The Global Skincare Products Market was valued at USD 140.92 billion in 2020 and is projected to grow at a CAGR of 4.69% during the forecast period 2021 - 2026.
The COVID-19 pandemic influenced consumers’ spending habits and purchase decisions leading to a slight decline in the market growth by 1.12% in 2020 owing to various governments imposing multiple measures intended to slowdown spread of the COVID-19. Some basic initiatives include social isolation directives, limitations on business opening hours, and travel restrictions. But, the sales of the product through on-line outlet escalated during the pandemic period. For Instance, Zalando, Europe’s fashion and lifestyle e-commerce company, witnessed a YOY increase of 300% in sales of skin-, nail-, and hair-care products in 2020.
Rising awareness regarding the various benefits of using personal care products has resulted in a rise in their demand over the last few years. This has also boosted the demand for natural and organic skincare products, making it a major sector in the cosmetics and wellness industry and the trend will remain same post-COVID.
Skincare has rocketed ahead of the global cosmetics market in recent years, encompassing categories like face and body care, cleansers, and sun protection. More skincare brands and retailers like Sephora, Kiehl’s, Vichy, and Bobbi Brown are deploying solutions like virtual advisors to speak directly to consumers in real-time, reveal their needs and concerns, recommend products and guide them through the sales process. This is not any different from the kind of consultation that consumers get in stores, but it is critically different that it is now available online, thus contributing towards the market growth during the forecast period.
Key Market Trends Escalating Demand For Anti-aging and Anti-pollution Ranges
The market is experiencing an accelerating demand for anti-aging products, like anti-wrinkle cream, face cream, serum, eye cream, and others. In addition, factors like pollution and hard water conditions are bombarding such products’ needs. An ascending number of consumers in the market are becoming aware of pollution’s impact on the skin. In the United Kingdom, nearly 80% of consumers are aware of the impact of lifestyle stresses on the skin. Thus, consumers are inclined toward spending on skincare treatments at a younger age. They spend significant time and money on products that reduce the signs of aging. Hence, the increasing interest in anti-aging skincare products for youthful skin and skincare products enriched with vitamin-c, vitamin-E, collagen, and others to delay the aging, has resulted in an increasing number of manufacturers trying to penetrate this highly lucrative market through various strategies such as product innovation, mergers & acquisitions, and others. For instance, In 2019, San Francisco-based Gryphon Investors, announced the acquisition of anti-aging skincare brand RoC from Johnson & Johnson Consumer Inc. RoC has a 60+ year history in anti-wrinkle and anti-aging skincare, with more than 75 products sold in the United States, Europe, and Latin America.
Asia Pacific Registers the Fastest Growth Rate
Growing population and rapid urbanization, along with the increase in per capita spending on personal care products in highly developing economies such as China, South Korea, India, and Indonesia are contributing towards the growth of the skincare market in this region. In addition, increasing availability of affordable skincare products also helps drive the skincare market. Moreover, consumption of facial care products in China is most prevalent in tier 1 megacities of the country, with increasing penetration in tier 2 and tier 3 cities, which have been experiencing an increase in China’s growing middle class and the consumption of skin and personal care products as a whole. Thus, major players are intensely embarking on product innovation and mergers and acquisitions as their prime strategy to consolidate the market studied. For instance: In 2020, Shiseido unveiled a new sustainable skincare brand, Baum, developed with social responsibility and environmental considerations. The line includes a total of 27 products and 45 items.
Competitive Landscape The Global Skincare Products Market is highly competitive with top global and regional players competing fiercely to garner market share. Some of the major key players in the skincare products market include Procter & Gamble Company, Beiersdorf AG?, The Estee Lauder Companies Inc., Unilever, L’Oreal, among others. The key players are embarking on Merger and acquisition as a stratergy to strengthen their market dominance. The major players are constantly trying to expand their production facilities and increase their market presence locally via this strategy. For instance, in 2020, L’Oréal SA has signed an agreement to acquire the Japanese company Takami Co., which develops and markets products licensed by the skincare brand Takami. L’Oréal also renewed a long-term licensing agreement with Takami brand and signed a collaboration agreement with his dermatology clinics in Tokyo. The brand is available in Japan and other Asian countries, notably China.
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