The global cosmetic
skin care market is fairly consolidated, with the top five
players accounting for a share of over 45% in 2015. Transparency
Market Research finds in a new report that these companies, namely
L’Oreal S.A., Unilever Group, Procter & Gamble, Beiersdorf AG,
and Avon Products, have been focused on research and development,
acquisitions, and new product development as their key growth
strategies in the cosmetic skin care market. Unilever’s acquisition
of leading professional skin care brand, Dermalogica, in June 2015,
for instance, is one among the many strategic alliances and
acquisitions companies have been engaging in in recent years to shape
their brands into more premium offerings.
“The potential of ‘natural’ and organic cosmetic products is
huge as an increasing number of consumers are becoming more aware of
the ingredients in skin care products. The inclusion of this product
segment in the portfolio can prove to be immensely lucrative for
players,” the author of the TMR study recommends.
Consumer Base for Anti-aging Skin Care Products Widening
An increasing number of consumers have been contributing toward the
demand for anti-aging creams and skin care products to fight various
signs of aging. The growing global geriatric population, as a result,
is one of the key factors driving the global market for cosmetic skin
care. The number of people aged 65 and above has been reportedly
increasing in China, Germany, Japan, Italy, and the U.S. and this
trend is likely to benefit the demand for cosmetic skin care
products.
“Interestingly, the demand for anti-aging products is not
restricted only to the aging consumer group,” the author of the
study finds. “Women over the age of 30 have also been contributing
significantly to the demand for anti-aging creams and lotions.”
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A growing focus on new product innovation and an improvement in the
quality and functions of various cosmetic skin care products is a key
factor boosting the global market. “The cosmetic skin care market
is built on the principle of new product innovation,” the TMR
analyst states. “An increasing number of players have been
investing huge capital in research and development to improve the
effectiveness of products such as skin whitening cosmetics,
anti-aging creams, sunscreen products, and multi-utility skin care
products.”
MEA Providing Lucrative Options for Players in Cosmetic Skin Care
Market
The opportunity in the global cosmetic skin care market was pegged at
US$127.1 bn in 2015. Expanding at a 5.1% CAGR from 2016 to 2024, the
market is projected to be worth just over US$200 bn by the end of the
forecast period. By type of product, the market is led by anti-aging
products and this segment is likely to retain its position throughout
the forecast period, amounting to over US$44 bn by 2024.
Cosmetic skin care products to minimize wrinkles were the key revenue
generators in 2015, with multi-utility cosmetics expanding at the
fastest pace during the forecast period. By region, Asia Pacific is
the leading contributor to the cosmetic skin care market, while the
Middle East and Africa is emerging as the most rapidly expanding
regional segment in the forecast period. “Players have been
expanding their operations in the MEA region owing to the growing
product awareness of consumers and a booming retail sector,” states
the TMR analyst.
This review is based on the findings of a TMR report titled “Cosmetic
Skin Care Market: Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2016 – 2024.”
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