Nov 14,2022 | Personal Care
Skin care is the range of practices that support skin integrity, enhance its appearance and relieve skin conditions. They can include nutrition, avoidance of excessive sun exposure and appropriate use of emollients. Practices that enhance appearance include the use of cosmetics, botulinum, exfoliation, fillers, laser resurfacing, microdermabrasion, peels, retinol therapy. Skin care is a routine daily procedure in many settings, such as skin that is either too dry or too moist, and prevention of dermatitis and of skin injuries.
In addition to this the skincare industry offers products for rejuvenating the skin cells and improving the quality and texture of the skin. This has prompted not only the younger but the older generation as well to include these products in their daily routines and change their lifestyle patterns. Increasing concerns towards skin nourishment due to number of factors such as acne, blackheads, scars, tanning etc. Along with this changing lifestyle and increased purchasing power of consumers will support the growth of the sector. Not only women but increased number of male consumers have also resulted in boosting the growth of the sector.
Many of the skin concerns that drive interest in today’s products includes protection from sun damage, according to the survey carried out by Canadian Dermatology Association 77% of the surveyed population said that sunscreens are essential in their life and 87% said they use a lotion of SPF 30 or higher. This led to an increase in demand for sunscreens and lotions.
Highest market share is by Asia Pacific because of increase in demand from developing economies like China and India. Increased awareness among people about the use of organic products and increase in purchasing power of consumers is a major factor for the performance of the APAC region. Whereas, North America is projected to witness considerable growth in the coming years, owing to the presence of several well-established companies.
The skincare market consists of the retail sale of facial care, body care, hand care, depilatories, and make-up remover products. The market is valued according to retail selling price (RSP) and includes any applicable taxes. All currency conversions have been made using constant annual average 2021 exchange rates. The global Skincare market had total revenues of US$134.68 billion in 2021, representing a compound annual growth rate (CAGR) of 3.1% between 2016 and 2021. The performance of the market is forecast to accelerate, with an anticipated CAGR of 4.3% for the 5 year period 2021 - 2026, which is expected to drive the market to a value of US$166.46 billion by the end of 2026.
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