The global
cosmetic skin care market is
fairly consolidated, with the top five players accounting for a share of over
45% in 2015. Transparency Market Research finds in a new report that these
companies, namely L’Oreal S.A., Unilever Group, Procter & Gamble,
Beiersdorf AG, and Avon Products, have been focused on research and
development, acquisitions, and new product development as their key growth
strategies in the cosmetic skin care market. Unilever’s acquisition of leading
professional skin care brand, Dermalogica, in June 2015, for instance, is one
among the many strategic alliances and acquisitions companies have been
engaging in in recent years to shape their brands into more premium offerings.
“The potential of ‘natural’ and organic cosmetic products is
huge as an increasing number of consumers are becoming more aware of the
ingredients in skin care products. The inclusion of this product segment in the
portfolio can prove to be immensely lucrative for players,” the author of the
TMR study recommends.
Consumer
Base for Anti-aging Skin Care Products Widening
An increasing number of consumers have been contributing
toward the demand for anti-aging creams and skin care products to fight various
signs of aging. The growing global geriatric population, as a result, is one of
the key factors driving the global market for cosmetic skin care. The number of
people aged 65 and above has been reportedly increasing in China, Germany,
Japan, Italy, and the U.S. and this trend is likely to benefit the demand for
cosmetic skin care products.
“Interestingly, the demand for anti-aging products is not
restricted only to the aging consumer group,” the author of the study finds.
“Women over the age of 30 have also been contributing significantly to the
demand for anti-aging creams and lotions.”
A growing focus on new product
innovation and an improvement in the quality and functions of various cosmetic
skin care products is a key factor boosting the global market. “The cosmetic
skin care market is built on the principle of new product innovation,” the TMR
analyst states. “An increasing number of players have been investing huge
capital in research and development to improve the effectiveness of products
such as skin whitening cosmetics, anti-aging creams, sunscreen products, and
multi-utility skin care products.”
MEA Providing Lucrative Options for Players in Cosmetic Skin
Care Market
The opportunity in the global cosmetic skin care market was
pegged at US$127.1 bn in 2015. Expanding at a 5.1% CAGR from 2016 to 2024, the
market is projected to be worth just over US$200 bn by the end of the forecast
period. By type of product, the market is led by anti-aging products and this
segment is likely to retain its position throughout the forecast period,
amounting to over US$44 bn by 2024.
Cosmetic skin care products to minimize wrinkles were the key
revenue generators in 2015, with multi-utility cosmetics expanding at the
fastest pace during the forecast period. By region, Asia Pacific is the leading
contributor to the cosmetic skin care market, while the Middle East and Africa
is emerging as the most rapidly expanding regional segment in the forecast
period. “Players have been expanding their operations in the MEA region owing
to the growing product awareness of consumers and a booming retail sector,”
states the TMR analyst.
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