Skin Care Product Industry is projected to witness a CAGR of 4.5% during the period 2023-2032. This growth can be attributed to the rise in disposable incomes and the urban lifestyle trend.
Selbyville, Delaware, Jan. 09, 2024 (GLOBE NEWSWIRE) --
Skin Care Product Market size could cross USD 231 billion by 2032. The advancements in formulations and the diverse range of offerings, including specialized products such as baby care items, will accelerate the business expansion of skin care products over 2023–2032.
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Continuous innovation in skincare formulations, incorporating cutting-edge ingredients and technologies, resonates with evolving consumer preferences. The availability of a comprehensive product range spanning from general skincare to specialized categories like baby care.
For instance, in 2022, Johnson & Johnson introduced a new line of skincare and haircare products tailored for infants and toddlers under the brand name Vivvi & Bloom. The brand unveiled its inaugural trio of products, including a 2-in-1 face and body whip lotion, a 2-in-1 wash and shampoo cleansing gel, and a 2-in-1 scalp and body massage oil.
Body Care products to gain popularity
The body care segment could contribute decently to the skin care product market size throughout 2023–2032 due to the increasing awareness of overall skin health. Consumers are increasingly recognizing the importance of holistic skincare, extending beyond facial care to encompass the entire body. The expanding array of body care offerings, including moisturizers, lotions, and sunscreens, aligns with evolving consumer preferences, positioning this segment as a pivotal driver in the skincare industry.
Non-luxury skincare to drive appreciable sales
The non-luxury skincare segment could capture a substantial skin care product market share by 2032, attributed to a growing consumer preference for affordable yet effective skincare solutions. As individuals prioritize their daily skincare routines, the demand for reasonably priced products with proven efficacy rises. The accessibility and affordability of non-luxury skincare items will significantly contribute to their dominance in the market, catering to a broad and diverse consumer base.
Asia Pacific to lead the skin care product industry
The Asia-Pacific skin care product market will register remarkable expansion from 2023 to 2032, driven by evolving consumer preferences and a growing awareness of skincare routines. Rising disposable incomes, urbanization trends, and an increasing emphasis on personal grooming contribute to the expanding demand. Additionally, the robust gains of the beauty and wellness sector in APAC countries will further contribute to the region's prominence in the business.
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Skin Care Product Industry Players
Key players in the skin care product market include L'Oréal Group, Unilever PLC, Beiersdorf AG, Johnson & Johnson, Procter & Gamble Company, Estée Lauder Companies Inc., Shiseido Company Limited, Colgate Palmolive Company, and M.A.C. Cosmetics, among others.
These players are employing innovative strategies to fortify their market presence, emphasizing the creation of strategic partnerships, the introduction of novel products, and their subsequent commercialization. Additionally, they are investing substantial resources in research and development endeavors to unveil pioneering products that can elevate their revenue streams.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Skin care product market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Product trends
2.5 Category trends
2.6 Ingredient trends
2.7 Distribution channel trends
Chapter 3 Skin care product Market Industry Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine War
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/Collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Type launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rising consumer awareness & interest in personal grooming
3.10.1.2 Growth of e-commerce and online retail sale channels
3.10.1.3 Increasing demand for organic & natural skincare products
3.10.1.4 Rise in disposable incomes and the urban lifestyle trend
3.10.1.5 Influence of social media and celebrity endorsements
3.10.2 Industry pitfalls & challenges
3.10.2.1 Stringent regulations and compliance requirements
3.10.2.2 Fluctuating raw material costs
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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