The Facial Skincare Market is likely to mark stellar growth in the upcoming period. The current situation calls for conducive integrated healthcare models that do away with middlemen regarding offering various products and services. Drug manufacturers, hospital systems, PBMs (pharmacy benefit managers), wholesale distributors, hospital systems, medical insurers, and retail pharmacy outlets – are all into the integration of healthcare strategies. This would be how the healthcare vertical function in the upcoming period.
Facial skincare is the practices of cleansing, maintaining, enhancing appearance, wound healing, and correcting facial skin conditions. Facial skincare includes nutrition, use of emollients, conditioners, cosmetics, exfoliation, resurfacing, and others. Skin care focuses more on the aesthetic and less on clinical management and by its inclusion of non-physicians and alternative treatments.
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Facial Skincare Market: Drivers and Restraints
The rising incidences of skin disorders owing to drivers such as growing exposure to pollution, growing incidence of skin infection, and allergies is the prime driver of the market. The growing geriatric population provides large avenues of growth as older people are more venerable to skin disorders.
The rise in awareness coupled with rising per capita income is driving as large demand. The growing wellbeing is another driver triggered by the growing network of E-commerce websites is further projected to drive the market owing to growing base of consumers. Rising approval from regulatory bodies of organic skin products is expected to further the cause of market growth.
However the periodic glut in the supply of raw materials such as herbal extracts, oils such as soybean, fish oil and others is hampering the growth of the market. The periodic inflation in prices of ingredients such as aloe Vera, xanthan and guar gum and their concentration of production in the U.S. and China is driving up risk and supply shocks. Growing cost of fish oil is another cause of concern as environmental and wild life regulations are hampering their production.
Growing stringency of regulations regarding shelf life, branding is another hindrance to market growth. For example, the European Union banned 1300 chemicals from being used in the manufacture of cosmetics and skin care products. However the rising income of women is expected to negate the effects of the restraining factors. According to latest report, women in the United Kingdom alone spend close to one billion pounds on facial skin care in 2017.
Based on product types, facial cleansers dominate the product segment followed by face wash and others. The use of facial creams have shot up by 50% during the last decade at the expense of traditional soap. Advanced products such as micellar water, facial cleansing wipes are driving a large market growth. Growing use of cosmetics and facial care products by men is another silver lining of the market.
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Facial Skincare Market: Segmentation
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Facial Skincare Market: Regional Outlook
Based on regions, the global facial skincare market is classified into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East & Africa, and Asia Pacific market excluding Japan. North America led by U.S. is expected to dominate the global Facial Skincare market owing to large purchasing power, large prosperous and ageing baby boomer population adopting pets, and large pet adoption and expenditure.
The Europe facial skincare markets is expected to be led by the Germany, France, Italy, Spain, Portugal and the UK. The Latin America and the Middle East and Africa Facial Skincare market is constrained due to the low healthcare expenditure and poor economic conditions.
The Middle East and Africa Facial Skincare market is projected to be dominated by the gulf economies of UAE, Saudi Arabia, and Kuwait owing to their large wealth relative to the African nations.
The Asia Pacific market is expected to expand at a furious pace owing to growing research and development expenditure and the large economic growth. The growing economy of China, and India is expected to drive a large market adoption.
Some of the major players in the global Facial Skincare market are Unilever PLC, Colgate Palmolive, Estee Lauder, Beiseidorf AG, Johnson and Johnson, L’Oréal S.A., Avon Product Inc. and others.
The facial skincare report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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