Global Facial Care Market Embarking on a Moderate Growth Path: Likely to Grow at a CAGR of 5.0% by 2027
Published | 07 October 2021
Global facial care market is growing at a high CAGR because of the increasing prevalence of acne, especially among teens and young adults, diseases causing stubborn scars such as chickenpox to smallpox.
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that global facial care market was worth USD 101.3 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 5.0%, earning revenue of around USD 141.7 billion by the end of 2027. The global facial care market is expanding at a rapid pace due to factors such as increasing skin consciousness among all genders, as well as increasing concerns about pollution levels, which have a direct impact on one's facial health. In comparison with other parts of the body, facial skin has more sensitive skin cells, so it is more likely to suffer from skin allergies or skin conditions. Furthermore, skin abnormalities such as inflammation, pigmentation, and so on can be caused by underlying medical conditions such as PCOS, hormone imbalance, and so on. As a result, it necessitates extra attention and exterior care regimens such as facial care solutions. These factors are considerably fueling the global facial care market's growth.
Increasing Women Workforce Is Propelling the Growth of The Global Facial Care Market
Women are the key target consumer base for the global facial care market. With increasing female labor-force involvement, the industry is likely to grow throughout the forecast period. According to the Catalyst Organization, a non-profit organization, around 46.9% of all women participated in the labor force, and this participation is expected to rise in the coming years in both developed, middle, and low-income nations. Moreover, women's purchasing power will also increase when they gain work, allowing them to spend more on personal care.
Launch of Wide Range of Products Is Expected to Drive the Global Facial Care Market in The Forecast Period
Facial care brands invest heavily in product launches in order to broaden their consumer base. They also offer products that meet a wide range of skincare needs. Marketing strategies and R&D activities are used by companies to increase brand recognition among potential customers. DERMA E, for example, launched its latest vitamin C glow face oil and limited-edition skin illuminating sticks for rapid hydration and a natural, luminescent shine. Such launches help to drive the global facial care market forward.
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Global Facial Care Market - By Distribution Channel
Based on distribution channels, the global facial care market is segmented into cosmetic stores, supermarkets/hypermarkets, online stores, etc. The cosmetic stores’ segment accounts for the largest market share as it offers a wide range of products of various brands and skin needs. These stores allow the customers to examine the products on their skin and choose what suits them the most. The cosmetic stores also offer discounts and festive sales to expand their market. Online stores, however, are projected to see the highest growth during the forecast period.
Global Facial Care Market - Regional Insights
Geographically, the global facial care market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, the Asia-Pacific region dominates the global facial care market. The strict beauty standards, especially in East-Asian countries such as China, South Korea, etc., is favoring the growth of the facial care market in the region. Moreover, the demand for facial creams, scar removal creams, anti-aging creams, skin-whitening, etc., is witnessing tremendous expansion in the market because of external factors such as pollution. Europe also holds a substantial share in the market with high R&D activities and easy availability of a wide range of products.
Impact of COVID-19 on Global Facial Care Market
The COVID-19 pandemic has had a positive impact on the global facial care market. This boom, however, is much more inclined to natural and organic products. The self-care trend among millennials and Gen-Z during the quarantine period emerged as the leading factor driving the global facial care market. Nevertheless, the market faced hurdles during the initial period during the lockdown as the distribution channels were halted. The rapid growth of online platforms has provided a way to meet the demand for facial care products. Based on the current trend, this market should be in great shape in the years to come.
The leading players in the global facial care market are L’Oreal, Procter and Gamble, Estee Lauder Company, Johnson & Johnson, Oriflamme, Unilever, Beiersdorf AG, Shiseido Co., Ltd., Coty, Inc., Natura & Co., Kao Corporation, Avon Products, Burberry Group Plc, Edgewell Personal Care, The Body Shop International Ltd, Alticor Inc., Colgate Palmolive Company, Amorepacific Corporation, and other prominent players.
The market is highly fragmented, with the presence of several industry participants. The market players offer a wide range of products for different skin types and have a dedicated customer base. A primary focus of their operations is to increase their market penetration and improve distribution channels. This market also has a high prevalence of competitive strategies such as partnerships, mergers and acquisitions, collaborations, etc.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global facial care market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global facial care market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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