ALBANY, New York, June 14, 2018 (GLOBE NEWSWIRE) -- The global skincare products market features a largely competitive vendor landscape as several small and large skin care product manufacturers and brands compete on international as well as regional levels, observes Transparency Market Research in a recent report. Steady expansion of product portfolios, expansion of geographical outreach, and effective marketing strategies are the areas that most companies in the market focus on to gain a stronger hold on the market. Owing to increased demand for organic products in the past few years, companies have also increased their focus on development of natural and organic product lines to acquire a larger consumer base.
Some of the leading companies in the market are Johnson & Johnson Services Inc., The Estee Lauder Companies Inc., Procter & Gamble, Beiersdorf, Kao Corp., L'Oréal S.A., Avon Products Inc., and Unilever.
According to the report, the global skincare products market had a net valuation of US$110.69 bn in 2014. Exhibiting a moderate 4.9% CAGR between 2015 and 2021, the market is expected to rise to a revenue opportunity of US$155.44 bn by 2021.
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Asia Pacific to Remain Most Lucrative Regional Market
Of the product types studied in the report, the market segment of face cream held the largest market share in 2014 and is also projected to remain the leading market segment over the report’s forecast period. The market segment is expected to expand at a 4.8% CAGR between 2015 and 2021, continuing to account for a significant share in the overall market over the forecast period as well.
From a geographical standpoint, the market in Asia Pacific presently accounts for over half of the global market. The region has become one of the most lucrative regional markets for skincare products in the recent years owing to the vast rise in geriatric population (driving the need for anti-aging skincare solutions), high population base, and improved economic conditions of countries such as India and China in the region. The Asia Pacific market for skincare products is also expected to continue its dominance in the global skincare market over the report’s forecast period, accounting for a vast share in its total valuation.
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Improved Economic Conditions across Developing Economies to Drive Growth
Factors such as rising consciousness about healthy skin, improving economic conditions of developing countries, rising population of aged people, and consistent rise in demand for a variety of skin care products across the globe are key to the promising growth prospects of the global skin care products market. The massive rise in demand for anti-aging products, sun screen lotions and creams, and skin moisturizing products across Latin America, and a marked rise in demand for organic skin care products, especially across North America and European markets have also elicited significant developments in the global skincare products market in the past few years.
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Over the next few years, the market will benefit from the massive rise in demand for easily accessible luxury skincare products such as face masks, skin hydration products, and sun screen products across emerging economies. Demand for skin brightening products across countries in the Middle East and Africa regions is also expected to provide an influential growth opportunity to the global market.
This analysis of the global skincare products market is based on a recent market research report by Transparency Market Research, titled “Skin Care Products Market (Product - Face Cream (Skin Brightening Cream, Anti-aging Cream, and Sun Protection Cream) and Body Lotion (Mass Market Body Care Lotion and Premium Body Care Lotion)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2021.”
Browse Research Release at https://www.transparencymarketresearch.com/pressrelease/medicated-skin-care-products.htm
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