The global skincare market was valued at $134 billion in 2018 and is projected to reach $183/03 by 2025. According to a report from Grand View Research, this market will expand at a CAGR of 4.4%
So why is the skincare market growing so fast? There are a few factors influencing the success of the skincare market, including:
- Natural Products – Over the past few years there has been a growing demand for natural and organic products. This has prompted major manufacturers to focus more on research and development activities and formulate new products, resulting in the growth of green chemistry and the green sector.
- Prevention – The potential for skin problems has been a growing concern among consumers is also driving the market. As TechNavio points out, customers are increasingly focusing on protecting their skin with preventative skin care products as exposure to harmful UV radiation can cause premature aging of the skin, or even lead to skin cancer.” In fact, Technavio forecasts the global sun care products market alone to grow USD 2.85 billion in market size between 2017-2022.
- Age-Defying – The rising geriatric population demand for products with anti-aging properties is expected to grow as well.
- Advanced Technology – Technological and product innovations have led to increased demand for skin care products.
- Men in the Market – Men have also had a growing interest in the skincare market. Pigmentation, aging and acne are some of the major concerns among customers within the men’s skincare market.
There are two main subcategories in this skincare market: face creams and body lotions. The face creams category includes sun protection cream, skin brightening cream, and anti-aging cream while the body lotions include body care lotion and premium body care lotion.
In 2018 the face creams subcategory lead the market and is expected to do so throughout the forecast period.