The global demand for cosmetic skin care products and procedures has witnessed strong growth owing to continued emphasis on beauty and appearances. The desire to prevent and/or slow down the different signs of aging has upped the demand for anti-aging products. The demand for healthy skin has been observed across all age groups and this has had a positive impact on the cosmetic skin care market.
The opportunity in the global cosmetic skin care market was pegged at a massive US$127.1 bn in 2015, which is estimated to rise to just over US$200 bn in 2024. If these values hold true, the cosmetic skin care market is poised to register a healthy CAGR of 5.1% therein.
Despite the fact that this market has been close to maturity a number of times, constant research and development to come up with more effective solutions to tackle a number of skin problems presents players in this market several opportunities. This makes the cosmetic skin care market highly competitive. Looking to meet growing consumer demand and developing unique manufacturing techniques, companies have been investing a lot of their capital in R&D efforts. This enables them to distinguish their line of products from those already in the market. Focus on improved functionality and quality is also a key trend observed among companies in the cosmetic skin care market.
The trends across different regions are diversified and Transparency Market Research identifies some of the prominent ones in the cosmetic skin care market.
What role does Asia Pacific play in the global market?
Asia Pacific is by far the leading regional market for cosmetic skin care by way of revenue and holds over 40.0% of the global market. The increasing adoption of beneficial skin care products in the developing economies of India and China is a key factor boosting the APAC market. These emerging countries are characterized by rapid changes in consumer standards of living. Increasing purchasing power of the urban population as a result of better living standards and growing product awareness in rural areas is a combination that is propelling the demand for cosmetic skin care products in the region.
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How will the MEA and LATAM regions contribute toward the growth of the cosmetic skin care market?
The cosmetic skin care market in the Middle East and Africa (MEA) is slated to exhibit significant growth during the forecast period owing to rising average disposable income of the consumers in the region and expanding expenditure patterns on personal care products. There has also been rising consumer preference for skin brightening and lightening creams, presenting vast scope for growth of the cosmetic skin care market in the Middle East and Africa. In addition to this, evolving consumer lifestyles and aggressive and unique extensive marketing strategies adopted by manufacturing companies are expected to benefit the MEA market.
As far as the Latin America market for cosmetic skin care is concerned, the region is also anticipated to show significant promise in the coming years. This can be attributed to growing consumer awareness regarding various personal care products and their ingredients. Brazil is one of the most prominent markets for cosmetic skin care in Latin America. This market has been witnessing increased demand for a variety of cosmetic products and solutions thanks to improving standards of living and changing perceptions about personal grooming.