Global skin care products market to reach $179 billion by 2022

Allied Market Research published a report projecting the global skin care products market would reach $179 billion by 2022, according to a press release.

The report, titled “Skin Care Products Market by Type and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022,” estimates a compound annual growth rate of 4.7% from 2016 to 2022. The report also revealed that in 2015, Asia-Pacific dominated the market with more than 40% of the overall market revenue, followed by Europe.

According to Allied Market Research, major players profiled in the report include Johnson & Johnson, The Estee Lauder Companies Inc., Unilever PLC, Avon Products Inc., L’Oreal S.A., Kao Corporation, Colgate-Palmolive Company, Shiseido Company, Beiersdorf AG and Procter & Gamble.

The face cream segment occupied a dominant share of the global skin care products market in 2015 and this is forecasted to continue. Within the face cream segment, anti-aging cream and skin brightening creams together accounted for 75% of the market revenue. The body care lotion segment held a 41% market share of the global skin care products market in 2015.

Factors contributing to the market’s notable growth include a rise in awareness toward skin care and usage of advanced skin care products, changing lifestyle supported by increasing disposable income and urbanization, and the increasing popularity of organic skin care products. In the Asia-Pacific market, the growth potential of anti-aging and skin protectant cream segments is fueled by the increase in aging population.

Reference: www.alliedmarketresearch.com