The global night cream market was valued at US$14.241 billion in the year 2019. The key driver of the market is growing personal attention with a rise in disposable income and personal care concerns. Surging demand for natural products for better skincare routine is also playing a prominent role in the market. Further, protection from pollution and usage of chemical cosmetics applied in the daytime is booming the market. Moreover, the need to hydrate the skin for better skin health led to a surge in the market growth. Acne, wrinkles, and pimple treatment using essential oils in the night cream is also a prime developer of the market. Of all, the orthodox preference towards whitening of the skin is leading the market growth.
Growing Disposable Income and Health Care Concerns Along With the Demand for Innovative and Natural Products Is Driving the Market
As per the analysis report, the prime reason driving the growth in the market is increasing disposable income, resulting in a higher standard of living along with a surge in personal care routine. Night creams play an inevitable role in the skincare routine, especially among the female population using cosmetic products on a daily basis. Human skin is exposed to atmospheric dust and man-made pollution, which affects skin health, makes it look dull and dusted. Further, low skin hydration level makes skin dry. Night creams help in the hydration of the skin. The essential oils and fatty acids in night cream help in dealing with scars, spots, and wrinkles. Moreover, the growing adoption of natural skincare products will further boost the market. Natural skincare products, such as the CBD skin care cosmetic products, are gaining fame owing to their benefits, positively affecting the night cream market as well.
A Significant Innovation in the Industry Will Surge the Growth of the Night Cream Market
Rapid innovation accompanied by increased investment in R&D is driving significant growth in the market. Particularly the development of natural and organic products, that have greater skin benefits. The Boots Company PLC, for instance, successfully captured 1 lakhs shopper’s attention for its Advance Retinol product, before the launch of the product, with the help of marketing tactics and benefits the product offer. Further, the legalization of cannabidiol products will boost the growth of the market. the US Farm Bill of 2018 legalized the use of Cannabidiol chemical as skincare products, including moisturizers, oils, day creams, night creams, and others. Amway Corporation also launched its range of herbal night cream in India. Hence expanding the market size of night cream.
Moisturizing Night Cream to Hold Significant Market Along With Millennial Populations Dominating the Market Demand
By type of cream, moisturizing night cream holds a significant market share and is anticipated to dominate the market in the forecasted period. The prime reason for such dynamics is the better ability of moisturizing cream to hydrate the skin. Especially among the female population. Moisturizing cream also holds a noteworthy share in the cosmetic industry due to its texture, fragrance, and skin benefits. These creams are also popular among aged women for covering wrinkles and spots.
The millennial population dominates the market, especially the skin whitening cream market. The orthodox preference towards whitening of the skin is driving the market growth. Moreover, natural skin whitening night creams have gained popularity among the young generation. Companies in the industry are noting this obsession and launching combined treatment of day creams and night creams to increase the sale of both units. P&G owned global brand Olay, for instance, targeted millennials with its range of Retinol products that includes serum, night cream, and eye cream. After successful market growth in the US, the company targets the Singapore, Australia, Malaysia, and Philippines market in January 2021.
E-Commerce Sale of Night Cream Dominates the Market Owing to Growing Internet Penetration Along With a Surge in Digitalization
By distribution channel, the market is segmented between the online channel of distribution and offline physical sale of the product. The prime reason behind the surge in online sales distribution is increased internet penetration, especially in the Asia Pacific region, accompanied by increased disposable income. Moreover, the online platform has made international beauty brands available to distinct areas. Further, industry-specific websites and applications have increased sales. Moreover, the secured payment method is further boosting sales. And with the growing adoption of devices such as smartphones and tablets will boost the market. Nykaa, for instance, is an Indian online platform for retail sales beauty, wellness, and fashion products. The 2012 incorporated firm was valued at US$1.2 billion in the year 2020.
Offline retail sales as well hold a significant share owing to customization. However, many retailers are adding online mode as well for more sales. Also, the coronavirus pandemic has surged the growth of the online channel, with a physical shutdown implemented to curb the spread.
European Market Has the Largest Share in the Cosmetic Industry
The European region is predicted to hold a dominating share in both, cosmetic and the night cream market. The prime factor bolstering the market is the well-established cosmetic industry. Europe is the home of a few but large cosmetic firms that have a global reach. Moreover, the popularity of natural products, such as CBD skincare products, will further boost the market. Also, companies in the region are involved in various strategic plans to increase their market share. Ignite International Brands Ltd., for instance, expanded its partnership with Taylor Mammon, UK manufacturer, and distributor, to increase their CBD product sales including night creams, day creams, moisturizers, and others.
The North America and Asia Pacific region, as well, holds a significant share of the market. And with Farm Bill, sanctioned in 2018, in the US, the night cream market will further expand with the inculcation of CBD ingredients in manufacturing. In the Asia Pacific region, especially in countries like India, China, and South Korea, the market will expand exponentially with a surge in disposable income and internet penetration. Moreover, China is a major cosmetic market in the area for cosmetic vendors.
The coronavirus pandemic had a two-way impact on the night cream market. While physical shutdown led to a fall in the offline and retail sale of cosmetic products, including the night cream sales, the online sales of cosmetics, again including night cream sales, increased. Moreover, retailers adopted an online channel of distribution to deal with the loss of offline sales.