The global skin care products market is expected to rise. According to a new report published by Allied Market Research, it will reach $194,961 million by 2024.
The report is titled "Skin Care Products Market by Product: Global Opportunity Analysis and Industry Forecast, 2014-2024." The market was valued at $136,304 million in 2016, and is projected to reach $194,961 million in 2024, registering a CAGR of 4.5% from 2017 to 2023.
Among the various types of products, the face cream segment occupied the dominant share in 2016 and is expected to maintain this trend throughout the forecast period. Skin care products are applied to the skin to maintain it; avoid early aging symptoms, black patches, and pimples; and enhance beauty.
- In 2016, Asia-Pacific dominated the global market with around two-fifth share, in terms of value.
- LAMEA is estimated to witness the highest growth rate of 6.4% from 2017 to 2024.
- Based on product, the face cream segment generated the highest revenue in 2016, and is also expected to grow at the highest CAGR of 4.7%.
- Skin brightening cream occupied around one-third share of the global face cream market in 2016.
- Premium body care lotions are expected to witness highest CAGR in the global body care lotion market.
- In 2016, U.S. dominated the global market, owing to rise in demand for organic face creams and body lotions, driven by the increase in purchasing power of the end users.
The key players operating in the global skin care products market are Johnson & Johnson, The Estee Lauder Companies Inc., Unilever PLC, Avon Products Inc., L'Oreal S.A., Kao Corporation, Colgate-Palmolive Company, Shiseido Company, Beiersdorf AG, and Procter & Gamble.