According to the latest report by IMARC Group, titled “Skin Care Products Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global skin care products market size reached US$ 128.9 Billion in 2018. The skin is the largest and one of the most delicate organs of the body, which makes it essential to maintain its health. Nowadays, as people are becoming more conscious about their appearances, the utilization of skin care products, such as cleansers, exfoliators, toners and moisturizers, has increased. In order to fulfill this demand, manufacturers are introducing specialized products to suit specific skin types. They are also incorporating natural and organic ingredients, such as rosehip oil, vitamin C and vitamin E, in line with the rising health and environmental concerns. Apart from this, governments of several nations have introduced stringent regulatory frameworks prohibiting the use of potentially harmful ingredients and for ensuring the production of cruelty-free products.
Global Skin Care Products Market Trends:
Over the past few years, there has been a significant rise in pollution levels, which has led to the escalating demand for products that can protect the skin from environmental aggressors. Other than this, consumers are also concerned about exposure to blue light from digital devices, which can accelerate skin aging. These concerns are providing a boost to the production of anti-pollution and anti-blue light skin care products across the globe. Furthermore, skin care brands are adopting innovative marketing strategies to diversify their consumer base by focusing on inclusivity. For instance, the US-based beauty products company, Wet N Wild, has recently launched the ‘Breaking Beauty’ campaign that stars a transgender model, a cancer survivor, an activist, and the first model with albinism. On account of these factors, the market is projected to expand at a CAGR of around 4% during 2019-2024, reaching a value of US$ 165.9 Billion by 2024.
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Market Summary:
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