The global facial care products market is projected to witness a CAGR of 6.18 % during the forecast period (2020 - 2025).
- The improving quality of life, the positive effects of beauty and personal care on self-esteem and social interaction, and the gradual consumer shift toward premium and luxury skincare brands are a few factors that are likely to propel the market growth during the forecast period. - With the growing demand for organic ingredients, consumers across the world are inclined toward organic skincare products, including facial care, which is expected to drive the market growth during the study period. Furthermore, the rising awareness about the harmful effects of chemicals and synthetic products is another factor augmenting the growth of the market. Most of the consumers tend to buy products with natural or organic labelling, which is driving the market growth. - COVID-19 has also resulted in a generation of opportunities for many private players to emerge in the markets to cater to the inflated demand. Furthermore, COVID-19 has led to a major consumer shift, as customers are no more brand loyal in developing countries and are trying new personal care brands in the low-stock environment.
Key Market Trends Increasing Demand for Natural/Organic Beauty Products
The global facial care products market witnessed an increasing demand for natural and organic products, due to the rise in consumer awareness about the harmful effects of certain compounds, such as paraben and aluminium compounds present in skincare products, including facial care. A high percentage of consumers choose brands based on their natural formulation. This has enhanced the demand for safe, natural, and organic deodorant products in recent times.
The purchases are made based on efficacy, with longer-lasting protection and clinical properties. The demand for natural ingredients has been quite evident in the market, and this has led to most companies launching products with nature-inspired ingredients, such as plant-inspired and premium botanical ingredients, coupled with multi-functional properties.
Increasing Application of Facial Care Products in South America
In Brazil, consumers had reduced their expenditures on cosmetics, but they were still attentive towards the facial and skincare trends. This signifies the huge opportunities for skincare companies to target & penetrate the Brazilian and the South American market.
One of the key trends of demand of creams in Brazil is the increasing proportion of higher SPF products purchased by Brazilians due to climatic condition. Also, a significant percentage of Brazilian women use facial masks or peels, it enhanced the demand for facial mask and also in using facial anti-pollution products.
Moreover, the market changing aspects in Argentina are being impacted by the growing consumer awareness regarding the harmful effects of conventional cosmetics, as well as the increase in demand for better and high-quality of skin and body care products thus, driving the market forward.
Competitive Landscape The global facial care products market is catered by major players that have a strong presence in both domestic and international platforms, therefore the market studied is a competitive market. However, with technological innovation and the popularity of skincare routines, both developing and developed countries are showing the prominence of private label brands that are keen on offering natural and organic products, along with being sustainable.
The emergence of small-scale private label brands is evident in the fact that consumers have envisaged a connection with the product, understanding its labelling and being health-conscious. In the market studied, established major players that claim natural and organic products and are involved in sustainable practices have a higher penetration across retail shelves and online channels.
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