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Skincare Products Market to record USD 50.04 Bn growth | 6% of CAGR expected through 2024 | Technavio

·5 min read

NEW YORK, Jan. 27, 2022 /PRNewswire/ -- The skincare products market is expected to witness significant growth in the coming years with the increasing number of fashion-conscious consumers worldwide. There has also been a paradigm shift in the preference toward anti-aging products, natural and organic skincare products, and multifunctional skincare products among consumers.

Attractive Opportunities in Skincare Products Market by Product, Product Specification, Distribution Channel, and Geography - Forecast and Analysis 2020-2024
Attractive Opportunities in Skincare Products Market by Product, Product Specification, Distribution Channel, and Geography - Forecast and Analysis 2020-2024

The millennial population is beauty conscious and is an important consumer segment for vendors. The population segment is exhibiting high demand for skincare products such as moisturizers for specific skin-related issues and sunburn-related issues such as severe acne, tenderness, and itching. This is creating significant opportunities for market players.

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Key Skincare Products Market Report Highlights:

  1. Market growth 2019-2024: USD 50.04 billion

  2. Growth momentum & CAGR: Accelerate at a CAGR of 6%

  3. YoY growth (%) in 2021: 5.01%

  4. Performing market contribution: APAC at 47%

  5. Key consumer countries: China, the US, Japan, Germany, and the UK

Regional Market Analysis

With 47% of the growth originating from APAC, this region will record a faster growth rate during 2019-2024.

Rising concerns for personal hygiene and wellness is one of the key factors driving the demand for skincare products in APAC. In addition, the increasing number of beauty salons, rise in social media campaigns and celebrity endorsements, and the expanding e-commerce industry are expected to foster the growth of the skincare products market in APAC.

For Additional Information about the regional market: Request for a free sample report.

Key Vendors and Vendor Strategies

Beiersdorf AG, CHANEL Ltd., Groupe Clarins, Johnson & Johnson, Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., The Procter & Gamble Co., and Unilever Group are some of the dominant players in the skincare products market.

The skincare products market is fragmented. The market is characterized by the presence of a large number of vendors competing on factors such as product differentiation, product portfolios, quality, and pricing. Most of the vendors are focusing on expanding their business in emerging markets such as APAC. Vendors are also focusing on launching innovative products to remain competitive in the market.

Beiersdorf AG: The company offers a wide range of professional skincare under different brands that include La Prairie, Eucerin, and NIVEA.

CHANEL Ltd.: Key products offered by the company include Hydra Beauty Micro Serum and Le Lift Creme.

Groupe Clarins: The company offers various skincare products such as serums, face moisturizers, and creams under the brand name Clarins.

Johnson & Johnson: The company offers various skincare products such as MORNING BURST Facial Cleanser, CLEAN & CLEAR Daily Pore Cleanser, and Neutrogena Hydro Boost Water Gel.

Revlon Inc.: The company offers various skincare products under the brands Revlon and Elizabeth Arden.

Download our free sample report to get a brief understanding of various other vendors and their strategies.

Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the skincare products market.

  • Growing adoption of home salon and spa services:

Personalized home salons and spa services are gaining immense popularity in both developed and developing countries across North America, Europe, and APAC. There are several home salon and spa service providers that offer various services in the market. For instance, Housejoy, home and personal salon service provider in India offers home salon services such as makeup and spa services. The company also offers a number of grooming and pampering packages, such as Monthly Essential Package, Monthly Grooming Package, Tip to Toe Package, Skin Radiance Package, and Summer Skin Package. The availability of such services is increasing the consumption of skincare products and is expected to fuel the growth of the market during the forecast period.

To know about a few other market drivers, trends, and challenges, Download our free sample report

Related Reports:

Personal Care Market by Product and Geography - Forecast and Analysis 2021-2025

Cosmetic Skin Care Market by Product and Geography - Forecast and Analysis 2021-2025

Skincare Products Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 6%

Market growth 2021-2025

USD 50.04 billion

Market structure

Fragmented

YoY growth (%)

5.01

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 47%

Key consumer countries

China, US, Japan, Germany, and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Beiersdorf AG, CHANEL Ltd., Groupe Clarins, Johnson & Johnson, Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., The Procter & Gamble Co., and Unilever Group

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Technavio (PRNewsfoto/Technavio)
Technavio (PRNewsfoto/Technavio)
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SOURCE Technavio