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DUBLIN--(BUSINESS WIRE)--Sep 29, 2022--
The "Global Facial Care Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global facial care market was valued at US$122.803 billion in 2020 and is expected to grow at a CAGR of 4.70% to reach a market value of US$169.371 billion by 2027 over the forecast period.
The industry for these goods is being driven by raising awareness of the benefits of facial products in maintaining healthy skin, improving skin appearance, and minimizing skin disorders. Furthermore, as the global working population is increasing remarkably in emerging economies like China, India, Australia, and Brazil, the demand for facial care products is also rising tremendously.
Facial care is becoming essential for both the male and female populations. Rising awareness regarding the importance of facial products to maintain healthy skin, enhance skin appearance, and minimize skin conditions is driving the industry of these products.
Facial care products have contributed significantly to the global skincare market. Consumers have shifted their focus toward facial beauty products. As such, manufacturers have started their brand campaigns through various social media platforms such as Facebook, Instagram, and YouTube.
The increasing use of smartphones and better internet connectivity spike the skin care product market. With growing internet penetration, companies now have a new platform to sell their products around the globe. According to World Bank Data, the percentage of people using the internet has surged from 22.96 in 2008 to 49.72 in 2017.
The increase in the internet user population will further grow the market for facial care products as more companies will sell their products online due to the increase in convenience and low investment. This has also helped companies to provide a variety of products to consumer groups of a particular region or country.
An online distribution channel is getting more convenient for consumers
The online distribution channel segment is projected to witness a higher CAGR during the forecast period. This growth is primarily attributed to the booming e-commerce industry across the globe. With online retail stores, people can compare and buy global brands of facial care products. Moreover, consumers usually get some discounts or coupons while making purchases online, which is further attracting customers to this distribution channel. High penetration of smartphones and better internet connectivity has also significantly contributed to the growth of this segment during the forecast period.
By geography, North America accounts for a noteworthy share of the global facial care market
Geographically, the global facial care market is classified into five major regional markets- North America, South America, Europe, the Middle East and Africa (MEA), and Asia Pacific (APAC). North America accounted for a significant share of the global facial care market in 2019, owing to the high awareness of the benefits of regular face care regimes among both male and female populations. The presence of international global facial care brands in the country also contributes to the market growth in this region. With people having high disposable income and a preference for premium quality facial care products, facial care companies are also launching new variants to expand their product portfolio and maintain their market position in this region.
The Asia Pacific region is expected to be the fastest-growing regional facial care market during the forecast period. Increasing purchasing power and continuous rise in the demand for quality facial care products augment market growth. People are getting more aware of the harmful impact of certain chemicals used in facial care products in this region which is encouraging manufacturers to invest in R&D and launch natural ingredient facial care products to capture this growing market.
The booming facial care industry in South Korea, India, and China will continue to pave the way for the growth of the APAC facial care market till the end of the forecast period. Other factors, such as the booming online retail industry and the growing use of social media for advertisement and marketing, also support the growth of the facial care market in this region.
Segmentation By Product Type
By Gender
By Distribution Channel
By Geography
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Global Facial Care Market Analysis, By Product Type
6. Global Facial Care Market Analysis, By Gender
7. Global Facial Care Market Analysis, By Distribution Channel
8. Global Facial Care Market Analysis, By Geography
9. Competitive Environment and Analysis
10. Company Profiles
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/pd4ys8
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KEYWORD:
INDUSTRY KEYWORD: COSMETICS RETAIL
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/29/2022 10:25 AM/DISC: 09/29/2022 10:26 AM
http://www.businesswire.com/news/home/20220929005679/en