The global skin care market size is projected to reach USD 200.25 billion by 2026. The high investments in the development of skin care 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 cosmetics industry have opened up a huge potential for the companies operating in the market.
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 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.
The market in North America is projected to witness considerable growth in the coming years, owing to the presence of several well-established companies. As of 2018, the market in North America was worth USD 25.82 billion in 2018 and this value is projected to increase further in the coming years.