Published Date : Apr 10, 2018
Albany, New York, Apr 10, 2018: MarketResearchReports.biz have announced the addition of a new report which is titled, “Cosmetic Skin Care Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2016 – 2024.” The global cosmetics skincare market is consolidated with 45% shares held by the top five players in 2015, states the report. The names of these companies which made into the top 5 lists in 2015 are Avon products, Procter & Gamble, L'Oreal S.A, Unilever Group, and Beiersdorf AG.
The report further observed that leading players are investing extensively on research and development which is behind their frequent new product launches and developments.
Forming strategic alliances is another way through which these companies are shaping their brands and expanding their offerings. Leading players are also focusing on organic and natural products as cosmetics with natural and organic ingredients are gaining immense popularity.
According to the report, the global cosmetic skincare market will be worth US$200 bn by 2024. On the basis of geography, Asia Pacific is leading in the cosmetics skincare market whereas the fastest growing Regional segment is the Middle East in Africa. Bye product type, the demand for anti-aging products is higher and is expected to continue to remain so throw the forecast period. The anti-aging product segment is anticipated to be worth US$44 bn by 2024. The multi-utility cosmetics section is anticipated to witness the fastest growth rate in the years to come.
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One of the key factors boosting the growth of the global cosmetics skincare market is the increasing awareness among consumers have regarding the availability of a wide variety of products which can reduce the appearance of wrinkles, fight various signs of aging, remove warts, prevent dryness of skin, fade scars. The growing desire to look young, and have a healthy, beautiful appearance is behind the escalated demand for cosmetics skincare product. Rising geriatric population worldwide is a key contributor to the growth of the global cosmetics skincare market. Market players are constantly releasing new and improved products with attractive packaging and ingredients that are natural and organic, thereby attracting more consumers towards using their product.
Excellent marketing strategies adopted by market players are also inspiring consumers to adopt and try the various skin care products. With supermarkets and hypermarkets making cosmetic skincare products available easily, the sales of skin care products is rising. The availability of these products online is also adding to the increased sales of cosmetic skin care products. The growing demand for sunscreen products skin whitening products and anti-aging creams and lotions is helping the growth of the overall cosmetics skincare market worldwide.
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