Global Cosmetic Skin Care Market 2019-2023
About this market
In recent years, the population in the age group of 30-45 years has been increasing worldwide. This is leading to growing demand for cosmetic skincare products to achieve flawless looking skin while improving the person’s overall appearance. The aging anxiety, environmental factors, concerns about changes in facial appearance, and the need to look younger have all led middle-aged people to opt for cosmetic skin care products to obtain clear and glowing skin. Thus, the higher adoption of beauty and skincare products among the younger population is another factor contributing to the overall growth of the market. Technavio’s analysts have predicted that the cosmetic skin care market will register a CAGR of almost 6% by 2023.
The introduction of new cosmetic skin care products with the capability to improve the overall appearance of the skin has led to their widespread adoption among people to enhance their appearance while obtaining a natural and younger look. Thus, rapid urbanization and increasing disposable incomes will contribute to market growth.
High cost of cosmetic skin care products
Cosmetic skin care products such as anti-aging creams, serums, and other age-defying facial products are priced on the higher side due to factors such as the presence of the expensive ingredients. Thus, the high cost of cosmetic skincare products makes them unaffordable for many people, which hinders the growth of the market significantly.
For the detailed list of factors that will drive and challenge the growth of the cosmetic skin care market during the 2019-2023, view our report.
The cosmetic skin care market appears to be moderately fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Cosmetic Skin Care Market 2019-2023
Technavio recognizes the following companies as the key players in the global cosmetic skin care market: Beiersdorf, Johnson & Johnson Services, L’Oréal, The Estée Lauder Companies, and Unilever.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing availability of skin care products through various distribution channels will have a positive impact on the growth of the market.”
According to the report, one of the major drivers for this market is the rapid urbanization and increasing disposable incomes will contribute to market growth.
Further, the report states that one of the major factors hindering the growth of this market is the presence of stringent regulations on the approval and marketing of cosmetic skincare products makes their manufacturing tedious and delays product launches by manufacturers, thus hampering the market growth.
Johnson & Johnson Services
The Estée Lauder Companies
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook