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Skin Care Products Market will Thrive due to Impressive Growth of Anti-Aging and Personalized Skin Care Segments
Skin Care Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021
Published 26 October 2015
The skin care products market is vast and continuously growing. Baby boomers are the primary drivers for the sale of organic personal care products and anti-aging products and services. Worldwide, consumers spend more than US$120 billion every year on skin care and personal care products. This figure is rapidly growing due to the increasing usage of organic personal care products and demand for anti-aging cosmetic products across mid- and low-income households across the world.
According to detailed analysis from Transparency Market Research, the global skin care products market was valued at US$110.69 billion in 2014 and is anticipated to reach US$155.44 billion by the end of 2021. While anti-aging skin care products demonstrate the strongest growth potential in the global market, personalized skin care products are also expected to report further gains in the coming years.
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Market for Personalized Skin Care Products Continues to Show Strong Growth Potential
Personal skin care products prepared in the laboratory to ideally match customer preferences are predicted to become a major trend in the skin care products market. The market potential for personalized skin care products is high in Europe and North America, especially in the U.K. and the U.S. Regions such as Europe offer their consumers the choice of in-store consultancies to help them detect their skin type and match skin problems with appropriate skin care products.
Preparing skin care products in compliance with consumers’ taste and preference certainly takes time. The demand for personalized skin care products is tremendously high among consumers worldwide, and they are even willing to wait for a long time to receive their personalized skin care products and to pay a premium for such products. These factors have taken personalization of skin care products to a whole new level. With the development of new technologies in the skin care market, manufacturers have greater opportunities to develop and offer scientifically tested and proven skin care products in the market.
The skin care products segment has remained the cornerstone of the beauty and personal care market for decades. The market was posting strong sales figures even during the global recession. Healthy growth at a 4.9% CAGR is expected for the segment from 2015 to 2021, with a lion’s share of this growth coming from the facial care segment. The face cream segment covers skin-brightening, anti-aging, and sun protection products.
Anti-Aging Products Demand Growing in Asia Pacific
Wrinkles are no longer considered the only sign of aging. Dry skin, age spots, uneven skin tone, and hyper-pigmentation also degenerate the body over a period of time, impacting the natural beauty, fitness, and health of an individual. These problems can be defeated by specific anti-aging products and effective beauty product formulations. New innovations in UV absorption, addition of anti-aging formulations in shampoos, conditioners, and serums, demand for anti-aging creams that prevent dyspigmentation, erythema, laxity, wrinkles, and poor skin texture, and the growing desire for multifunctional and natural ingredients are some key factors driving the global anti-aging market.
Today, anti-aging products are relatively affordable and can often be purchased off the shelf in drugstores or supermarkets. Countries such as China, India, South Korea, and Japan are poised to witness tremendous interest for anti-aging procedures such as cosmetic surgeries in the coming few years, all of which points to rosy prospects for the APAC skin care products market.
Browse Full Skin Care Products Market Report With Complete TOC @ http://www.transparencymarketresearch.com/medicated-skin-care-products.html
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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