The global cosmetic skin care market
demonstrates a fairly consolidated vendor landscape, with top five
players holding more than 45% share in 2015, states Transparency Market
Research (TMR) in a new report.
Key companies, namely L’Oreal S.A.,
Procter & Gamble, Avon Products, Unilever Group, and Beiersdorf AG
have been engaged in research and development, and new product
development to garner higher market share.
Apart from, strategic collaborations and
mergers and acquisitions are the focus of leading companies in the
global cosmetic skin care market. A case in point is Unilever. In June
2015, Dermalogica – the leading skin care brand- acquired Unilever to
shape its brand name for premium product offerings. Such collaborations
also serve to expand product offerings for natural and organic cosmetics
that have huge growth potential, adds the author of the study.
The global cosmetic skin care market was
worth US$127.1 bn in 2015. Expanding at a CAGR of 5.1% between 2016 and
2024, the opportunity in the market is expected to be over US$200 bn by
the end of 2024.
By product type, cosmetic skin care
products with anti-wrinkle properties accounted for the leading revenue
in the overall cosmetic skin care market in 2015. Asia Pacific is
expected to emerge as a key market for cosmetic skin care products due
to rising consumerism and rising disposable income in emerging
economies.
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Increasing Appearance Consciousness among Consumers for Societal Acceptance boosts Demand
In several parts of the world, increasing
middle-aged and senior citizen population is a key factor for the
rising demand for anti-aging skin care products. Consumers in most
Western countries are appearance conscious and tend to spend heftily on
skin care products. This is acting in favor of the cosmetic skin care
market.
“Interestingly, the demand for anti-aging
cosmetics is not restricted to aging consumers,” states the author of
the study.” Women above the age of 30 years also account for significant
demand for anti-aging skin care products.
Apart from this, product innovation and
inclusion of naturally sourced ingredients in skin care products is the
focus of savvy players in the cosmetic skin care market. This is to
introduce products that serve the appeal of new-age consumers.
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