SEATTLE, April 23, 2019 (GLOBE NEWSWIRE) -- The global skin care products market was valued at US$ 123.81 Billion in 2018 and is projected to exhibit a CAGR of 4.37% over the forecast period (2019 – 2027).

Key Trends and Analysis of the skin care products market:

Rising consumer preference towards advanced technology and new innovation in skin care products is driving growth of the market at global level.

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For instance, in 2016, a new tool ‘ModiFace Skin AI’ was developed by dermatologists to measure the precise state of the skin and observe any potential skin changes in a live video. This app was launched by ModiFace, a leading provider of augmented reality technology for the beauty and medical industry. This technology can detect and quantify minute changes in the skin such as dark spots, discoloration, dryness, uneven skin, and rosacea. This app can visualize the changes before and after the use of any beauty product.

Furthermore, rising consumer preference for ‘at home services’ and online purchase of skin care products are the trends in the skin care products market, as a result of discounts offered by various e-commerce key vendors is driving the market growth globally.

Various key players are focusing on untapped markets in Asia Pacific. For instance, in 2017, Unilever Plc. acquired Carver Korea, a key skincare company in North Asia. Carver Korea was acquired to strengthen Unilever Plc.'s footprint in skin care products market in China, Japan, and South Korea. In 2018, Johnson & Johnson Inc. acquired Ci:z Holdings Co., Ltd, a Japan-based company focused on marketing, development, and distribution of a broad range of dermocosmetic, cosmetic, and skincare products. The company’s skincare portfolio is expected to strengthen Johnson & Johnson’s market presence in Japan.

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Key Market Takeaways:

  • The global skin care products market is expected to exhibit a CAGR of 4.37% during the forecast period (2019–2027)
  • Asia Pacific held the largest market share in the global skin care products market in 2018, owing to rising preference for organic products over chemical-based products, increasing disposable income, and steadily growing personal care industry.
  • According to the International Trade Administration (ITA), Japan stands as one of the largest markets for personal care products in the world. In 2015, the cosmetics market in Japan was valued at US$ 13,208, and in 2014, per person annual expenditure on personal care and cosmetics was US$ 174, according to ITA.
  • Growing personal care market is further expected to boost growth of the skin care products market during the forecast period. According to the International Trade Administration (ITA), in 2014, per capita spending on cosmetics products was reported at US$ 139 in the U.S., US$ 171 in South Korea, and US$ 174 in Japan. Thus, high per capita spending on skin care and cosmetic products is expected to boost growth of the market.
  • Some of the major players operating in the global skin care products market include Unilever Plc., Shiseido Company Ltd., Johnson & Johnson Inc., Procter & Gamble Co., L'Oréal S.A., Revlon Inc., Kao Corporation, and Avon Products Inc., Beiersdorf AG, Colgate Palmolive Company, and others.

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