Pune India, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the skin care products market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the skin care products market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product, gender, distribution channel, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global skin care products market are Palmolive, Chanel, Nivea, Garnier, Mac, Gillette, Johnson & Johnson, Procter & Gamble, Maybell, The Body Shop, Estee Lauder, Clinique, Clarins among others. To achieve a substantial market share in the worldwide skin care products market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Keeping skin healthy and improving its quality is referred to as skin care. In order to improve skin quality, a variety of products are used. In the forecast period, factors such as shifts in consumer preferences, rising demand for natural skin care products, rapid urbanization, industrialization, advanced skin care products, etc., are paving the way for the global skin care products market to grow. Over the past few years, a rise in demand for skincare products has been attributed to growing awareness of their various benefits. The cosmetics and wellness industry is seeing an increase in natural and organic skincare, making it a major sector. In addition, innovative promotions and marketing boost customer demand, Millennials want a greater selection of skin care products due to a trend of organic skin care. Organic products contain no harmful chemicals and are derived from natural resources. There is a growing demand for skin nourishment products by the young population for treating acne, scars, dullness, and tanning which is driving the growth of the market. Moreover, because of increased concern over animal protection and the environment, customers are choosing cruelty-free product lines, resulting in a greater demand for vegan products or plant-based mixes in these products.
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Scope of Skin Care Products Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product, Gender, Distribution Channel, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Palmolive, Chanel, Nivea, Garnier, Mac, Gillette, Johnson & Johnson, Procter & Gamble, Maybell, The Body Shop, Estee Lauder, Clinique, Clarins among others |
Segmentation Analysis
Creams are expected to be the fastest-growing segment in 2022.
The product segment includes lotions, sprays, creams, powders and others. The creams segment is expected to witness the highest growth rate during the forecast period. The cream is expected to grow the fastest during the forecast period because of its wide variety of applications, including moisturizing, tan removal, dark circle removal, and night cream. As compared to other products, different types of creams are available for different skin problems, which is driving the market growth for skin creams.
Female is expected to be the fastest-growing segment in 2022.
The gender segment includes female and male. The female segment is expected to witness the highest growth rate during the forecast period. Increasingly, women are incorporating personal grooming products into their daily routines as a way to enhance their confidence and appearance, driving the segment's growth, and boosting the growth of the global skin care products market.
Supermarkets & hypermarkets are expected to be the fastest-growing segment in 2022.
The distribution channel segment includes supermarkets & hypermarkets, online retail channels, convenience stores and others. The supermarkets & hypermarkets segment is expected to witness the highest growth rate during the forecast period. It is a platform suitable for all types of customers, as supermarkets & hypermarkets offer significant advantages to consumers, including freedom of selection, lower prices, and high visibility of international brands.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the skin care products market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. It is expected that the growth of the chemical industry in India and China, both of which have government support, will ensure continued raw material access for skin care manufacturers, which will, in turn, benefit Asia Pacific during the forecast period. In terms of both production and consumption, China is one of the countries contributing to the growth of cosmetics and skincare products worldwide.
Country Analysis
- Germany
Germany's skin care products market size was valued at USD 9.51 billion in 2022 and is expected to reach USD 14.81 billion by 2030, at a CAGR of 5.7% from 2023 to 2030.
Germany is pursuing a greener lifestyle, which is resulting in an increase in the demand for natural beauty products. German consumers have become more inclined to purchase products containing natural ingredients due to their efficacy due to the benefits of natural ingredients used in beauty and skin care products.
- China
China’s skin care products market size was valued at USD 10.6 billion in 2022 and is expected to reach USD 16.7 billion by 2030, at a CAGR of 5.9% from 2023 to 2030.
In terms of both production and consumption, China is a key contributor to the global skincare industry. A variety of government initiatives are also supporting the growth of the Chinese skincare market. Chinese consumers are increasingly willing to spend money on effective healthcare management, as a result of increased disposable income.
- India
India's skin care products market size was valued at USD 8.16 billion in 2022 and is expected to reach USD 12.8 billion by 2030, at a CAGR of 5.8% from 2023 to 2030.
Product launches are likely to increase over the coming years, and concerns about skin health and conditions are expected to positively influence the country's market growth.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to rising disposable income, product launches and rising awareness among consumers about the benefits of skincare products.
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