Market Trends of Skincare Products Industry
Growing Demand for Anti-Aging and Anti-Pollution Ranges
- Anti-aging products such as anti-wrinkle creams, face creams, serums, and eye creams are in high demand. Furthermore, problems such as pollution and challenging water conditions are blasting the need for such products. A growing number of people are becoming aware of the effects of pollution on the skin. As a result, customers are more likely to spend money on skincare treatments while they are younger. They devote a large amount of time and money to anti-aging products.
- The demand for anti-aging creams for younger skin is increasing. The ingredients like vitamins C, E, collagen, and many more are used in anti-aging creams. The market players are adopting innovative strategies such as product innovations, mergers, and acquisitions to strengthen their position in the anti-aging segment in the global market.
- For instance, in September 2022, L'Oréal signed an agreement to acquire SkinBetter Science, a physician-dispensed American skincare brand. Skinbetter Science is known for formulating innovative products with active ingredients for anti-aging, moisturizing, cleansing, exfoliating, skin peeling, and sun protection.
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Asia-Pacific Registers the Fastest Growth Rate
- In highly growing economies such as China, South Korea, India, and Indonesia, rising population, rapid urbanization, and increased per capita spending on personal care products all contribute to the region's skincare market's growth. Furthermore, the growing availability of affordable skincare products contributes to the growth of the skincare market. As a result, key players focus heavily on product innovation and mergers and acquisitions as their primary strategies for consolidating the market under consideration.
- For instance, in January 2022, Galderma, the world's largest dermatology company, completed the acquisition of Alastin Skincare Inc., a specialty aesthetics company dedicated to developing innovative and clinically-tested physician-dispensed skincare products.
- As the growing number of beauty salons is now omnipresent across most Indian towns and cities, with more extensive shopping malls in metropolitan centers stocking beauty and skincare products of major mainstream personal care brands, India provides a massive market. The demand for organic skin care products is also growing in Asia because of skin-related problems due to chemicals and environmental issues.
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