Skin Care Market Will Derive Growth from the Changing Lifestyle Patterns Among People

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Skin-Care-Market

Skincare products are gaining rapid popularity across the world. The changing lifestyle habits, coupled with the high spending power of common people will aid the growth of the market in the coming years. The advancements in the cosmetics industry have opened up a huge potential for the companies operating in the market.
Accounting to the huge potential held by skincare products, several large-scale companies are investing more towards the development of advanced products. The increasing number of product launches will have a positive impact on the growth of the market in the coming years. The growing demand for organic products will create huge platforms for skincare market growth.

List of Leading Companies That Have Been Profiled in this Research;

• Unilever
• Procter & Gamble
• L’Oréal Professional
• Estée Lauder Inc.
• Shiseido Co., Ltd
• Beiersdorf AG
• Johnson & Johnson Services, Inc.
• Avon Products Inc.
• Coty Inc.
• Kao Corporation

Increasing Number of Company Mergers Will Aid Skin Care Market Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and collaborations have made a huge impact on the growth of the market.
In January 2020, Procter & Gamble announced that it has acquired Billie Inc. The company possesses an extensive range of women’s body care products. This acquisition is expected to strengthen the company’s product range. This acquisition will not only help the company grow but will have a direct impact on the growth of the skincare market in the coming years. The report highlights a few of the other factors that have influenced the growth of the market.

Asia Pacific to Hold Highest Market Share; Increasing Company Collaborations Will Aid Growth

The report analyses the ongoing skincare market trends across North America, Europe, Asia Pacific, and the Rest of the World. Among these regions, the market in Asia Pacific will hold the highest skincare market share driven by the increasing number of company collaborations and mergers in several countries across the world.
The market in North America is projected to witness considerable growth in the coming years, owing to the presence of several well-established companies. As of 2018, the market in North America was worth USD 25.82 billion in 2018 and this value is projected to increase further in the coming years.

North America to Lead the Global Market with a 38% Share

The market size in North America stood at USD 485.59 million in 2019 and the region is expected to lead the hand sanitizer market share owing to an exponential rise in coronavirus cases. In August 2020, the number of COVID-19 cases in the US surpassed 6 million, with approximately 180,000 deaths. Europe is undergoing similar trends, with surging coronavirus cases, especially in the UK, France, Italy, and Spain.
Moreover, countries are now bracing for the “second wave” of the pandemic, wherein more people are expected to contract the infection and die. Overall, the impact of the pandemic on a country will depend of the level of preparedness, proportion of vulnerable sections, governmental measures, and general awareness regarding personal hygiene.

Key Players to Leverage Innovation Capacities and Elevate Production

The unparalleled health and economic crisis precipitated by the coronavirus is providing key players opportunities to innovate and come up with novel hand disinfecting solutions. Besides this, some of big companies in the market are adopting measures to boost their production capacity and meet the soaring demand for hand sanitizers.

Industry Developments:

December 2019: e’quipe, LTD., a subsidiary of Kao Corporation, announced the launch of a new skincare product. The company introduced ‘athletia,’ a brand that will include ‘tune & charge,’ the ‘active & go’ the ‘breathe & sleep’ range.

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