DUBLIN–(BUSINESS WIRE)–The “Global Skincare Market, By Packaging, Sales Channel, Gender & By Region – Forecast and Analysis 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global skincare market was valued at USD 146,290.04 Million in 2021, and it is expected to reach a value of USD 197,165.56 Million by 2027, at a CAGR of more than 5.10% over the forecast period (2022 – 2027).
The global skincare market constitutes both cosmetic and medical products. While cosmetic products help in augmenting beauty, medical products help to tackle skin-related problems such as rashes. The global skincare market can be broadly segmented into packaging type, end-use, and gender.
The demographic of consumers is shifting. Firstly, the young millennials are projected to represent 30% of total global retail sales by 2020. The key to capturing this generation is digital engagement. Millennials (often defined as the generation born 1980-2000) have minimal reluctance to use ‘digital first’ purchasing methods, they actively seek out online influencers, and they live in an image-driven world.
These characteristics will only be amplified in the post-millennial ‘Generation Z’ or iGeneration, individuals born after the start of the internet age. But older consumers also play their part in the redefinition of the market. Older demographic categories are adopting millennial-like consumption habits.
The breakdown of traditional consumer age categories is a phenomenon of rising life expectancy and improved late-life health, with the proviso that as well as ‘spending young’ older consumers are also likely to spend more on niche brands targeted at the consumer who does not want to appear old.
Rising awareness about skincare has led to the inclusion of sun protection, anti-aging, and anti-wrinkle properties in skincare and makeup products. Increasing demand for organic body lotion products, on account of rising consumer awareness regarding the benefits of natural ingredients like turmeric and neem, is expected to have a positive impact on the market.
A rising trend of the use of natural ingredients in skincare products is observed among various manufacturers. This trend caters to the ever-increasing demand for natural or organic products among customers. The use of herbal skincare products minimizes the chances of any possible side effects of the product. This ultimately increases the …….