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Manufacturers of Cosmetic Skin Care Products to Focus on Innovation Owing to Changing Preferences of Consumers

Article Description

With the rising expenditure power of consumers across the globe, the demand for different types of cosmetic skin care products is also increasing. Cosmetic skin care products are available in varieties such as multi-utility, mole removal, anti-scar solutions, infant skin care, warts removal, dry skin, anti-acne, sensitive skin, skin whitening, and anti-aging products. The primary driver of the global cosmetic skin care market is the growing need for natural ingredient based skin care cosmetic products among environment and health conscious consumers. This growth is further expected to be fuelled by the ongoing research and development activities for innovation in products such sun protection and anti-aging. 

According to a report added to Market Research Reports Search Engine’s (MRRSE) repository, the global cosmetic skin care market is projected to expand at a CAGR of 5.1% from 2016 to 2024. In 2015, the market was valued at US$127.1 bn and is likely to rise to US$200 bn by the end of 2024. The demand for different varieties of cosmetic skin care products varies from region to region. For instance, the demand for skin brightening and lightening products is significantly high in Asia Pacific whereas Europe and North America are witnessing a high demand for anti-aging creams. Likewise, consumers in Argentina and Brazil are inclined towards the purchase of sun protection skin care products due to the dry weather in these countries. 

Factors such as the growing trend of consumption of natural skin care products are likely to open a plethora of opportunities for manufacturers of cosmetic skin care products to capitalize on. To profit from this rising opportunity, manufacturers are focusing on employing materials such as amino acids, botanical extracts, and enzymes. The growth of the global cosmetic skin care market can also be attributed to the rising interest on self-grooming among the youth. The rise in the per capita income of consumers in developing regions and increasing awareness among consumers regarding beautification are further expected to bolster the growth of the global cosmetic skin care market. 

Consumer Base of Anti-aging Products to Widen Owing to Rising Geriatric Population 

The primary factor behind the accelerated sales of anti-aging products is the growing geriatric population across the world. Consumers aged 65 years and above are adopting anti-aging products to combat various aging signs. Counties such as the U.S., Italy, Japan, Germany, and China are the leading in terms of consumption of anti-aging skin care creams and this trend is expected to continue over the forthcoming years. Likewise, women aged 30 years and above are also leading consumers of anti-aging products due to growing awareness regarding personal grooming and skin beautification. To meet the various demands of consumers, manufacturers are focusing on product innovation. 

Browse the full Global Cosmetic Skin Care Market  report at : http://www.mrrse.com/cosmetic-skin-care-market

Asia Pacific to Retain Lead but Middle East and Africa to Offer Stiff Competition 

Geographically, the global cosmetic skin care market is classified into the Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. Although Asia Pacific is leading the global cosmetic skin care market at present in terms of consumption, it is expected that the MEA will provide stiff competition to it by exhibiting strong growth. The growing average disposable of consumers in the MEA is one of the primary reasons driving the growth of the market in the region. 

The leading companies operating in the market are The Body Shop International PLC., Kao Corporation, Johnson & Johnson, The Estee Lauder Companies Inc., Avon Products Inc., Beiersdorf AG, Procter & Gamble, Unilever PLC, and L’Oreal S.A.