8.72% CAGR Growth in Cosmetic Skin Care Market due to the presence of premium brands - Technavio
NEW YORK, Jan. 30, 2024 /PRNewswire/ -- The cosmetic skin care market is estimated to grow by USD 79.37 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 8.72% during the forecast period. However, the growth momentum will progress. The growth is notably driven by the presence of premium brands. The premium skincare market is thriving, driven by affluent consumers investing in luxury brands. Premium skincare companies are leveraging digital platforms to enhance appeal, introducing innovative products like serums and retinol creams to address diverse skin concerns. Internationalization, with tourists contributing to sales, is a key growth factor. Leading players like L'Oreal and The Estee Lauder Companies emphasize facial, anti-aging, and body skincare products to bolster brand value and drive sales in this competitive segment. For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) - Request a free sample report
Technavio has segmented the market based on Product (Face skincare products, Body skincare products, and Others), Distribution Channel (Offline and Online), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
- The skincare market share growth by the face skincare products segment will be significant during the forecast period. Face skin care products encompass a range of solutions like creams, lotions, toners, exfoliators, and serums, serving purposes like anti-aging, skin-whitening, and sun protection. Beyond these, they contribute to moisturizing, hydrating, and achieving a smooth, blemish-free appearance. Growth factors include an aging population and technological advancements in manufacturing. Premium products stimulating natural skin rejuvenation are anticipated to drive demand among fashion-conscious consumers and makeup artists.
By geography, the global cosmetic skin care market is segmented into APAC, Europe, North America, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global market.
- APAC is estimated to contribute 51% to the growth of the global cosmetics market during the forecast period. The APAC region experiences significant growth in cosmetic skincare, driven by consumer preferences for products like skin-lightening creams. Companies engage in promotional efforts, utilizing advertisements and appealing packaging to showcase positive effects, attracting customers. The rise of specialty stores and increased cellular subscriptions enhance product awareness and availability. Online retailers, reaching semi-urban and rural areas, contribute to the growing demand for cosmetic skincare in APAC.
Insights on the contribution of various segments including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Free Sample Report
- The increase in the number of distribution channels is a primary trend shaping the growth.
- Stringent regulations are the major challenges restricting growth.
Insights on Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
Benefits of Cosmetic Skincare
Cosmetic skincare products offer various benefits for skin health and appearance. Moisturizers, serums, cleansers, toners, exfoliators, and masks provide hydration, nourishment, and cleansing. Sunscreens protect against UV damage, while anti-aging creams, eye creams, and acne treatments target specific skin concerns. Skin brighteners, spot treatments, and facial oils help improve skin tone and texture. Retinoids, hyaluronic acid, vitamin C serums, glycolic acid, and salicylic acid are known for their skincare benefits. Natural ingredients like aloe vera, tea tree oil, and CBD-infused products offer gentler options. Organic, fragrance-free, hypoallergenic, dermatologist-tested, and sensitive skin formulations cater to various skin types and preferences. Cruelty-free and vegan skincare options are also available, along with probiotic skincare and hydrating mists for added benefits.
What are the key data covered in this report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2023 and 2027
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industry across APAC, Europe, North America, Middle East and Africa, and South America
- A thorough analysis of the competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Companies
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Product
Segmentation by Distribution Channel
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
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Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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