Skincare Products Market Business Growth, Development Factors, Applications, and Future Prospects
The skincare products market was valued at US$ 115,386.46 million in 2021 and is projected to reach US$ 213,363.09 million by 2028. It is expected to grow at a CAGR of 9.2% from 2021 to 2028.
Skincare products are used to improve and preserve the appearance of human skin. Some of the skincare products available in the market are cleansers, toners, body lotions, oils and serums, and creams, among other products. These products aid in the regular replenishment of dying skin cells and combat the indications of aging such as wrinkles, fine lines, and age spots while maintaining overall skin health.
Skincare products are personal care products used directly to the skin to preserve and nurture it. These products range from regular facial wash, cleansers, moisturizers, lotions, masks, serums, sunscreens, gels, and others that both men and women use. These skincare products are available in a variety of categories and types, including face care, body care, bath & shower, and perfumes, among others. Skincare products are becoming increasingly popular among men and women to achieve nourished, moisturized skin, boosting the market growth.
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Based on product type, the skincare products market is segmented into creams and lotions, cleansers, serums, and others. The creams and lotions segment held the largest share in the global skincare products market in 2020. However, the serums segment is projected to grow at the fastest CAGR over the forecast period. Creams and lotions are easy-to-use, hassle-free, and quick solutions for fighting skin problems, and they offer other benefits such as rapid hydration, fewer breakouts, and refreshed skin. Therefore, they are among the most commonly and frequently used products. The rising demand for creams and lotions is potentially driving the skincare products market.
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L'ORéAL Groupe; Beiersdorf; Shiseido Co., Ltd.; Procter and Gamble; Unilever; Himalaya Wellness Company; Lotus Herbals; VLCC Wellness; Avon Products; Johnson and Johnson Services, Inc. among others, are some of the key players operating in the global skincare products market. These players are increasingly adopting strategies such as mergers and acquisitions and research and development to increase their geographical presence and consumer base globally.
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