TAGS: Skin Care Sustainability / Natural Cosmetics Toiletries
According to a new report by Transparency Market Research, the global skin care products market to reach valuation of USD 269.2 bn by 2031. In terms of revenue, the market is estimated to expand at a CAGR of 5.6% during the forecast period, owing to numerous factors.
Key Segments of Skin Care Products
The skin care products market has been segmented based on product, product category, skin type, pricing, end-user, distribution channel, and region. Based on product, the market has been divided into facial care, body care, bath & shower and fragrance. Scrubs & exfoliators, mask & peels, and moisturizer & creams are largely preferred product categories for skin care.
However, middle class and higher income consumers are preferring lotions, face wash, and face creams as essential products to protect and nurture their skin. Rising consumer confidence in natural and organic products is anticipated to drive the demand for organic skincare products in future.
The global market is largely affected by numerous factors, including increasing importance of skincare and frequent new product launches by key brands. Skincare manufacturers of are focused on strong research & development to design innovative products with improved features
Women Segment Holds Major Share
Based on distribution channel, the products have been classified into online and offline. However, high-income group and millennials are leading the way in shifting spend across online channels. eCommerce websites are increasingly being preferred by key brands for cross-border distribution of skincare products. Rising urbanization and increasing awareness about different skin care products are boosting the market.
In terms of gender, the women segment holds a major share of the demand of skin care products, while men are also preferring skin care products, which is expected to propel both women and men segments of the market during the forecast period.
The forecast period owing to rising disposable income, urbanization, penetration of international brands, and expansion of hypermarket specializing in the retailing of skin care products.
Source: Transparency Market Research