Skin care products are those that support the skin’s integrity, enrich its appearance in addition to curing skin conditions. Skin care products provide the nutrition required for the skin, while products such as sunscreens protect the skin from harmful UV-radiations, thus helping in the prevention of skin cancer. The rising personal care industry worldwide, is driving the growth of the skin care products market. According to the International Trade Administration (ITA), in 2014, per capita spending on cosmetic products was reported as USD 139 in United States, USD 171 in South Korea and USD 174 in Japan. Thus, the high per capita spending on cosmetic products is anticipated to boost the growth of the market. Further, new product launches and various innovation in the skin care products such as organic personal care products, are the factors, supporting the growth of skin care products market. For instance, Revlon Inc. had launched a series of Almay Kinetin Skincare Advanced Anti-Aging products, in 2017. However, the limited shelf life of the skin care product poses as a limitation to the market growth.
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Market Trends:
Factors driving market growth include increasing inclination towards probiotic skincare products, which has probiotic bacteria such as bifidobacterium and lactobacillus that are beneficial to the skin. For instance, Aurelia Probiotic Skincare Miracle Cleanser, launched by Aurelia, incorporated this bacteria in its products. Demand for hyaluronic acid and retinoid-based products, is increasing on account of the powerful anti-aging properties of these products. These help in treating issues such as wrinkles, scars, acne, and sun damage.
The online stores segment is expected to exhibit fastest growth on an account of the growing e-commerce retail industry. Customers are preferring the online segments for the purchase of skin care products due to the option to choose from a wide range of products in addition to options such as discounts and delivery. According to U.S. Census Bureau News, total e-commerce sales in the U.S. in 2017 accounted for US$ 453.5 billion, an increase of 16.0% compared to 2016.
Market Outlook:
Asia Pacific is held the fastest-growing market for skin care in 2016 and is expected to retain its dominance throughout the forecast period (2018-2025). According to ITA, with rising demand from men, the Indian skin care market is expanding at a phenomenal rate and several players are developing innovative cosmetic products, especially skin care products, for men. Companies such as L'Oréal are introducing special men’s skin care range such as anti-aging products in India. A number of international brands are focusing on entering into the market in Asia Pacific due to the huge untapped potential, especially in the emerging economies such as India and China. For instance, Malu Wilz, a premium German skin care brand, partnered with Kaunis Marketing Services Pvt Ltd in India, in 2017, to enter in the Indian skin care market.
Several skin care manufacturers are focusing on product innovation with added benefits. For instance, Revance Therapeutics Inc. is developing wipe-on botulinum toxin to wipe off wrinkle lines by 2018, in order to prevent aging. Manufacturers are also adopting numerous inorganic strategies such as mergers and acquisitions in order to strengthen their position in the global skin care market. For instance, L’Oréal acquired three skin care brands, CeraVe, AcneFree, and Ambi from Valeant for around US$ 1.3 billion in January 2017.
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The market is highly competitive due to presence of a large number of brands and premium pricing. Consumers thus, switch between brands and settle for personalized products. Hence, the skin care manufacturers are adding innovative products with beneficial ingredients such as healthy bacteria, to their product portfolio. Apart from this, manufacturers are also incorporating new technologies such as nano gold and nanosomes technology or nano particles such as the Peter Thomas Roth line of 24K gold skincare for manufacturing skin care products. These products contain physicochemical characteristics of nanoparticles, such as rigidity, hydrophobicity, size, and charge, which are crucial for skin permeation mechanism and reducing aging. Thus, these products are gaining significant traction, globally.
Some of the major players operating in the field of skincare products market are Unilever Plc, Shiseido Company Ltd., Johnson & Johnson Inc., Procter & Gamble Co., Revlon Inc., Kao Corporation, and Avon Products Inc.
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