TAGS: Skin Care Toiletries
According to Transparency Market Research, the global cosmetic skin care market is estimated to expand at a CAGR of 4.5% by 2031, owing to numerous factors.
Companies are investing in R&D to launch an exclusive collection of cosmetic skin care products. Manufacturers are expanding their product lines to meet the increasing demand for cosmetic skin care products.
Increased disposable income in key markets across the world is linked to a rise in consumption activity, owing to the increased capacity to spend.
Key Segments with Major Market Share
In terms of type, the non-medicated segment is expected to hold a major market share. The fast expansion of the segment can be attributed to a larger number of product innovations and customized solutions on offer.
Based on product type, antioxidants as a product category is projected to expand the fastest as a result of a rapidly aging population. Consequently, more individuals are expected to adopt anti-aging products of which antioxidants are a major constituent.
In terms of form, the creams segment is anticipated to hold a major market share as compared to other cosmetic skin care forms. The cream is the preferred choice among end-users (men and women). Other cosmetic skin care in the form of gel & lotions, oils, sheet masks, and powder are also anticipated to expand at a significant growth rate during the forecast period
Based on the application area, the
facial care segment is expected to hold a major market share. Face cosmetic skin care is gaining increasing popularity globally as people are becoming more conscious of their physical appearance. This factor is expected to have a positive impact on the face cosmetic skin care segment during the forecast period.
Based on end-user, the cosmetic skin care market for men is still at a nascent stage and would exhibit tepid growth. The expansion of this segment would be influenced by many factors such as cultural influences, new product launches, and consumer awareness.
In terms of distribution channel, larger brands of cosmetic skin care products prefer retailing through brick-and-mortar stores and their smaller peers take to the online route to reach out to newer markets and consumers. This trend is set to change as the role of e-commerce across products and services witnesses a greater and growing prominence.
Source: Transparency Market Research