The global cosmetic skin care market is anticipated to garner $215,316 million in 2025, growing at a CAGR of 5.3% during the forecast period 2017-2025 according to Progressive Markets report, Cosmetic Skin Care Market Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025.
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The cosmetic skin care market is poised to witness significant growth during the forecast period, owing to changes in lifestyle in combination with rapid urbanization. Moreover, rise in awareness toward skin care for healthy skin by using advanced skin care products drives the market. In addition, consumers are moving toward the usage of skin care products to maintain their skin from damage by using nourishment creams, moisturizers, and. However, limited shelf-life of skin care products is projected to hinder the market growth.
The global cosmetic skin care market is segmented based on type into facial care, body care, and hand & foot care. Hand & foot care is expected to grow at the fastest rate, as numerous consumers are shifting their skin care regime from facial care to hands & feet care. Growth in demand for hand lotions, foot creams, and cracked heel creams has endured smooth hands and crack-free feet. Moreover, the number of consumers who are aware about skin hygiene and overall appearance has increased tremendously across the globe, which in turn fuels the growth of the market.
Based on gender, females accounted for the highest market share in 2016 in the global market. Herbal cosmetics are being largely preferred by women of all age groups. This has enforced cosmetic skin care manufacturers to venture into manufacturing natural or organic products. The use of herbal ingredients in the products reduces the harmful effects on the skin, thereby increasing the demand for these products. However, male users are showing a progressive growth in the global market owing to high demand for face wash, whitening lotion, and daily moisture lotions.
The mode of sale segments discussed in the study are offline stores and online stores. Offline stores generated the maximum revenue in 2016. Supermarkets are the most preferred platform by consumers for purchasing cosmetic skin care products amongst all retail stores. Bulk purchase of skin care products by supermarkets drives manufacturers to offer specific discounts. This enables supermarkets and malls to sell skin care products at comparatively cheaper prices. Thus, supermarkets are the preferred medium of purchasing such products among individuals.
Based on region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific cosmetic skin care market generated the highest revenue in 2016. The increased demand for cosmetics and skin care products is attributed to the improving lifestyles due to increase in disposable income mainly in China. The South Korean cosmetic skin care market witnessed significant growth as compared to other developed regions, and witnessed a trend of using premium skin care products.
Some of the leading manufacturers profiled in this report are LOral SA, Unilever Group, Procter & Gamble Company, Oriflame Holding AG, Beiersdorf AG, Avon Products Incorporation, Estee Lauder Companies Incorporation, Johnson & Johnson Private Limited, Shiseido Incorporation, and Revlon Incorporation.