Skincare products have proven beneficial in providing nourishment to the skin and helping in improving the quality of the skin.
Growing awareness about skin nourishment because of increasing prevalence of black spots, acne, tanning, and dullness has driven the growth in the global skincare market.
Also, shifting consumer patterns, leading to increased demand for beauty care products could propel the overall skincare market, in the coming years. Increasing awareness, especially among men regarding grooming could fuel the skincare products demand, in the years ahead.
Improved technology with reduced carbon footprint used to package skincare products could increase skincare product demand, in the coming years.
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Availability of Skincare Products on Ecommerce Websites Could Propel Market Growth in Future
The availability of various skincare products through online distribution channels such as ecommerce websites, who provide several consumer benefits such as doorstep delivery, large discounts, and easy payment methods could lead to increased product demand in future and contribute to skincare market growth, in future.
Integration of advanced technologies such as artificial intelligence and Internet of Things into the manufacturing process of beauty care products could help in the development of improved products, which could witness a greater demand among consumers and fuel the growth in the overall skincare market.
Growing consumer awareness about keeping the environment clean could prompt leading skincare product manufacturers to produce eco-friendly products, by deploying raw materials which are less hazardous to the environment and this could bolster the growth in the global skincare market.
Some of the skincare products which have witnessed high demand among consumers include creams, lotions, sprays, and powders.
COVID-19 Pandemic Fuels the Growth in Global Skincare Market
With increasing demand among different population sections, the future for the skincare market seemed optimistic and the market was given further impetus by the outbreak of the COVID-19 pandemic.
With governments imposing strict social distancing regulations and lockdowns in a bid to contain the spread of the virus, most families were forced to stay indoors.
However, these families have shown a shift in patterns, with an increased focus on personal care and as a result, purchased different wellness and beauty products that would help maintain skin quality.
This helped in the growth of the market, even when the world was going through such a tumultuous phase. It is anticipated that during the post-pandemic phase, the demand for skincare products will continue to remain high, leading to steady growth in the global market.
While skincare products have proven beneficial to both men and women across population sections, there are drawbacks that could impact product demand, in future.
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Increased Risk of Skin Diseases Owing to Product Overuse Could Dent the Growth in the Overall Skincare Market in Future
Certain skincare products, if used excessively, could damage the skin and lead to different diseases such as melanoma. This product aspect could be a key restraining factor to the growth of the global skincare market, in the coming years.
Skin nourishment products are usually recommended for those, who have specific skin characteristics and are not suggested for use to others. This could result in reduced product sales and negatively impact the growth in the skincare market, in future.
Growth strategies such as novel product launches which do not affect the human skin despite excessive use, could help prominent skincare market players gain a competitive edge over others.
Leading US-based consumer goods market player Gillette, in 2021, launched a new line of skincare and shaving products named ‘Planet KIND’. The packaging technology used in these products was found to be recyclable and developed from 85% recycled plastic and recyclable aluminum. Some of the products line-up for sales comprise face wash and moisturizers.
Research & development undertakings could be a key growth strategy for leading skincare market players in future.
