy to consolidate the market studied. For instance: In 2020, Shiseido unveiled a new sustainable skincare brand, Baum, developed with social responsibility and environmental considerations. The line includes a total of 27 products and 45 items.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Product Type
5.2 Category
5.3 Distribution Channel
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 France
5.4.2.4 Russia
5.4.2.5 Italy
5.4.2.6 Spain
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East & Africa
5.4.5.1 South Africa
5.4.5.2 Saudi Arabia
5.4.5.3 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/pzrt5m
