A recent report published by Allied Market Research (AMR) has anticipated that the global skin care products market will reach $179 billion by 2022 with a CAGR of 4.7% from 2016 to 2022. The increase has been attributed to a rise in skin care awareness as well as the use of advanced and organic skin care products.
- The face cream product type segment lead the overall skincare market revenue in 2015, and is projected to grow at a CAGR of 4.9% until 2022.
- The fastest growing in the face cream segment is predicted to be the sun protection cream segment.
- The Asia-Pacific region currently leads the global skincare market and is estimated to remain the leader throughout the forecast period.
Companies mentioned in the report include Johnson & Johnson, The Estee Lauder Companies Inc., Unilever PLC, Avon Products Inc., L’Oréal S.A., Kao Corporation, Colgate-Palmolive Company, Shiseido Company, Beiersdorf AG and Procter & Gamble.
Preeti Bisht, research analyst for consumer goods at AMR, stated, "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.”