TAGS: Skin Care Sun Care
According to Transparency Market Research’s new report, the global cosmetic skin care market demonstrates a fairly consolidated vendor landscape, with top five players holding more than 45% share in 2015.
Focus on Acquisitions & Collaborations
Key companies, namely L’Oreal S.A., Procter & Gamble, Avon Products, Unilever Group, and Beiersdorf AG have been engaged in research and development, and new product development to garner higher market share.
Apart from, strategic collaborations and mergers and acquisitions are the focus of leading companies in the global cosmetic skin care market. A case in point is Unilever. In June 2015, Dermalogica – the leading skin care brand- acquired Unilever to shape its brand name for premium product offerings. Such collaborations also serve to expand product offerings for natural and organic cosmetics that have huge growth potential, adds the author of the study.
The global cosmetic skin care market was worth USD 127.1 bn in 2015. Expanding at a CAGR of 5.1% between 2016 and 2024, the opportunity in the market is expected to be over USD 200 bn by the end of 2024.
Appearance Consciousness Boosts Demand
By product type, cosmetic skin care products with anti-wrinkle properties accounted for the leading revenue in the overall cosmetic skin care market in 2015. Asia Pacific is expected to emerge as a key market for cosmetic skin care products due to rising consumerism and rising disposable income in emerging economies.
In several parts of the world, increasing middle-aged and senior citizen population is a key factor for the rising demand for anti-aging skin care products. Consumers in most Western countries are appearance conscious and tend to spend heftily on skin care products. This is acting in favor of the cosmetic skin care market.
“Interestingly, the demand for anti-aging cosmetics is not restricted to aging consumers,” states the author of the study.” Women above the age of 30 years also account for significant demand for anti-aging skin care products.
Apart from this, product innovation and inclusion of naturally sourced ingredients in skin care products is the focus of savvy players in the cosmetic skin care market. This is to introduce products that serve the appeal of new-age consumers.
Growing Demand for Sun Protection
In tropical countries, the high intensity of sunlight in most part of the year is stoking demand for sun protection products. Tropical countries such as India and Thailand that are favored tourist destinations of Westerners display significant demand for sun protection products. This is aiding the cosmetic skin care market.
On the flip side, cosmetic skin care products with high chemical composition are witnessing limited adoption. This is having a negative impact on the global cosmetic skin care market.
Source: Transparency Market Research