The global Skin Care Products Market is estimated to be valued at US$ 153.33 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Skin care products refer to items used to enhance and improve the appearance and health of the skin. The various skin care products available in the market include face cream, body lotion, cleansers, toners, and sunscreens. These products moisturize the skin, remove impurities, protect from sun damage, anti-ageing, and improve the texture and appearance of the skin. Growing consumer awareness regarding the benefits of maintaining healthy skin and increasing spending capacity is driving the demand for skin care products.
Market key trends:
One of the key trends in the skin care products market is the growing demand for natural and organic products. Rising health concerns regarding the harmful effects of chemical-based cosmetic products are compelling consumers to shift towards natural ingredients-based products. Manufacturers are focusing on developing skin care ranges with natural herbs, plant extracts, and oils. Another major trend is increasing adoption of personalized skin care routines. Manufacturers are offering skin diagnostic tools and customizing products as per individual skin type, concerns, climate, and lifestyle to deliver tailored skin solutions. Advancements in beauty-tech such as virtual try-ons are also enabling consumers to customize and personalize their skin care journey online.
Porter's Analysis
Threat of new entrants: The skin care products market poses a moderate threat of new entrants as it requires significant investments in R&D, marketing, branding and distribution. However, new companies can leverage digital platforms and social media to promote new brands.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of numerous brands offering similar products. However, brand loyalty and premiumizing of products provide some differentiation.
Bargaining power of suppliers: Raw material suppliers have moderate-to-low bargaining power due to the availability of substitute material suppliers and ingredients. However, some key ingredients have fewer sources of supply.
Threat of new substitutes: Substitutes pose a moderate threat as they can leverage new technologies, delivery methods and ingredients. However, customer loyalty to established brands provides stability against threats from substitutes.
Competitive rivalry: The market sees intense competitive rivalry owing to numerous global and local players offering similar products. Companies compete on the basis of branding, marketing, innovation and pricing.
Key Takeaways
The Global Skin Care Products Market Growth is expected to witness high growth, exhibiting a CAGR of 4.3% over the forecast period of 2023 to 2030, due to increasing concern about personal grooming and changing lifestyles. The market size for 2023 is estimated to be US$ 153.33 Bn.
The Asia Pacific region is projected to dominate the market during the forecast period. Developing economies like China and India represent major growth opportunities owing to rising per capita incomes, increasing middle class and growing awareness around skin care products. Western brands are also expanding in these regions through e-commerce channels and online stores.
Key players operating in the skin care products market are Unilever Plc., Coty Inc., Johnson & Johnson Inc., Procter & Gamble Co., LOreal S.A., Revlon Inc., Kao Corporation, Avon Products Inc., Beiersdorf AG., Colgate Palmolive Company, Natura & co., and Estee Lauder Inc. Major players are focusing on product innovation, mergers & acquisitions and expansion in emerging markets to strengthen their market position.
Read More: https://www.rapidwebwire.com/skin-care-products-market-share/
