Brilliant prospects for the skin care market
According to Grand View Research Inc. the global skin care products market has brilliant prospects. The size of this market is projected to reach USD 183.03 billion by 2025 expanding at a CAGR of 4.4%.
Natural, herbal and organic
According to the market research company increasing demand for natural, herbal, and organic products that have no adverse effects is expected to boost the market growth over the forecast period. Skin care products include various synthetic and natural products, such as body lotions and face creams. Rising concerns regarding skin problems are also driving the skin care products industry.
Anti-aging is a further driver
Rising awareness about natural ingredients providing UV protection is also expected to fuel the market growth. With the rising geriatric population, demand for products with anti-aging properties is expected grow, thereby driving the overall market. Organic skin care product manufacturers focus more on the development of newer formulations targeted at fighting the effects of skin aging. Rising awareness about skin care has led to the inclusion of sun protection, anti-aging, and anti-wrinkle properties in skin care and makeup products.
Intense competition is a challenge
Although, increased concerns regarding authenticity of products has been encouraging emerging manufacturers to enter the market; intense competition may pose a serious challenge to the market growth. High costs of organic and natural skin care products are also expected to hamper market growth over the next few years. However, increasing demand for organic body lotion products, especially in countries like Canada, India, and Mexico, because of rising consumer awareness regarding benefits of natural ingredients like turmeric and neem is expected to have a positive impact on the market.