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The face cream market is estimated to grow at a CAGR of 5.2% between 2022 and 2027. The size of the market is forecast to increase by USD 11,635.53 million. The growth of the market depends on several factors, including the rising demand for natural and organic face creams, the increased availability of specialized face creams, and the rapid growth in online sales.
This report extensively covers market segmentation by product (anti-aging cream, skin whitening, and sun protection cream, and moisturizer and anti-acne cream), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increased availability of specialized face creams is notably driving the market growth, although factors such as the growing concerns over the safety of synthetic ingredients in face creams may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Face Cream Market Driver
The increased availability of specialized face creams is notably driving the market growth. Specialized face care products to address specific skin concerns, such as skin whitening, anti-aging, acne treatment, and blemish removal, have become popular. Vendors such as The Nature Co. offers specialized products such as sandalwood-turmeric anti-blemish cream, focus anti-aging cream, garlic anti-acne cream, and Asiatic Centella anti-wrinkle cream, that offer solutions for specific skin types and textures.
Willingness to spend on specialized beauty care products, especially in countries such as the US and India, has encouraged vendors to introduce specialized products as premium products. This popularity of premium specialized face products is expected to boost the facial cream market during the forecast period.
Significant Face Cream Market Trend
The growing prominence of social media influencers is a major trend in the market. The rapid global penetration of smartphones has been the key to the rising prominence of digital media as a key communication and marketing channel. Manufacturers of face care products invest in social media campaigns in developed markets, such as the US, for product promotions and wider marketing outreach. The popularity of social media influencers in these markets has led major brands, such as LOreal SA, to develop strategic partnerships with influencers, especially for their beauty and makeup brands.
Micro-influencers, with around 2,000 to 50,000 followers on any social media channel and focus on a niche passion, topic, or market, have grown in stature as opinion leaders in the global face care product market over the last few years. Hence, vendors such as L'Oreal SA invest in micro-influencers instead of expensive celebrity endorsements. The engaged fanbase, lower price point, higher authenticity, and ease of marketing, help micro-influencers to replace celebrities as the preferred communicator for face products. Thus, the popularity of social media influencers is expected to help the markets such as India and China grow.
Major Face Cream Market Challenge
The growing concerns over the safety of synthetic ingredients in face creams are a major challenge impeding the market. The side effects of synthetic ingredients used in face care products have been the principal concern for the growth of the market over the last few years. Synthetic ingredients, such as benzoyl peroxide, triclosan, parabens, hydroquinone, sulfates, fragrances, resorcinol, synthetic colors, petroleum, methylisothiazolinone, silicones, colorants, mineral oils, phthalates cause skin problems such as skin irritation, allergies, and even skin cancer.
According to the World Health Organization (WHO), mercury, which is used as a skin-lightening agent in such creams and anti-aging products, is hazardous to the skin. Glycol ether, which is a common preservative used in skin cosmetics and personal care products, is harmful to the skin when used in higher concentrations. The health implications related to the use of synthetic ingredients in these creams have forced manufacturing vendors to seek natural and organic alternatives, thereby increasing R&D and overall production costs. Overall, the safety concerns over the use of synthetic ingredients are expected to hamper the facial cream market during the forecast period.
Key Face Cream Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Face Cream Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
L'Oreal SA - The company operates under multiple segments including consumer products, and active cosmetics among others, with a high focus on consumer products.? The company under this segment?operates four major global brands L'Oreal Paris, Garnier, Maybelline New York, and NYX Professional Makeup, and the deployment of its specialized and regional brands like Stylenanda, Essie, Dark, and Lovely. The company's key offerings include facial cream.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the anti-aging cream segment will be significant during the forecast period. Anti-aging creams for the face are primarily moisturizer-based, cosmeceutical care products, which aim to reduce, mask, and prevent the signs of aging.
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The anti-aging cream segment was valued at USD 13,039.91 million in 2017 and continued to grow until 2021. Common issues that anti-aging creams address are laxity of skin, wrinkles, puffiness, and dark circles around the eyes. Owing to rapid changes in lifestyles and environmental conditions, the aging process for middle-aged and old consumers has become faster, affecting the wellness and physical appearance of these consumers. This drives the demand for anti-aging products. Several vendors such as L'Oreal SA, and Unilever PLC offer a range of anti-aging creams for men and women. The growing demand for anti-aging creams, especially among baby boomers, is expected to continue to boost the segment during the forecast period.
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APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
China and India are the key markets for the product in the APAC region. The rapid growth of the beauty industry in the region over the last few years has also spurred the number of beauty salons in countries such as China, India, and Japan. This contributes to the demand for facial cream products. Personalized promotional strategies to market these creams through celebrity endorsements and on social media help vendors expand their customer pool. Awareness of the uses of such creams and the presence of several established international and regional vendors in APAC are expected to help the market grow.
A key challenge for the market in APAC is the circulation of counterfeit products. These products replicate the packaging and labeling features of established brands and are cheaper. They also have severe health implications, which is one of the key threats to established brands. However, rising consumer awareness about the benefits of authentic facial cream products and the willingness to spend on beauty care products are expected to drive the facial cream market in APAC during the forecast period.
In 2020, the COVID-19 pandemic negatively impacted the sales of these products in APAC. However, in 2021, due to large-scale vaccination drives, the regional manufacturing plants restarted their operations. Lockdown restrictions were eased, which led to the reopening of offline stores. Thus, the market in APAC is expected to witness considerable growth during the forecast period.
Technavio categorizes the global facial cream market as a part of the global personal products market within the global household and personal products market. The global personal products market covers products and companies engaged in research and development (R&D) and the production of personal and beauty care products, including cosmetics and perfumes. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (Anti-aging cream, Skin whitening, and sun protection cream, and Moisturizer and anti-acne cream), Distribution Channel (Offline and Online), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
Face Cream Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.2% |
Market growth 2023-2027 |
USD 11,635.53 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.7 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 51% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amway Corp., Avon Products, Beiersdorf AG, Johnson and Johnson, Kao Corp., Libby Laboratories Inc., Lotus Herbals Pvt. Ltd., Lucas Meyer Cosmetics, Oriflame Holding AG, Procter and Gamble, Reckitt Benckiser Group PLC, Reviderm AG, Shiseido Co. Ltd., The Body Shop, The Estee Lauder Co Inc, The Himalaya Drug Co, The Natures Co., Unilever PLC, Verona Products Professional Sp. z o.o., and LOreal SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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