Published By : 06 Oct 2016 | Published By : QYRESEARCH
With the advent of hectic lifestyles, it has become for consumers to devote more time personal care. In addition, the growth in the level of population has led to an increase in the number of skin disease incidences. The need for natural cosmetic skin care products is paving way for the development of organic skin care products. Players operating in the market are focusing on capitalizing the opportunities that are likely to arise from the addition of this product in the product portfolio. Furthermore, the demand for multi-utility skin care creams is a factor that is expected to accelerate the sales of cosmetic skin care products in the long run.
Anti-aging Skin Care Products to gain Popularity among Consumers
Concerns regarding bad skin conditions with age has impelled a sizeable consumer base to adopt anti-aging skin products. To combat the various signs of aging such as wrinkles, flakiness, and dullness, consumers have increased the use of anti-aging skin care products. The anti-aging skin care products segment held a large chunk in the pie in 2015. Owing to its diversified use, such as whitening of skin, acne removal, removal of warts, and skin moisturizing, the demand for anti-aging skin care products is expected to gain momentum over the next couple of years. Among the several applications of cosmetic skin care products such as minimizing wrinkles, skin rehydration, flakiness reduction, and UV protection of stem cells, the wrinkles minimizing segment emerged dominant in 2015. On the other hand, the UV protection of stem cells segment is projected to exhibit strong growth over the forecast period.
Lead of Asia Pacific to be Challenged by Growing Cosmetic Skin Care Market in the Middle East and Africa
Geographically, the global cosmetic skin care market is segmented into Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. Asia Pacific emanated as the leading consumer of cosmetic skin care products, whereas the Middle East and Africa is expected to witness considerable growth over the forecast period. By 2024, Asia Pacific is projected to account for a share of over 40.0% in the global cosmetic skin care market. The growth of the market in this region can be attributed to the growing adoption of various types of skin care products in developing countries such as India and China. The global cosmetic skin care is expected to rise at a 5.1% CAGR from 2016 to 2024. The market is expected to rise to a valuation of US$200 by 2024.