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Body, Hand Care Key Growth Markets for Skin Care, Says New Report
Posted: June 5, 2014
Lucintel, a global management consulting and market research firm, analyzed the global skin care products industry by product type and region and has come up with a comprehensive research report, "Global Skincare Products Industry 2013-2018: Trend, Profit, and Forecast Analysis." This report provides an analysis of the global skin care products industry including the, cost structure, growth opportunities, key drivers, and emerging trend of the industry. The study also includes global skin care products industry trends and forecasts through 2018, segmented by regions such as North America, Europe and Asia Pacific, and product types such as facial care, body and hand care, sun care, and depilatories.
According to the report, the global skin care products industry is expected to reach an estimated value of $102.3 billion by 2018, and the major drivers of skin care products industry are new product innovations such as a new range of anti-aging, anti-wrinkle and sun care products that have resulted in a consistent demand for newer products. Increased awareness in emerging countries also has resulted in higher demand for international luxury products, and innovations in skin care products by companies helped to maintain and gain market share.
On the basis of its research, Lucintel forecasts that majority of the segments for skin care products industry will grow moderately during 2013-2018. Body and hand care segment is growing at a greater pace than facial care, depilatories, and sun care segments. And an increase in demand for natural/herbal-based body care creams and lotions are the driving the body and hand care segment. Growing demand for skin care products from emerging economies such as China, India and countries in the Middle East is anticipated to boost the market. And industry suppliers such as Dow Corning, BASF and Croda, major ingredient suppliers to the global skin care products industry, must offer regular innovation in their products, as it is very important for companies to sustain their successful position in the market.