Eye Balm Market Forecast and CAGR
The skin around the eyes is relatively fragile and more susceptible to external damage than rest of the facial skin. It is medically proven that the thickness of the eye area is 0.03-0.05 cm, while the thickness of the facial skin is about 0.08-0.15cm, a difference of three times. Therefore, the ingredients and technology have become the key points for eye care products to stand out.
Several international brands started early, with strong financial strength to form a first-mover advantage in research and development. The manufacturers continues to increase research and development investment and strive to achieve catch-up with product power are resemblance with the consumer mentality.
According to the latest study by Fact.MR, eye balm market is continuing to contemplate a substantial growth during the forecast period of 2021-2031. Demand for eye balm will witness an accretion over short term and long term course of period with optimal growth outlook. However the sales from western countries are gaining traction, global eye balm demand is anticipated to expand at a CAGR of 6% over the same period.
What is Driving Demand for Eye Balm?
With the rapid development of society and people’s requirements for living standards, the concept of “enjoying life” is getting deeper into the hearts of the broad masses. Eye balm is one of the high demandable cosmetic product that has moisturizing effect in addition to reduce the problems like dark circles, thinner line skins and wrinkles under eyes.
Evolving demand for wax based cosmetic products to protect skins and overcome skin dryness in any year round weather condition drives the demand among people across the globe.
Sales of eye care products undergo cyclical boom-and-bust, which has remained an immutable challenges for the manufacturers to expand their business. Although, by offering product for people of different age groups and targeting those by reviewing the demand can minimize the downfall of the sales.
Skincare Practices Likely to Augment Eye Balm Sales
People nowadays are more concerned about their physical appearance. Mostly the young age group between 18-25 years are more into cosmetic products.
Eye care products are also being popular across the age group of above 50 years which is mostly chosen for its anti-aging and wrinkles diminishing properties. In fact for medical purposes, eye balm is also being sold after doctor consultation and recommendation. There are so many eye care products formulated for specific eye treatment and a number of people across the globe using eye care products regularly as medication for their eyes.
Despite the age group, the industry is witnessing over 20% of its sales globally. Due to less water content and more Shea butter or coconut oil content eye balm is chosen over eye cream in most cases for better results.
US and Canada Eye Balm Market Outlook
United States is leading consumer for personal care and cosmetic products including eye care products. The US eye balm market set to witness a substantial growth during the forecast period. All age group across US mostly use eye care products to look smart, young and healthy. About 65% consumer of in US use eye care products in their daily skincare routine.
In Canada eye balm is considered as the most preferable product for eye care. The country witnesses the extensive low temperature in winters and moderate temperature rest of the year. Products specially formulated to moisturize sensitive eye skin and prevent from dryness, the consumption of eye care products across Canada is growing at higher pace.
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Europe Demand Outlook for Eye Balm
Europe is one of the most prominent region for eye balm sales, with the countries like France, Germany, Italy, UK and Spain witnessing the growth at the same as of the regional growth. Over 560 million consumer across Europe use cosmetic and personal care products to protect their health and wellbeing. Over. 35% of the consumers use eye care product on daily basis to keep their eyes healthy and looks attractive in public. The young generation is overenthusiastic about the eye care products with attractive physical appearance. Over 100 million consumers across Europe use eye care products for medical purpose to prevent several eye diseases.
Owing to the huge presence of leading manufacturers the region is also witnessing for the high production of eye care products. Renounced brand like SkinCeuticals, Filorga Optim, La Roche, Avene, La Mer Caudalie etc. are known for the best quality of eye care product including anti-aging, dark circles, puffins and medically recommended products in France.
It is estimated that cosmetic and personal care industry in Europe brings over US$ 30 Billion annually to the European economy in which about 3.2% of the sales is generated from eye care products. Additionally, the region led by France is witnessing for high volume of export of personal care and cosmetic products globally.
Who are the Key Providers of Eye Balm?
Some of the leading manufacturers and suppliers of eye balm include
- The Body Shop International Limited
- La Prairie
- Estee Lauder
- DERM INSTITUTE
- Saint Laurent Paris
- Helena Rubinstein
- Johnson & Johnson Vision
- New Avon LLC
- PCA Skin and others
Manufacturers and suppliers in the business are focusing on product quality and attractiveness that defines their value across the market. Manufacturers targeting to expand their product portfolio by making longstanding contract with retailers, distributors, supermarkets as well as e-commerce companies.
Focusing on customized product offering with all in one solution such as looks and moisturizing at the same time will increase the buying behaviors of the customers. Another strategy followed by the manufactures lately is advertising their products with celebrities to gain more attention from the customers.
An Adaptive Approach to Modern-day Research Needs
Eye Balm Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
By Product Type
- Moisturizing Eye Balm
- Firming Eye Balm
- Anti-Aging Eye Balm
- Anti-Allergy Eye Balm
- Bacterial Skin Infection Balm
By Age Group
By Sales Channel
- Direct to Consumer
- Third-Party Online
- Specialty Stores
- Small retail Shop
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Oceania
- New Zealand
- Rest of South Asia & Oceania
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company