SKIN CARE INDUSTRY
World
The global skin care products market size was valued at 134.8 billion in 2018 and is projected to expand at a CAGR of 4.4% from 2019 to 2025 on account of the rapidly expanding global cosmetics industry. Escalating demand for face creams, sunscreens, and body lotions across the globe is expected to have a positive impact on the market over the forecast period. Moreover, the growing e-commerce sector is anticipated to boost the market growth further. Technological and product innovations have led to an increased demand for skincare products. The demand of the Esthetic Industry has shifted to a younger age group because of the growing consciousness and awareness amongst the generation. Rising awareness about natural ingredients providing UV protection is also expected to fuel the market growth. With the rising population, demand for products with anti-aging properties is expected grow, thereby driving the overall market. Organic skin care product manufacturers focus more on the development of newer formulations targeted at fighting the effects of skin aging. Rising awareness about skin care has led to the inclusion of sun protection, anti-aging, and anti-wrinkle properties in skin care and makeup products.
India
The Indian Skin Care Industry was stood at $ 1.6 billion in 2017 and is predicted to grow at a CAGR of 9% to reach $ 2.7 billion by 2023. The skincare industry is a part of the FMCG (Fast Moving Consumer Goods) sector and is considered as one of the rapidly growing dynamic markets. The common problems faced by Indian people are skin darkening, patchy skin, acne spots, and sunburns and also stress levels, lifestyle, hectic work hours that offer little sleep or unhealthy diet schedules have all become increasingly common for which they are seeking consultations solutions which allow them to take better care for themselves. Innovations in skincare products, the rising awareness about healthy skin routines and long term solutions to skin problems attracted people the most. Moreover, the awareness about the harmful effects of UV rays and other climatic factors leads the consumer to be more specific of the cosmetic products and trusting renowned professionals. Like fitness and a health-conscious lifestyle, people are willing to splurge on effective and healthy skincare solutions demanding organic cosmetics consumption is on the rise with consultations of cosmetologists certified by Beauty Professionals Associations. While essential skincare routine about two decades ago revolved around home remedies, fairness creams and sunscreens, today the bio-medical and professional experts have decreased the boundary by offering a specialized range of products that cater to the customized needs of different skin types.
