The global facial care market was valued at US$133.093 billion in 2019, and is expected to grow at a good CAGR over the forecast period. Rising awareness regarding importance of facial products in order to maintain a healthy skin, to enhance skin appearance, and minimize skin conditions is driving the industry of these products. Furthermore, as the global working population is increasing at a remarkable rate in the emerging economies like China, India, Australia, and Brazil, the demand for facial care products is also rising tremendously. Facial care is becoming really important for both male and female population.Rising awareness regarding importance of facial products in order to maintain a healthy skin, to enhance skin appearance, and minimize skin conditions is driving the industry of these products.
Facial care products have contributed significantly in the global skincare market. Consumers have shifted their focus towards facial beauty products. As such, manufacturers have started their brand campaigns through various social media platforms such as Facebook, Instagram, and YouTube. Increasing use of smartphones and better internet connectivity is increasing the skin care product market. With growing internet penetration, companies have now new platform to sell their products around the globe. According to the World Bank Data, the percentage of the number 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 group of a particular region or country.
Global facial care market has been segmented on the basis of product type, gender, distribution channel, and geography. On the basis of the product type, the market has been segmented as face cream, face wash, serum & mask, and others. On the basis of gender, the market segmentation has been done as male and female. The global facial care market has also been classified by distribution channel as online and offline.
Online distribution channel is getting more convenient for consumers
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 product. Moreover, consumers usually get some discount or coupons while making purchase online which is further attracting customers towards 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 in the global facial care market
Geographically, the global facial care market is classified into five major regional markets- North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). North America accounted for the significant share in the global facial care market in 2019. North America accounted for a significant market share in the global facial care market owing to the high awareness about benefits of regular face care regime among both male and female population. 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 preference for premium quality facial care products, facial care companies are also launching new variants in order 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 is augmenting the market growth. People are getting more aware about 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 in order to capture this growing market. 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 booming online retail industry, growing use of social media for advertisement and marketing are also supporting the growth of facial care market in this region.
Market Players and Competitive Intelligence
Prominent key market players in the global Facial care market include L’Oreal, Procter and Gamble, Oriflame, Unilever, Estee Lauder Company, Johnson & Johnson, Glytone, VLCC Health Care Limited, Syneron Medical Ltd, Allergan plc, Galderma, G. D. Pharmaceuticals Private Limited, Shiseido Co. Ltd, Kose Corporation, and Kao Corporation. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global Facial care market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.