Kenneth Research, in its repository of market research reports, have recently added a report on Skin Care Products Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Skin Care Products Market products.
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By the end of 2050, the world’s population aged 60 years and above is anticipated to reach 2 billion, states the World Health Organization (WHO), in one of its statistics. Additionally, several manufacturers are increasingly showing interest for manufacturing healthy beverages, which is also anticipated to drive the growth of the market in the coming years.
Global Skin Care Products Market was valued at USD 137 Billion in the year 2017. Global Skin Care Products Market is further estimated to grow at a CAGR of 4.8 % from 2019 to reach USD 198.7 Billion by the year 2025. The North America region holds the highest Market share in 2017 and the Asia Pacific is considered as the fastest growing Market in the forecasted period. At the country level, India and China are projected to grow strongly in the coming years due to increasing rate of population.
Major market players in the Skin Care Products Market are Johnson & Johnson, The Estee Lauder Companies Inc., Unilever, New Avon Llc, Loreal, Kao Corporation, Colgate-Palmolive Company, Shiseido Company Ltd, Best Sanitizers Inc., Beiersdorf, and brief overview of 10 companies is also provided in the report. Rising research and development expenses cater to changing demand of end users. Similarly, growth strategies such as acquisition, merger and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
SWOT Analysis of Skin Care Products Market:
Strength:
Rising awareness towards skin care.
Changing lifestyle and climatic changes.
Widening of distribution networks of manufacturers
Weakness:
Limited shelf life of skin care products.
High price of natural and organic skin products
Opportunities:
Focus on research and development.
High investments in emerging countries.
Threats:
Intense competition among the producers.
Lack of trust in online marketing of skin products.
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The Global Skin Care Products Market report is segmented as By Product, Distribution Channel, End Use and Region. The Product segment, is divided into two segments, face cream and body lotion. Face cream contributes to the highest Market share. The Distribution Channel is divided into, marketing, departmental stores, pharmacy and drug stores, specialty stores, beauty salons, internet retailing and shopping complexes. Departmental stores segment have the highest share in the Market as a result of changing lifestyle and growing focus on skin care especially among the younger generation.
Skin Care Products Market Segmentation:
By End Use
*Youngsters
*Adults
*Older people
By Distribution Channel
*Supermarkets
*Departmental stores
*Pharmacy and drug stores
*Specialty stores
*Beauty salons
*Internet Retailing
*Shopping complexes
By Product
*Face cream
*Body Lotion
By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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