Increasing Disposable Incomes to Drive the Cosmetic Skin Care Market to US$ 130.4 bn by 2027
Added: (Thu Jun 06 2019)
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A new market report published by Transparency Market Research expects the global cosmetic skin care market to reach a value of US$ 130.4 bn by 2027. In accordance with revenue, the market is projected to expand at a CAGR of 3.7% from 2019 to 2027. The cosmetic skin care market stood at around 2,853.7 Million units in 2017 in terms of units. From a regional perspective, the cosmetic skin care market in Asia Pacific is projected to expand at the fastest growth rate during the forecast period both in terms of volume (Million Units) and value (US$ Bn). The Asia Pacific market registered considerable expansion owing to increasing disposable income in Japan, China, and India.
According to the TMR report, the market dynamics of the global cosmetic skin care market are subjected to factors mainly related to the preference for organic cosmetic skin care products and increasing disposable incomes. On the basis of gender, the women segment is anticipated to account for a major share and reach a value of US$ 112.45 Bn by 2027, expanding at a CAGR of 4.4% during the forecast period. However, stricter implementation of government regulations regarding the ingredients used in the cosmetic skin care products is a major factor restraining the market. Nevertheless, the market is projected to expand due to rising demand in Asia Pacific.
In terms of product, the moisturizer segment was valued at US$ 25.26 Bn in 2017. Moisturizers are used to treat dryness of the skin through the topical application of lotions and creams on the affected parts of the body. On the basis of application, the surgical cosmetic skin care segment accounted for a relatively minor share of the market, in terms of value as well as volume, as the adoption is not as high as the topical segment. The surgical segment is anticipated to reach a value of US$ 29.71Bn by 2027, expanding at a CAGR of 3.6% during the forecast period. Based on distribution channel, the online segment is anticipated to reach a value of US$ 20.15 Bn by 2027, expanding at a CAGR of 5.2% during the forecast period. The online segment is estimated to expand at a rapid pace during the forecast period, due to the benefits of using e-commerce websites, which offer ease of use and enable consumers to choose from a wide range of products.
Some of the major players profiled in the global cosmetic skin care market are included in this report to give a better competitive landscape of the market and these include Beiersdorf AG.srl, Coty Inc, Estée Lauder Inc, Galderma Laboratories L.P, Johnson & Johnson Consumer Inc, L’ORÉAL PARIS, Procter & Gamble, Revlon, Shiseido Company, and Unilever.
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