Published Date : Dec 29, 2016
The sheet face masks market represents a noteworthy share in the skin care industry and is anticipated to rake in a healthy share of the pie with the robust growth of the industry. The rigorous research and development activities involved in the making of innovative face masks are themselves favoring the growth of the market. According to a research report by Transparency Market Research, the global market for sheet face masks was valued at US$160.4 mn in 2015 and is poised to progress at a CAGR of 8.7% from 2016 to 2024, reaching US$336.7 mn by 2024.
Increasing Need for Anti-aging Products to Boost Uptake of Sheet Face Masks
The rising global population and their increasing demand for beauty and cosmetic products are significantly contributing to the growth of the global sheet face masks market. The rising need for products for skin tightening and anti-aging among the elderly population is providing a fillip to the market. Changing weather patterns, which are causing skin damages, are also translating into the greater uptake of sheet face masks globally.
Furthermore, the flourishing growth of the fashion industry and increasing interest for grooming among men are assisting the growth of the market. On the other hand, the poor availability and high cost of sheet face masks are making it difficult to cater to all types of consumers with varying budgets and needs, which in turn is hampering the growth of the market.
Rising Consumer Disposable Income to Augur Well for Sheet Face Masks Market in Asia Pacific
Geographically, Asia Pacific will continue to be the leading revenue contributor until 2020. The rapidly growing population along with the rising disposable income of consumers plays a vital role in the growth of the region. The presence of a large pool of younger generation, their increasing emphasis on aesthetics, and the rising purchasing power are contributing to the growth of the Asia Pacific market for sheet face masks. Analysts estimate that these factors are also responsible for the growth of other emerging markets such as the Middle East and Africa and Latin America.