Skin Care Market is estimated to be US$ 248.20 billion by 2030 with a CAGR of 5.52% during the forecast period
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Skin care are the procedures that help to maintain the integrity of the skin, improve its appearance, and treat skin conditions. This involves proper nutrition, avoiding excessive sun exposure, and using emollients appropriately. Changes in lifestyle patterns in emerging countries due to rapid urbanization, increased awareness of advanced skin care products, increased demand for skin care products, new product innovation, high investments in emerging countries, and others are among the top influencing factors in the global skin care products market. However, the market's expansion is constrained by the skin care product's short shelf life. People became more conscious of personal care items as their living conditions improved as a result of rapid urbanization and a rise in the working population. Many people are more inclined to use skin care and body care items when their disposable earnings and spending capacity rise. Consumers like skin care items such as face wash, cleansers, moisturizers, lotions, masks, serums, sunscreens, gels, and body care products. Due to rising customer demand, manufacturers in the global skin care products market are expanding their product development capacity. The market's growth is being fueled by the lucrative presence of small and medium-scale producers that are developing novel goods.
Region Analysis:
Rising population and rapid urbanization, as well as higher per capita spending on personal care products, are all contributing to the region's skincare market growth in fast-growing economies like China, South Korea, India, and Indonesia. Furthermore, the increasing availability of low-cost skincare products helps to the market's growth. Furthermore, use of face care products is most prevalent in China's tier 1 megacities, with increasing penetration in tier 2 and tier 3 cities, which have seen an increase in China's developing middle class and total skin and personal care product consumption. As a result, prominent competitors are concentrating their efforts on product innovation and mergers and acquisitions as fundamental methods for consolidating the industry.
Key Highlights:
· New Good Apple Lightweight Full-Coverage Concealer was launched by LVMH's KVD beauty brand in 2022. The concealer incorporates InterLace Pigments, which are ultra-concentrated and blend seamlessly into the skin for crease-resistant coverage and maximum vibrancy.
· Planet KIND, a new shaving and skincare brand from Gillette, was released in 2021. Planet KIND packaging is manufactured from 85 percent recycled paper, 85 percent recycled plastic, or infinitely recyclable aluminium, all of which are recyclable. Planet KIND's product line includes moisturisers, face washes, and other items.
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Key Market Insights from the report:
Global Skin Care Market accounted for US$ 145.65 billion in 2020 and is estimated to be US$ 248.20 billion by 2030 and is anticipated to register a CAGR of 5.52%. The global skin care products market on the basis of product type and region.
· Based on Product Type, Global Skin Care Market is segmented into Face Cream and Body Lotion.
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· By Region, the Global Skin Care Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Skin Care Market:
Key players operating in the global skin care product market includes Johnson & Johnson, Unilever PLC, Avon Products Inc.,Beiersdorf AG, The Estee Lauder Companies Inc., L\'Oréal S.A., Colgate-Palmolive Company, Kao Corporation, Shiseido Company, and Procter & Gamble.
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