Skin Care Products Market to Reach $179 Billion, Globally, by 2022

Posted By American Med Spa Association, Friday, January 13, 2017

A new report published by Allied Market Research, titled, "Skin Care Products Market by Type and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022," projects that the global skin care products market would reach $179 billion by 2022, growing at a CAGR of 4.7% from 2016 to 2022. In 2015, Asia-Pacific dominated the market and contributed more than 40% of the overall market revenue, followed by Europe.
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The skin care products market is poised to witness notable growth during the forecast period, owing to rise in awareness toward skin care and usage of advanced skin care products, changing lifestyle supported by increasing disposable income and urbanization, and the increasing popularity of organic skin care products.
The face cream segment occupied dominant share of the skin care products market in 2015 and is expected to maintain this trend during the forecast period. Within the face cream segment, anti-aging cream and skin brightening creams collectively accounted for around 75% of the market revenue. The body care lotion segment held 41% market share of the global skin care products market in 2015.
"In skin care product market, the skin brightening creams has huge growth potential. Anti-aging cream and sun protection cream segments fuel the Asia-Pacific market due to the increase in aging population compared to developed countries. This segment is anticipated to witness high growth in the emerging countries," states Preeti Bisht, Research Analyst, Consumer Goods at AMR.
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