The global cosmetic skin care market is expected to reach a value of US$ 130.4 Bn by 2027. In terms of revenue, the market is estimated to expand at a CAGR of 3.7% from 2019 to 2027. In terms of volume, the market stood at around 2,853.7 Million units in 2017. The cosmetic skin care market in Asia Pacific is expected to expand at a notable growth rate during the forecast period both in terms of value (US$ Bn) and volume (Million Units). The market in Asia Pacific witnessed considerable expansion due to increasing disposable income in Japan, China, and India.
The market dynamics of the global cosmetic skin care market are subject to factors primarily related to the preference for organic cosmetic skin care products and rising disposable incomes. In terms of gender, the women segment is anticipated to account for a major share and reach a value of US$ 112.45 Bn by 2027, expanding at a CAGR of 4.4% during the forecast period. However, stricter implementation of government regulations regarding the ingredients used in the cosmetic skin care products is a major factor restraining the market. Nevertheless, the market is anticipated to expand due to rising demand in Asia Pacific.
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In 2017, In terms of product, the moisturizer segment was valued at US$ 25.26 Bn. Moisturizers are used to treat dryness of the skin through the topical application of lotions and creams on the affected parts of the body. Based on application, the surgical cosmetic skin care segment accounted for a relatively minor share of the market, in terms of value as well as volume, as the adoption is not as high as the topical segment. The surgical segment is anticipated to reach a value of US$ 29.71Bn by 2027, expanding at a CAGR of 3.6% during the forecast period. In terms of distribution channel, the online segment is anticipated to reach a value of US$ 20.15 Bn by 2027, expanding at a CAGR of 5.2% during the forecast period. The online segment is estimated to expand at a rapid pace during the forecast period, due to the benefits of using e-commerce websites, which offer ease of use and enable consumers to choose from a wide range of products.
Stringent regulations enacted by governments across the globe regarding the ingredients used in cosmetic skin care products is a key factor restraining the cosmetic skin care market. Government regulations ban the use of certain chemicals in cosmetic skin care products. These regulations have been enacted to ensure the safety of the ingredients used and to protect consumers from the side-effects of chemical-based products. The regulations require a product to be certified organic in order to be sold in the market as an organic cosmetic skin care product. However well-intentioned the regulations may be, they impose a compliance cost on the cosmetic skin care manufacturer, due to a rise in the investment needed to develop and implement testing mechanisms to ensure the safe level of chemicals in the final product. This acts as a restraint for manufacturers and subsequently hampers their business decisions and activities.
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An opportunity exists in the segment of personalized cosmetic skin care products, wherein manufacturers take into account specific details of individuals such as weather, skin type, pollution levels where they live, and myriad other details to ensure that the product is compatible with and effective on the user’s skin. User experience is also considered while undertaking personalization. Cannabidiol (CBD) is one of the 80 compounds called cannabinoids extracted from the cannabis sativa plant. CBD is known to treat dry skin, psoriasis, and eczema and is being utilized in several beauty products. Products containing this ingredient range from lipsticks, gels, balms, to fragrances, moisturizers, and shampoos. CBD also offers anti-inflammatory and moisturizing properties, which is increasing its popularity as an ingredient in cosmetic skin care products. Increasing popularity of this ingredient offers an opportunity to manufacturers operating in the market who could incorporate this ingredient in their products.
Key players profiled in the global cosmetic skin care market are Beiersdorf AG.srl, Coty Inc, Estée Lauder Inc, Galderma Laboratories L.P, Johnson & Johnson Consumer Inc, L’ORÉAL PARIS, Procter & Gamble, Revlon, Shiseido Company, and Unilever.
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