The global skin care products market was worth US$ 128.9 Billion in 2018. Skin care products are used to enhance and maintain the appearance of human skin. There are a variety of products available in the market such as cleansers, toners, body lotions, oils and serums, and creams with alpha-hydroxy acids, beta-hydroxy acids, and retinol as some of their key ingredients. These products aid in regular replenishment of the dying skin cells and counter the signs of aging such as wrinkles, fines lines and age spots while maintaining the overall skin health. The global skin care products market is highly diversified as it varies from region to region catering to a wide range of skin types present across the globe.
Skin is one of the organs that receive the most damage owing to the exposure to external factors such as ultraviolet (UV) rays and pollution. Consequently, there has been an increase in the inclination among the masses towards engaging in a regular skin care regime, thus making it an integral part of personal well-being. This has led to the introduction of diversified products containing various chemical and herbal elements, aiming at the overall enhancement and maintenance of healthy skin. Urban regions, in particular, have been a witness to increasing consumers’ inclination toward various skin care products owing to rising disposable income, aggressive promotional activities, and launch of innovative products by manufacturers. Rising awareness about both skin ailments and available treatments is propelling consumers to start using skin care products quite early, thus aiding the market growth. The market is further driven by an increasing number of women preferring anti-aging products which form a crucial segment of the skin care products market. Looking forward, IMARC Group expects the market to reach a value of US$ 165.9 Billion by 2024, registering a CAGR of around 4% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being Johnson & Johnson, The Estee Lauder Companies Inc., Unilever PLC, Avon Products Inc., L'Oral S.A., Kao Corporation, Colgate-Palmolive Company, Shiseido Company, Beiersdorf AG, Procter & Gamble, Revlon, Inc., etc.
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