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Skincare Products to Reach $179 Billion by 2022

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The global skincare products market is expected to reach $179 billion by 2022, according to "Skin Care Products Market by Type and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022," by Allied Market Research(AMR).

The market is projected to grow at a CAGR of 4.7 percent from 2016 to 2022. The report also noted that Asia-Pacific dominated the market and contributed more than 40 percent of the overall market revenue, followed by Europe in 2015.

"In the skincare product market, skin-brightening creams have huge growth potential. Antiaging cream and sun-protection cream segments fuel the Asia-Pacific market due to the increase in aging population compared to developed countries. This segment is anticipated to witness high growth in the emerging countries," said Preeti Bisht, research analyst for consumer goods at AMR.

The rise in awareness toward skin care and usage of advanced skincare products, changing lifestyle supported by increasing disposable income and urbanization, and the increasing popularity of organic skincare products are all expected contributors to the notable market growth.

More specifically, face cream played a big part in the market’s growth in 2015 and is expected to hold its influence. Within the face-cream segment, antiaging cream and skin-brightening creams collectively accounted for around 75 percent of the market revenue. And the bodycare lotion segment held 41 percent market share of the global skincare products market in 2015.

Key findings from the report included: 

  • In 2015, face cream led the overall skincare market revenue and is projected to grow at a CAGR of 4.9 percent during the forecast period
  • Sun-protection cream is expected to exhibit the fastest growth in the face cream segment
  • Key players in the market have adopted merger & acquisition, product launch, partnership, and geographical expansion as their key developmental strategies to provide their services in different geographies for business growth. The major players profiled in this report include Johnson & Johnson, The Estée Lauder Cos., Unilever PLC, Avon Products, L'Oréal S.A., Kao Corp., Colgate-Palmolive Co., Shiseido Co., Beiersdorf AG, and Procter & Gamble.

[Image courtesy of Allied Market Research]


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