The global facial care market size is expected to reach USD 132.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0% over the forecast period. Increasing use of face cosmetic products to improve skin conditions and growing facial consciousness are expected to have a positive impact on the industry growth over the forecast period. Over the past few years, introduction of new products including BB creams, moisturizers, anti-aging creams, skin toners, cleansing wipes, and masks and serums by key personal care companies including L’Oréal and Procter and Gamble have remained prominent trends in the market.
Asia Pacific accounted for the largest share of the overall market owing to convenient supply of raw materials, economic growth, and new product launches in emerging economies, including China and India. The market in Asia Pacific is anticipated to gain momentum due to high demand from developing countries like India and China, which together accounted for more than 70.0% share of the overall revenue in 2018.
The facial care market is highly competitive in terms of launching new product variants and pricing. Major manufacturers in the market are investing in R&D to introduce new products and meet the growing consumer demand for enhancing skin appearance. This is, in turn, likely to propel growth of the market in the near future.
Skin-whitening and anti-ageing are the latest trends in the market, which has enabled the manufacturers to customize the products accordingly to meet desired specifications given by users. Facial creams has been the largest application segment for this product, wherein the primary purpose behind their use is to moisturize, hydrate, and improve fairness of the skin in order to get younger-looking skin.
Further key findings from the study suggest:
- Europe is expected to expand at a CAGR of 5.3% over the forecast period owing to increasing preference of consumers to maintain healthy and glowing skin in key countries including Germany and U.K.
- Facial creams accounted for 25.9% share of the overall revenue in 2018 as a result of increased demand to treat tired or ageing skin, add glow, and improve skin conditions
- The U.S. facial care market is projected to reach USD 25.0 billion by 2025, wherein the major share is held by companies such as Procter and Gamble, Estee Lauder Company, and P&G Co.
- Facial creams in U.K. generated a revenue of USD 2.4 billion in 2018.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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