PUBLISHER: Allied Market Research | PRODUCT CODE: 1266515
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266515
The global Skin Care market is envisioned to garner $273.3 billion by 2031, growing from $146.7 billion in 2021 at a CAGR of 6.7% from 2022 to 2031.
Companies are introducing organic cosmetic products in response to growing awareness about the long-term effects of cosmetics uses. This trend responds to the increased consumer demand for organic and natural cosmetics. The usage of organic cosmetic products decreases the likelihood of any unwanted product consequences. The rise in the number of fake items in the market is one of the primary reasons preventing the skincare products market from growing.
The rise in prevalence of skin problems caused by synthetic components in beauty goods and cosmetics is likely to fuel market growth. Furthermore, the world's rapidly rising urban population, increase in disposable income, and increase in health awareness are important drivers driving the skin care market's expansion. Surge in product R&D investments have provided the sector with lucrative growth opportunities. Skin care product sales are expanding in emerging markets. Skin care is the most important component of the beauty industry. Skin care products can improve the quality, cleanse, and beautify exterior body components, allowing people to appear healthier and more appealing.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were on a standstill. To limit the spreading of the global pandemic, COVID-19, numerous retail outlets, beauty shops, and hairdressers have been temporarily closed. As a result, sales of skin care products have plummeted. However, the reduction in sales from store-based channels is more than offset by increase in sales from online channels. Owing to the scarcity of herbal skincare products in retail stores, people are turning to e-commerce channels to acquire them.
The key players profiled in this report include: L'Oreal Professional, Unilever, Procter & Gamble, Estee Lauder Inc. Beiersdorf AG, Shiseido Co., Ltd. Natura & Co. Kao Corporation, Johnson & Johnson Services, Inc., and Avon Products Inc.