[296 Pages Report] Increased awareness regarding advanced skincare products and rising prevalence of chronic diseases are expected to drive skincare market. According to a study by Future Market Insights (FMI), the global skin care market is forecast to reach a valuation of US$ 8,823.4 Mn in 2021.
The rising prevalence of several infectious diseases has necessitated innovation in the skin care market. According to the World Health Organization (WHO), the prevalence of chronic diseases was expected to increase by 57.0% by 2020, which indicated that a significant percentage of the population would suffer from chronic ailments. Also, the global outbreak of pandemics such as H1N1, Ebola, and others are boosting the requirement of different hand and skin hygiene products such as hand sanitizers, which is indicative of growth opportunities for the market.
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Skincare products such as skin cleansers, hand sanitizers, skin conditioners, and surgical scrubs are increasingly used to maintain skin hygiene and to prevent the spread of infections. The rising prevalence of chronic diseases and increase in demand for hand sanitizers amid the COVID-19 pandemic is expected to boost the growth of the skincare market.
Moreover, increasing incidence of hospital-acquired diseases such as surgical site infection (SSI) is creating opportunities for growth. Sales will surge further as a result of the increasing awareness about advanced skincare products. Social media & innovative online campaigns aimed at creating awareness are therefore reshaping the skincare market.
Increasing market consolidation activities, adoption of strategic agreements among the leading manufacturers and increasing research activities aimed at launching effective products are some of the factors enabling growth. Some of the leading players are aiming to strengthen their product portfolio by launching a various online campaign. For instance, in 2021, Galderma Laboratories, LP-Cetaphil launched an innovative digital campaign to connect with millions of consumers experiencing skin sensitivity.with the market expected to exhibit a CAGR of 8.1% during the forecast period (2021-2031)
Key Takeaways from Skincare Market Study
Skincare market is expected to rise at 8.1% CAGR between 2021 and 2031
High willingness among consumers to spend on personal health and hygiene will drive growth in the US, which will account for over 85% of sales in North America by 2031
The UK will remain a key market for skincare products within Europe. Rising demand from various hospitals, healthcare, and critical care centers will continue supporting growth
Expansion of the healthcare sector will push growth in Germany, which will account for maximum skincare products sales within Europe’s healthcare sector
Strong growth is likely in China, as consumers increasingly focus on hygiene and sanitization to prevent the risk of infection
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- 3M Company
- Cardinal Health, Inc.
- Whiteley Corporation
- Reckitt Benckiser Group PLC
- Johnson & Johnson Consumer Inc.
- Galderma Laboratories, LP
- PDI, Inc.
- Betco Corporation
- Pal International
- PSK Pharma Pvt. ltd
- Metrex Research, LLC.
- Gojo Industries, Inc.
- Steris Plc.
- Procter & Gamble
Skincare Market by Category
- Skin Cleansers
- hand sanitizers
- Surgical Scrubs
- skin conditioners
- Gels & Lotions
- Spray & Foams
- Ambulatory Surgical Centers
- Diagnostic Laboratories
- Reference Laboratories
- rehabilitation centers
- Long Term Care Centers
- Critical Care Centers
- Pharmaceutical & Biotechnology Companies
- Academics and Research Institutes
- Homecare Settings
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- Latin America
- East Asia
- South Asia
- The Middle East and Africa (MEA)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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