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Skin care products are used to maintain the
texture of the skin, enhance its appearance, and cure skin conditions. They
provide essential nutrition to the skin, while products such as sunscreen
lotions protect the skin from harmful UV-radiations and help prevent skin
cancer. Moreover, skin care products are used for different skin related concerns
such as skin integrity, skin beautification, and skin treatments. These products
contain medicinal herbs, chemical ingredients,
and natural elements. Skin care products
help brighten the skin, rejuvenating cells, and prevent wrinkles. Both medical
and cosmetic products constitute the skin care market. Medical products help in
dealing with skin related problems (such as rashes), while cosmetic products
help enhance beauty.
Increasing demand for skin care products
worldwide due to benefits, such as prevention of skin diseases and skin cancer,
is expected to propel the skin care products market growth. According
to the World Health Organization (WHO), around 2 to 3 million skin cancers
(non-melanoma) and 132,000 skin cancers (melanoma) are reported globally each
year. Moreover, in 2018, around 900 million individuals were affected by skin
diseases. Growing personal care industry is driving the skin care products
market growth. For instance, according to Statista, South Korean consumers
spent around US$ 276 per capita on beauty products in 2019. Moreover, in 2017, U.S.
consumers spent around US$ 26 to US$ 60 on skin care products per month.
A recent trend in the skin
care products market is the increasing use of online platforms to reach a
broader consumer base. Another
noticeable trend in the market is the increasing popularity of organic
skin care products without synthetically derived chemicals. Companies are
launching new products made from natural or organic ingredients to attract
consumers. For instance, in June 2020, Unilever
announced the next step in the evolution of its skin care portfolio to a more
inclusive vision of beauty. Such products are witnessing significant
sales, although expensive, all over the world due to the increasing awareness
among people about the possible side effects of chemical-based skin care
products.
In terms of geography, the skin care products
market is divided into six regions, such as North America, Asia Pacific,
Europe, South America, the Middle East, and Africa. Asia Pacific led the
skincare products market in 2018 and is expected to
rise due to new advances, increasing demand for skin care products, rapid
urbanization, and growing awareness towards advanced skin care products. For
instance, in 2019, Kao Corporation
(Japan) unveiled the first cosmetic
product making use of its cutting-edge Fine Fibre Technology to
moisturize and protect the skin. Moreover,
the company unveiled a moisturizing facemask made of fibers one-100th the
thickness of a human hair.
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