According to a new market report published by Lucintel, the future of the global
skincare product industry looks good with opportunities in the areas of anti-aging, sun protection, body care lotion, and multi-functional skin cream. The global skincare product industry is expected to reach an estimated $135.1 billion by 2021 and is forecast to grow at a CAGR of 3.8% by value from 2016 to 2021. The major drivers for the growth for this market are increasing awareness among consumers about skin care and consumers’ inclination towards multi-functional skincare creams.
In this industry, facial care, body and hand care, depilatories, and sun care are the major segments by product type. On the basis of comprehensive research, Lucintel forecasts that the facial care segment is expected to show above average growth during the forecast period.
Within the
skincare product industry, facial care is expected to be the largest segment by value and volume. Growth in demand for skincare products is largely dependent on growing health awareness regarding sunburn damage and an increase in penetration of multi-functional skincare products in applications like anti-aging and skin lightening. Anti-aging creams are also combined with sun protection properties to be used as multifunctional skincare creams, which would spur growth for this segment over the forecast period.
Asia Pacific is expected to remain the largest market due to the increasing population and rising per capita income in this region.
The APAC region is expected to witness significant growth over the forecast period because of the rise in population and in disposable income; also, there is increasing awareness about appearance, especially in India, China, Japan, and South Korea.
For business expansion, the report suggests innovation and new product development to produce skincare products which have excellent transparency, outstanding dispersing properties, and better functional benefits for the end user. The report further suggests the development of partnerships with customers to develop user friendly skincare products.
Emerging trends, which have a direct impact on the dynamics of the industry, include multiple featured products, such as fairness creams with sun block features and sun care products with anti-aging effects. L’Oréal, Unilever PLC, Estee Lauder Companies Inc., Kao Corporation, and Procter & Gamble are the major manufacturers of skincare products.
Lucintel, which is a leading global strategic consulting and
market research firm, has analyzed the global skincare product industry and compiled a comprehensive research report entitled “
Growth Opportunities in the Global Skincare Product Industry 2016-2021: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategy because it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global skincare product industry for personal care products as facial care, body and hand care, depilatories, and sun care as follows:
By product [Value ($ Billion) and Volume (Billion Units) for 2010 – 2021]:
·
Facial care – Anti-aging
– Moisturizer
– Cleanser and Scrub
– Others
· Body and Hand Care
– Body Care
– Hand Care
· Depilatories
· Sun care
– After Sun
– Self-Tanning
– Sun Protection
By region [Value ($ Billion) and Volume (Billion Units) for 2010 – 2021]:
· North America
· Europe
· Asia Pacific
· Rest of the World
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This report addresses the following key questions: Q.1 What are some of the most promising, high-growth opportunities for the skincare product industry by product including facial care (anti-aging, moisturizer, cleanser and scrub, and others), body and hand care, depilatories, and sun care (after sun, self-tanning, and sun protection) and by region of North America, Europe, Asia Pacific, and the Rest of the World?
Q.2 Which segment will grow at a faster pace and why?
Q.3 Which region will grow at a faster pace and why?
Q.4 What are the key factors affecting industry dynamics? What are the drivers and challenges in this industry?
Q.5 What are the business risks and competitive threats in this industry?
Q.6 What are the emerging trends in this industry and reasons behind them?
Q.7 What are some of the changing demands of customers in the industry?
Q.8 What are the new developments in the industry and which companies are leading these developments?
Q.9 Who are the major players in this industry? What strategic initiatives are being taken by key players for business growth?
Q.10 What are some of the competing products in this industry and how big of a threat do they pose for loss of market share by product substitution?
Q. 11 What M&A activities have occurred in the last 5 years?