Kenneth Research recently added a report on the Skin Care Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
It is anticipated that increased demand for natural, herbal and organic goods with no adverse effects will increase market growth over the forecast period. This increase in the size of the market will be ascribed to the existence of premium brands as customers become more interested in extending their skin care understanding. Also, it is also anticipated that increased awareness of natural ingredients that provide UV protection will boost market growth. Demand for products with anti-aging characteristics is anticipated to increase with the increasing geriatric population, thus driving the general market. A broad range of products are on the market, anti-aging creams, including sunscreens, body lotions, and skin-brightening creams.
Growing awareness of synthetic counterparts ‘adverse effects has helped to boost demand for natural products. Segment facial creams retained the biggest market share in 2019 and is anticipated to continue to dominate over the forecast period. Increasing demand for skin-brightening face creams is anticipated in the coming years to increase market growth. In 2019, the segment of body lotions also retained a important market position. With preventive skin care products, consumers are progressively focused on defending their skin as exposure to damaging UV radiation can trigger premature skin aging or even lead to skin cancer. Over the previous few years, the general personal care industry has witnessed exponential growth in the Asia Pacific region. Europe retained the second largest share on the worldwide market for skin care products, 2018.
The market is extremely competitive, dominated by big multinationals. On the other hand, owing to the growing consumer interest in natural beauty goods, countless smaller businesses have acquired a share in this market. Key players in this industry include L’Oréal S.A., Unilever, Beiersdorf AG, The Colgate-Palmolive Company, The Estée Lauder Companies, Inc., Johnson and Johnson, Avon Products, Inc., Shiseido Co., Ltd., The Procter & Gamble Company, Revlon, Inc.
The comprehensive report provides market estimates and forecasts for leading domestic markets across the world for the period from 2019 to 2029. In addition, the report includes dedicated leading companies covering 10 leading Skin Care industry producers.
The report on the Skin Care Market 2019-2029 will appreciate anyone who wants to better understand the market for face cream, body lotion, and other application of Skin Care. It will be useful for companies that want to better understand the part of the market in which they are already involved or those that want to enter or expand into another regional or technical part of the Skin Care industry.
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