(MENAFN – GetNews) According to a new report by Grand View Research, Inc. The global skin care products market size was valued at 134.8 billion in 2018 and is projected to expand at a CAGR of 4.4% from 2019 to 2025 on account of rapidly expanding global cosmetics industry. Escalating demand for face creams, sunscreens, and body lotions across the globe is expected to have a positive impact on the market over the forecast period.
The global skin care products market size is projected to reach USD 183.03 billion by 2025 expanding at a CAGR of 4.4%, according to a new report by Grand View Research, Inc. Increasing demand for natural, herbal, and organic products that have no adverse effects is expected to boost the market growth over the forecast period. Skin care products include various synthetic and natural products, such as body lotions and face creams. Rising concerns regarding skin problems are also driving the skin care products industry.
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Rising awareness about natural ingredients providing UV protection is also expected to fuel the market growth. With the rising geriatric population, demand for products with anti-aging properties is expected grow, thereby driving the overall market. Organic skin care product manufacturers focus more on the development of newer formulations targeted at fighting the effects of skin aging. Rising awareness about skin care has led to the inclusion of sun protection, anti-aging, and anti-wrinkle properties in skin care and makeup products.
Further key findings from the study suggest:
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Favorable regulatory support in countries like India and Mexico encouraging investments at domestic level is expected to open new avenues for the market in future
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Body lotion is anticipated to be the fastest-growing product segment at a CAGR of 5.1% from 2019 to 2025
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Face cream segment led the global skin care products market in 2018 and is projected to expand further during the estimated period
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The market is characterized by the presence of major companies, such as L’Oréal S.A, Unilever PLC, Beiseidorf AG, and Colgate Palmolive
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Although, increased concerns regarding authenticity of products has been encouraging emerging manufacturers to enter the market; intense competition may pose a serious challenge to the market growth. High costs of organic and natural skin care products are also expected to hamper market growth over the next few years. However, increasing demand for organic body lotion products, especially in countries like Canada, India, and Mexico, on account of rising consumer awareness regarding benefits of natural ingredients like turmeric and neem is expected to have a positive impact on the market.
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Grand View Research has segmented the global skin care products market on the basis of product and region.
Skin Care Product Outlook (Revenue, USD Billion, 2014 – 2025)
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Face Cream
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Skin Brightening Cream
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Anti-aging Cream
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Sun Protection Cream
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Body Lotion
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Others
Skin Care Products Regional Outlook (Revenue, USD Billion, 2014 – 2025)
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North America
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Europe
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Asia Pacific
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Central & South America
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Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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