The latest market report published by Acute Market Reports “Global Cosmetic Skin Care Product Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2021 - 2029,” the Cosmetic Skin Care market was valued at USD 163.67 Bn in 2020, and is expected to reach USD 265.8 Bn by 2029, expanding at a CAGR of 5.4% from 2021 to 2029.

Browse the full report Cosmetic Skin Care Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2021 – 2029 at https://www.acutemarketreports.com/report/cosmetic-skin-care-products-market

Market Insights

Cosmetic skin care market is anticipated to experience and incessant growth during the forecast period 2021 – 2029. Technologically cosmetic skin care market is advancing with exceptional pace and has given rise to efficient devices, products and diagnostic tools. The recent trend analysis projected rising demand from consumers for plant-based beauty ingredients, preference for detoxifying products, and other such categories that are free from chemicals. This analysis proves that consumers are more aware of the ingredients used in the cosmetic products and preference is moving towards safe and plant-based ingredients. The key factors driving cosmetic skin care market are aging population in developed and developing countries, increasing demand from young population, rising awareness associated with personal well-being and beauty, and welcoming approach of customers for new efficient cosmetic products.

In case of baby boomers, X generation, and Y generation; in 2020 baby boomers were observed as the largest market as the first of the baby boomers reached retirement age and ultimately increasing demand of anti-aging cosmetics products. According to experts, baby boomers can actively influence their health and are health-conscious when buying skin care products. However, during forecast period 2021 – 2029 X generation and Y generation is expected to achieve significant growth. The key factors responsible for this growth comprises earlier exposure of these generations for developed cosmetic skin care products, and key market players have initiated launching cosmetic products specific to X n Y generation population in developed as well as developing countries.

The several types of cosmetic skin care products are moisturizers, cleansing lotions, facial masks, shaving creams, serums, exfoliators, anti-ageing creams, toners, eye creams and sun care products. In year 2020, anti-ageing creams accounted for the largest market share due to increasing demand in aging population, high accessibility to branded products in developing countries, and increasing awareness associated with anti-aging products in aging as well as young population. As most of the anti-ageing products are sold at a premium price the revenue generated by these products globally is huge.

In year 2020, it was observed that Asia-Pacific was observed as the largest cosmetic skin care products market due to rising awareness and demand for globally acknowledge beauty products, huge population willing to buy daily use cosmetic products, high disposable income due to developing economies and infrastructure development. The multicultural and ethnic challenges are also present in this region with several customer influences carried by alternative medicines from China (Chinese Medicine) and India (Ayurveda, and Unani Medicine).

Market Competition Assessment:

The cosmetic skin care market is observed as the most diversified and competitive market comprising large number of players.  The market is dominated by several players, depending on their major competencies. The key players in this market are L'Oreal S.A., Unilever PLC, Procter & Gamble, Beiersdorf AG, Avon Products Inc., The Estee Lauder Companies Inc., Johnson & Johnson, Kao Corporation, and The Body Shop International PLC among others.

Key Market Movements:

-  Aging population coupled with high awareness in baby boomers for cosmetic skin care products

-  Increasing awareness and willingness to buy cosmetic skin care products in young population

- Market entry of multinational cosmetic brands in emerging economies of Asia Pacific and Latin America is increasing demand