|Cosmetic Skin Care Market Size to Reach US$ 205 Bn by 2026|
|By GLOBE NEWSWIRE|
|Wednesday, 15 May 2019 06:00|
LOS ANGELES, May 15, 2019 (GLOBE NEWSWIRE)
LOS ANGELES, May 15, 2019 (GLOBE NEWSWIRE) -- The Global Cosmetic Skin Care Market is estimated to develop at CAGR around 5.2 % over the forecast time frame and reach the market value around USD 5.2 billion.
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Consumers progressively move from chemicals to organic or chemical-free cosmetics. Cosmetics without chemicals are free of toxic skin compounds or biologically active compounds that affect the skin medicinally and are thus gaining in popularity among consumers.
Leading players in the cosmetic skin care worldwide focus on developing new products for many customers. In order to increase its geographical reach and penetrate deeper in regional areas, they also invest in merger and acquisitions, collaborations and partnerships. Research and development are also one of these players' key strategies. Furthermore, players focus on the production of organic cosmetics in order to keep up with the changing consumer preferences.
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A growing population of middle-aged and old citizens is an important contributor to the growing demand for anti-aging skin care products in several parts of the world. Consumers in most Western countries are aware of their appearance and tend to spend heavily on skin treatments. This is acting in favour of the cosmetic skin care market. The usage of anti-aging cosmetics is not limited to the elderly, hence the demand for skin care products for women above 30 years of age are also high. In addition, the focus of expert actors in the cosmetic skin care market is product innovation. This is to introduce products that serve the appeal of new-age consumers. The intensity of the sun mostly increases demand for sun protection products in tropical countries during the year. Tropical countries like India and Thailand, favoring Western tourist resorts, have a significant sunscreen demand. This supports the market for cosmetic skin care. On the other hand, high-chemical cosmetic skin care products have been limited in acceptance. This affects the global market for cosmetic skin care. Worldwide, key markets are witnessing an increase in disposable earnings. An increase in disposable revenue due to an increase in spending capacity is linked to an increase in consumption activity. The global skin care market is driven by this factor. Aging anxiety, environmental concerns, the need to look younger and the changes in face appearance have led middle-aged people to choose cosmetic care products to obtain clear and shiny skin. Thus, higher acceptance by the younger population of beauty and skin-care products contributes to the overall market growth. The introduction of new cosmetic skin care products with an ability to improve the overall appearance of the skin has led to their widely adopted appearance among people and a naturally younger appearance. Speedy development and higher disposable income will contribute to growth of the market. Recent times have been driven by the increasing popularity and presence of premium cosmetic skin care brands. Prosperous consumers constantly seek to update and advance their skin care knowledge, which enables them to learn and engage with luxury and premium online brands. These wealthy consumers influenced premium skincare companies to develop their digital appeal and credibility in order to increase their share of the market.
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On the basis of geography, the global cosmetic skin care market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Asia Pacific is anticipated to grow at highest CAGR over the forecast period owing to the growing demand for various skin care products and changing lifestyles among people. Policies and problems associated with the utilization in this market of different ingredients could also disrupt demand. In addition, the presence of pseudo-natural inputs used in the production of these products can hinder the growth of the global market in cosmetic skin care. Furthermore, increased efforts by manufacturers to improve product quality through innovation and R&D will increase demand in the regional market. Additionally, approval by government agencies such as the FDA, the EPA and other organizations which help to improve product shelf-life will also drive demand in this market.
Few of the major actors in the industry in the global cosmetic skin care market are BeiersdorfAG.srl, Estée Lauder Inc, Johnson & Johnson Consumer Inc, L’ORÉAL PARIS, Galderma Laboratories L.P, Coty Inc, Procter & Gamble, Shiseido Company, Revlon, and Unilever.
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