Cosmetic Skin Care Market to Reach US$ 130.4 Bn by 2027; COVID-19 to Affect Future Growth Trajectory

Cosmetic skin care is a segment of the overall cosmetics industry, which includes color cosmetics and skin care cosmetics. The type of products included under cosmetic skin care are antioxidants, exfoliants, masks, eyecare, moisturizers, and serums. Each product has unique application for different parts of the body; for instance, exfoliants are used to scrub off dead skin cells from the hands, face, feet, and other parts such as the elbows and knees. Eyecare products are employed to reduce dark circles and wrinkles around the eyes. Masks are utilized for various purposes, ranging from face brightening to tan reduction. Cosmetic skin care products are used by women as well as men. Apart from the traditional market of women, men are increasingly using cosmetic skin care products due to the rising grooming needs being felt by men and as a result of regional influences.

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The global cosmetic skin care market is expected to reach around US$ 130.4 Bn by 2027. Asia Pacific accounted for the highest share of the global cosmetic skin care market, and was valued at US$ 32.1Bn in 2017. The market dynamics of the global cosmetic skin care market are subject to factors primarily related to the preference for organic cosmetic skin care products, which have emerged as a key driver of the global cosmetic skin care market, due to the side-effects of chemical-based products. Key markets across the world are witnessing a rise in disposable income. Increased disposable income is linked to a rise in consumption activity, owing to an increased capacity to spend. This factor drives the global cosmetic skincare market. Asia Pacific and North America dominate the cosmetic skin care market, due to high demand and usage of products as well as the high disposable income of the people in these regions.

Stringent regulations enacted by governments across the globe regarding the ingredients used in cosmetic skin care products is a key factor restraining the cosmetic skin care market. Government regulations ban the use of certain chemicals in cosmetic skin care products. These regulations have been enacted to ensure the safety of the ingredients used and to protect consumers from the side-effects of chemical-based products. The regulations require a product to be certified organic in order to be sold in the market as an organic cosmetic skin care product. However well-intentioned the regulations may be, they impose a compliance cost on the cosmetic skin care manufacturer, due to a rise in the investment needed to develop and implement testing mechanisms to ensure the safe level of chemicals in the final product. This acts as a restraint for manufacturers and subsequently hampers their business decisions and activities.

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An opportunity exists in the segment of personalized cosmetic skin care products, wherein manufacturers take into account specific details of individuals such as weather, skin type, pollution levels where they live, and myriad other details to ensure that the product is compatible with and effective on the user’s skin. User experience is also considered while undertaking personalization. Cannabidiol (CBD) is one of the 80 compounds called cannabinoids extracted from the cannabis sativa plant. CBD is known to treat dry skin, psoriasis, and eczema and is being utilized in several beauty products. Products containing this ingredient range from lipsticks, gels, balms, to fragrances, moisturizers, and shampoos. CBD also offers anti-inflammatory and moisturizing properties, which is increasing its popularity as an ingredient in cosmetic skin care products. Increasing popularity of this ingredient offers an opportunity to manufacturers operating in the market who could incorporate this ingredient in their products.

Key players profiled in the global cosmetic skin care market include, Coty Inc, Estée Lauder Inc, Galderma Laboratories L.P, Johnson & Johnson Consumer Inc, L’ORÉAL PARIS, Procter & Gamble, Revlon, Shiseido Company, and Unilever.

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