7 Key Takeaways from Fact.MR’s Report on the Skin Grooming Market
Published : 29 Jul 2017 Industry: Consumer Goods
A recent research by Fact.MR anticipates the global skin grooming market to witness expansion at a moderate CAGR through 2022. Revenues from the global skin grooming market are projected to reach approximately US$ 204,000 Mn by 2022-end. The growth of the skin care market is primarily attributed to growing interests among young generation, altering lifestyle of people in developing countries, and soaring purchasing power of individuals, coupled with increasing awareness about beautification. However, the adoption of synthetic anti-oxidants has witnessed a decline on the back of government restrictions, and health concerns.
Surging trend of shifting preferences towards naturally derived products are expected to create potential demand growth opportunities for natural as well as active cosmetic ingredients such as botanical extracts, enzymes, and amino acids. Global leaders in the skin grooming market are increasingly concentrating on rapid adoption of the online platforms, in order to cater the widespread base of consumers. The market players are making substantial investments in R&D activities, and utilizing green technological raw materials in manufacturing skin care products, facilitating high sustainability, quality, and long-lasting performances. This in turn will prevent hazards to the environment, and offer consumers with advanced skin grooming products. These factors are expected to sustain growth of the global skin grooming market.
A rise in demand has been witnessed for sunscreens, face creams, and body lotions among consumers, with robust expansion of e-commerce websites that enable niche product vendors to reach the continuously expanding consumer base. Several skin grooming brands have been entering the market over the past few years, introducing advanced and naturally derived products, with an aim to attract consumers and increase their market presence. Stringent regulations pertaining to long shelf-life of skin care products have been imposed by the Food and Drug Administration (FDA), and the Environmental Protection Agency (EPA) of the U.S. The Soil Association has come up with standards regarding clearance for “organic” as well as “made with organic” ingredients of skin grooming products. These incidences will further influence the demand for skin grooming products in the near future.
7 Projections for the Global Skin Grooming Products Market
- Hypermarket/supermarket will continue to be the largest distribution channel segment in the global skin grooming market.
- Sales of skin grooming products through online distribution channel are expected to register a sluggish expansion through 2022.
- Asia Pacific excluding Japan (APEJ) is anticipated to remain dominant in the global market for skin grooming, with sales projected to exhibit a steady CAGR through 2022.
- Europe will continue to be the second most lucrative market for skin grooming products.
- On the basis of product type, moisturizers are estimated to remain sought-after in the global skin grooming market.
- Sales of sun protection creams and anti-aging creams are expected to exhibit similar CAGRs through 2022, with anti-aging creams being comparatively more lucrative than the sun protection creams.
- Key players mentioned in the global skin grooming market include Johnson & Johnson Services, Inc., Avon Products, Inc., Kao Corporation, The Estee Lauder Companies, Inc., Unilever PLC, Colgate-Palmolive Company, L'Oréal S.A., Beiersdorf AG, Shiseido Co., Ltd, and Mary Kay Inc.