The night cream market was valued at US$14.241 billion in 2019. Consumers are separating the use of cosmetics into daily routine, night routine, and during college or work. The night cream has a light base that provides moisture to the skin before sleeping. The night cream has many benefits for the skin such as moisturizing, providing texture, and anti-aging. These features are attracting consumers especially the generation Z towards the night cream. The demand for the night cream is driven by consumers with oily skin type and other factors include the rising requirement for skin repair solutions, increase in the awareness of maintaining the elasticity of the skin and the increase in the pollution is driving the demand of the night cream market.
Rapid Product Innovation Is Boosting the Demand of the Night Cream Market
The rising expectations of the consumers is motivating the key players of the market to invest in research and development and to offer new products. For instance, The Ozone group in May 2018 announced the offering of the premium range of the skin products, this shows the potential of the market to grow and expand in the forecasted period. The key players of the market are using ingredients such as alcohol, paraben-based preservatives, and artificial dyes which can result in the side effects like rashes and skin irritation. However, the rise in the awareness of the consumer towards the organic product is also propelling the opportunities of the market players to offer and gain a competitive edge over other market players. For instance, Amway Corporation launched new herbal skin products to be sold in India such as day cream, night cream, and face wash. The aim of the players presents in the market to offer potential the market holds is playing a significant role in boosting the night cream market.
The key players of the industry are focusing on solutions that eliminate the toxicity and impurities from the skin. Solutions include offering the night cream that is specific to the requirement of the consumer’s skin condition and issues faced by oily skin, dry skin, combination skin, etc. The key manufacturers of the night cream market such as Estee Lauder, L’Oréal, and Shiseido Co. Ltd., are focusing and prioritizing the innovation of new formulation developments such as emulsion and vesicular delivery system, to gain a competitive edge in the market over others. Most of the companies are focusing on the deep moisturizing applications with anti-wrinkle and anti-aging as they key areas which is expected to boost the market in the forecasted period. Tatcha, LLC, a Japan-based beauty company announced the launch of a luminous night cream with ingredients such as purple rice, hyaluronic acid, and Okinawan algae blend in 2019.
Recent Market Developments
Europe – Key Growth Region
Night creams are rising in demand due to the increase in pollution, increasing awareness of maintaining skin elasticity and rising demand for skin repair solutions. Europe region holds the largest share which is driven by the rise in the demand in the countries such as France, Germany and United Kingdom. For instance, Germany consumes the largest number of personal care and cosmetic products. It is expected to hold a decent share in the night cream market in the forecasted period on account of the presence of the well-established industry and various cosmetic companies such as Beiersdorf AG, L’Oréal SA, Avon Inc. and Shiseido Group across the region. The manufactures in the region are also focusing and innovating the product packaging to expand the usability of the skincare products. The rise in the demand for multi-function products is paving the way for the new entries in the market which is leading to the entry of the new players in Europe regions with their innovative product offerings. The entry of new players and the wide-spread product offering is boosting the demand for the night cream market in the forecasted period.