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Global cosmetic skincare market to reach $200bn by 2024

by Arun Shirishkar

Transparency Market Research conducted a study to understand the growth chart of the cosmetic skincare market of the world.

Market focus

The global cosmetic skincare market is likely to experience fast growth during the forecast period between 2016 and 2024. Key players in the global market are holding significant share in the overall market. Companies such as Unilever Group, Procter & Gamble, Beiersdorf AG, L’Oréal S.A., and Avon Products held 45% share in 2015.

Leading players operating in the global cosmetic skin care market are focusing on developing new products to attract large number of customers. They are also investing in mergers and acquisitions, collaborations, and partnerships to increase their geographical reach and penetrate deeper in regional areas. Research and development are also considered one of the key strategies used by these players. In addition, players are also focusing on manufacturing organic cosmetics to keep up with the changing preferences of consumers.

According to Transparency Market Research, the global cosmetic skin care market is projected to rise at healthy CAGR of 5.1% over the forecast period from 2016 to 2024. Expanding at this rate, the global cosmetic skin care market is likely to touch US$200 by 2024. In 2015, the valuation of the market was US$127.1 bn.

Increase in consumer awareness
Based on product type, the multi-utility skin care segment is expected to lead the global cosmetic skincare market during the forecast period. The dominance of this segment is attributed to growing demand for multi-utility skin care products as they can be used for various purposes. These products help to do away with usage of many cosmetics at single time. With respect to geography, Asia Pacific is expected to lead the global cosmetic skin care market due to increasing awareness and benefits of these skin care products in developing economies in countries like China and India. Increasing disposable incomes among the middle-class families has also boosted the demand for cosmetic skin care products in this region.

Apart from consume awareness, growing efforts by manufactures to improve quality of products through innovation and research and development will further multiply demand in this market. Furthermore, approval from government organisations such as FDA, EPA, and others that helps to increase shelf life of the products is also expected to drive demand in this market.

Deterrants in developing countries
Few factors might obstruct the growth in the global cosmetic skin care market. One of the key reasons is the growing importance of formulation issues in various developed counties like Europe and North Americacan restrict market’s growth. Policies and issues related to the use of various ingredients might also deter the demand in this market. Moreover, the presence of pseudo-natural ingredients used in manufacturing these products can also hamper the growth in the global cosmetic skin care market.

This review is based on the findings of a TMR report titled “Cosmetic Skin Care Market (Product – Anti-Aging Cosmetic Products, Skin Whitening Cosmetic Products, Sensitive Skin Care Products, Anti-Acne Products, Dry Skin Care Products, Warts Removal Products, Infant Skin Care Products, Anti-Scars Solution Products, Mole Removal Products, Multi Utility Products; Application – Stem Cells Protection against UV, Flakiness Reduction, Rehydrate the skin’s surface, Minimize wrinkles, Increase the viscosity of Aqueous) – Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2016 – 2024.”

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