Ceaseless Efforts to develop Advanced Products with improved Performance challenged Prevailing Paradigms in Skin Grooming Market, observes Fact.MR
Published : 04 Sep 2018 Industry: Consumer Goods
The skin grooming market is driven by the rising demand for a wide variety of skin care products world over. They are widely demanded for numerous benefits and functions, notably for keeping the skin healthy and radiant. The skin grooming market is expected to witness attractive growth trajectories in the coming years, driven by their use for preventing the signs of aging. Skin grooming products that contain more organic or natural ingredients are piquing worldwide consumer interests. Furthermore, skin grooming brands world over are exploring new paradigms for their growth in positioning their products on online channels. E-commerce channels have emerged as a new avenue to increase the visibility of niche products in the skin grooming market. Moreover, growing number of skin grooming brands in developing and developed markets are also engaged in responsible and transparent labelling of the ingredients to gain trust and credibility among consumers.
The skin grooming is projected to rise at a modest CAGR during the assessment period of 2017–2022, says Fact.MR. The opportunities in the global skin grooming market is anticipated to reach a worth of approximately US$ 204,000 Mn, vis-à-vis revenues, by the end of 2022, according to the report.
The large purported benefits in skin care are driving the demand for various skin grooming products such as moisturizers, cleansing lotions, facial masks, serums, anti-aging creams, toners, eye creams, and sun protection. Of these, the demand for moisturizers is the most attractive and is expected to remain so in the skin grooming market throughout the assessment period. Over the past few years, there has been profuse demand for cosmetics and personal care products in the skin grooming market that can combat the signs of aging. The demand for skin grooming products is witnessing rapid evolution trajectories different from this. The demand for skin grooming products for anti-aging benefits is lucrative and brands are increasingly engaged in tapping this for enter niche segments.
On the other hand, the demand for anti-aging creams and sun protection creams is also promising. The rapid sales of these products will contribute promising shares in the global skin grooming market. The demand for anti-aging creams is expected to be slightly more lucrative in the coming years.
The various distribution channels in the skin grooming market are online sales, hypermarket/supermarket, retailers, and other retail formats. Of these, hypermarket or supermarket is expected to lead the pack through 2022. This can be attributed to the mass accessibility of skin grooming products in large retail chains and the rapid strides taken by the retail industries in the last few years in developing and developed economies. Meanwhile, though online sales have vast potential, several factors may hinder the widespread adoption for the players in skin grooming market. The lack of dedicated strategies for marketing the products online has emerged as a crucial bottleneck in this regard. The online sales segment is estimated to expand at a lackluster growth rate through 2022.
On the regional front, Asia Pacific excluding Japan (APEJ) and Europe are anticipated to be potentially lucrative markets for skin grooming during the assessment period. The steady sales of skin grooming products will keep APEJ at the forefront. The changing consumer patterns and the inclination toward products with natural ingredients are factors bolstering the demand for skin grooming products in the APEJ.
Sizeable shares being spent by skin care product manufacturers in research and development activities are creating new, exciting avenues in the skin grooming market. Some of the key companies in the skin grooming market are the Estee Lauder Companies, Inc., Shiseido, Kao Corporation, Avon Products, Inc., and L'Oréal S.A.