The global skin care market size is projected to reach USD 200.25 billion by 2026. The high investments in the development of skincare products with organic and safe ingredients will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Skin Care Market Size, Share & Industry Analysis, By Products (Creams, Lotions, Powders, Sprays, and Others), Packaging Type (Tube, Bottle, Jar, and Others), Gender (Men and Women), Distribution Channel (Cosmetic Stores, Supermarkets/Hypermarkets, Online Channels and Others), and Regional Forecast, 2019 – 2026” the market was worth USD 133.90 billion in 2018 and will exhibit a CAGR of 5.24% during the forecast period, 2019-2026.
Skin care products are gaining rapid popularity across the world. The changing lifestyle habits, coupled with the high spending power of common people will aid the growth of the market in the coming years. The advancements in the cosmetics industry have opened up a huge potential for the companies operating in the market.
Increasing Number of Company Mergers Will Aid Skin Care Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and collaborations have made a huge impact on the growth of the market.
In January 2020, Procter & Gamble announced that it has acquired Billie Inc. The company possesses an extensive range of women’s body care products. This acquisition is expected to strengthen the company’s product range. This acquisition will not only help the company grow but will have a direct impact on the growth of the skincare market in the coming years. The report highlights a few of the other factors that have influenced the growth of the market.
The Asia Pacific to Hold Highest Market Share; Increasing Company Collaborations Will Aid Growth
The report analyses the ongoing skin care market trends across North America, Europe, Asia Pacific, and the Rest of the World. Among these regions, the market in the Asia Pacific will hold the highest skin care market share driven by the increasing number of company collaborations and mergers in several countries across the world.
Information Source: https://www.fortunebusinessinsights.com/skin-care-market-102544