More than ever, consumers across the globe are demanding skincare products that are not only effective, but organic and naturally sourced, too.
According to a recently published report by Grand View Research, the global skincare market is projected to reach an estimated value of $177.15 billion by 2024, with a compound annual growth rate (CAGR) of 4.7 percent. Key driving factors include: increased regulations promoting organic ingredients, rising awareness of the advantages of personal care products and increased accessibility of both organic and synthetic products for manufacturers. Additionally, the rise of online retail has contributed to the growth of the skincare market, offering consumers the opportunity to purchase products from any part of the world.
In recent years, the organic and natural segments of the skincare market have become major players due to rising awareness about the harmful effects of synthetic products. This increase in demand has led to a global shift to more R&D and product innovation by manufacturers.
The Asia Pacific market saw the largest growth in 2015, with growing populations and disposable incomes driving demand in places such as China and India. However, the U.S. market alone is anticipated to reach $19.7 billion by 2024.
With a CAGR of 5 percent, the face cream segment is expected to experience the most growth within the skincare market over the next several years. But antiaging cream products are expected to continue dominating the market—in 2015, the antiaging cream product segment held a global market share of over 39.6 percent.
For more information, visit grandviewresearch.com.