Lucintel Identifies Middle Class in China and India as Growth Drivers for Global Skin Care Products Industry Through 2018
Irving, TX, July 26, 2014 --(PR.com
)-- Asia Pacific (APAC) has emerged as the fastest-growing region in the global skin care products industry. It is expected to continue that growth momentum over the next five years. The industry is expected to witness good growth with industry revenue reaching an estimated $102.3 billion in 2018. Increased consumption in the huge markets of India and China and in growing economies such as Indonesia and the Philippines are likely to drive growth in the industry.
Lucintel, a leading global management consulting and market research firm, has conducted a competitive analysis on the industry and presents its findings in “Global Skin Care Products Industry 2013-2018: Trend, Profit, and Forecast Analysis.” Facial care was the largest segment in the industry, followed by the body and hand care segment in 2012. Competition in the skin care products industry is high due to it being consolidated. Some of the major players in this market are L’Oreal, Unilever, Kao Corporation, Procter & Gamble, and Estee Lauder Companies Inc.
Increased awareness in emerging countries has resulted in higher demand for international luxury products. Providing good quality products at low cost is a challenge for manufacturers. Growing middle class populations in countries such as China and India and an increasing number of working women are expected to boost demand for premium salon skin care products. APAC is expected to emerge as the largest market for skin care industry during the forecast period. The European skin care industry is expected to show relatively flat growth over the next five years compared to other regions as the result of post-recessionary effects.
Facial care is expected to be the largest segment in terms of value during forecast period. Innovations in skin care products such as multiple features in a single product and targeted products for particular skin problems are expected to drive the industry toward growth. Increasing demand for herbal skin care products is an emerging trend of the industry.
This report provides an overview of the global skin care products industry. For a detailed table of contents and pricing information on this timely, insightful report, contact Lucintel at +1-972-636-5056 or via email at email@example.com. Lucintel’s Personal Care Reports include Skincare Industry, Fragrance Industry and Hair Care Products Industry reports.