The global skin care products market size is projected to reach USD 183.03 billion by 2025 expanding at CAGR of 4.5%, according to a new report by Grand View Research, Inc. Increasing demand for natural, herbal, and organic products that have no adverse effects is expected to boost the market growth over the forecast period. Skin care products include various synthetic and natural products, such as body lotions and face creams. Rising concerns regarding skin problems are also driving the skin care products industry. Rising awareness about natural ingredients providing UV protection is also expected to fuel the market growth.
With the rising geriatric population, demand for products with anti-aging properties is expected grow, thereby driving the overall market. Organic skin care product manufacturers focus more on the development of newer formulations targeted at fighting the effects of skin aging. Rising awareness about skin care has led to the inclusion of sun protection, anti-aging, and anti-wrinkle properties in skin care and makeup products. Although, increased concerns regarding authenticity of products has been encouraging emerging manufacturers to enter the market; intense competition may pose a serious challenge to the market growth.
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High costs of organic and natural skin care products are also expected to hamper market growth over the next few years. However, increasing demand for organic body lotion products, especially in countries like Canada, India, and Mexico, on account of rising consumer awareness regarding benefits of natural ingredients like turmeric and neem is expected to have a positive impact on the market.
Further Key findings from the study suggest:
- Favorable regulatory support in countries like India and Mexico encouraging investments at domestic level is expected to open new avenues for the market in future
- In terms of volume, the global revenue for body lotion is said to be the fastest-growing product segment at a CAGR of 5.3% over the forecast period
- Face cream segment led the global skin care products market in 2017 accounting for 48.5% of the market share and will maintain the dominance throughout estimated period
- The global market is characterized by the presence of major international companies, such as L’Or?al S.A, Unilever PLC, Beiseidorf AG, and Colgate Palmolive