Global Skincare Products Market 2017-2021
About Skincare Products
The beauty and personal care products, used for different skin related concerns, treatments, and skin beautification, are considered as skincare products. The global skincare products market is significantly fragmented and competitive with the presence of numerous players providing a wide variety of skincare products. The global BPC market segments include skincare products, haircare products, color cosmetics, fragrances, oral hygiene products, and depilatory products. Skincare, haircare, and color cosmetics segment control more than half of the global BPC market's revenue.
Technavio’s analysts forecast the global skincare products market to grow at a CAGR of 2.94% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global skincare products market for 2017-2021. To calculate the market size, the report considers the value sales of skincare products.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Skincare Products Market 2017-2021
Technavio recognizes the following companies as the key players in the global skincare products market: Beiersdorf, Estée Lauder, L’ORÉAL, Procter & Gamble (P&G), and Unilever
Other Prominent Vendors in the market are: Amway, BABOR, Clarins, Coty, Kao, LVMH, Mary Kay, New Avon, Oriflame Cosmetics Global, REVLON, and Shiseido.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Rising demand for multifunctional skincare products. The trend of incorporating multiple benefits and functions in a single skincare product is gaining popularity across the globe. There is a rise in the demand for multifunctional skincare products among customers. Multifunctionality helps customers derive maximum value for the amount spent on a single product. These products are priced higher than other skincare products. However, multifunctional skincare products are perceived to save the time and money of customers. A multifunctional face moisturizer offers multiple benefits such as moisturizing the skin, reducing dark spots, acting as a sunscreen, and avoiding sun tans. Due to the availability of multifunctional skincare products in the global skincare products market, customers are increasingly opting for such products.”
According to the report, one of the major drivers for this market is Product innovation and product line extension leading to product premiumization. The global skincare products market demands regular innovations as customers are on the lookout for innovative products that provide them optimal usage. Customers across the globe prefer skincare products that address multiple skin concerns in a minimal time span. Customers, of late, opt for natural, instant ways to heal their skins. To meet the evolving needs of customers, vendors focus on manufacturing innovative products.
Further, the report states that one of the major factors hindering the growth of this market is Availability of counterfeit skincare products. In the global skincare products market, there exists a high proportion of counterfeit skincare products. Counterfeit beauty-and-personal-care products are claimed to cause ill-health to the user. However, with the advent of e-commerce, there has been an increase in the sales of counterfeit products worldwide. Customers find it difficult to differentiate between counterfeits and real products. Another attracting factor toward counterfeit products is their price. They are offered at comparatively lower prices.
Beiersdorf, Estée Lauder, LOREAL, Procter & Gamble (P&G), and Unilever, Amway, BABOR, Clarins, Coty, Kao, LVMH, Mary Kay, New Avon, Oriflame Cosmetics Global, REVLON, and Shiseido.
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