Infinium Global Research’s recent report on “Facial Care Market ((By Product Type (Skin Whitening/ Lightening and Anti-Ageing, Facial Creams, Face Wash, Cleansing Wipes, Serums and Masks and Others), By Distribution Channel (Conventional Store, Departmental Store, Online Store); By End User (Male, Female)): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2028” the provides a comprehensive outline of the factors responsible for the growth of the market. The revenue generated by the market was about USD 110 billion in 2022 and is expected to reach over USD 155 billion in 2028 and is expected to grow with a CAGR of over nearly 6% over the forecast period 2022-2028.
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Increasing Disposable Income Among Younger Consumers, Especially Women
Facial care is the process of maintaining the skin, lips, and eyelashes on the face for an attractive, youthful appearance. Facial care products are under the subject of skin care therapies. Included are products including a cleanser, toner, antioxidant serum, eye cream, spot treatment, moisturizer, sunscreen, and more. These are used to both cure particular skin conditions and preserve the health of the skin. Taking care of your face may help you get a more attractive complexion.
Additionally, it purifies and regenerates skin, enhancing its health in the process. Acne, wrinkles, and age spots can all be eliminated with good facial care, in addition to enhancing the appearance of the skin. It really is one of the finest ways to keep facial skin healthy and enhance natural beauty. Growing awareness about facial care products and increasing disposable income among younger consumers, especially women are driving the market. Intensive marketing by beauty products companies and increasing online purchasing of facial care products are further expected to provide new opportunities in the market.
COVID-19 has a significant impact on people's lives in many different ways, leading to complete closure. One of the many changing lifestyles is facial cleanliness. Interest in facial care and online searches have increased since COVID-19. Lockdowns started to be implemented in communities as the COVID-19 outbreak spread. Prior to the epidemic, consumers made purchases via traditional offline methods including touching, tasting, and looking at products. Following the epidemic, a rise in social media users changed consumer shopping habits by enticing people to read product reviews and request samples. Due to store closings, there was a major impact on the need for face care products. As a result, the supply could not keep up with the demand, and facial care product sales suffered.
Conventional Store to Dominate the Distribution Channel Segment
Conventional Store is expected to dominate the Sales Channel segment of the market. The typical method of trying a thing out at a conventional store to learn more about it still predominates. Online shopping for new items has not yet taken off in the facial care industry, unlike in many other forms of retail. Conventional stores enable the consumer to try out a plethora of facial care products of different brands physically and compare them to each other and buy the most convenient one. There is a large network of conventional stores which has enabled the easy availability of facial care products. The conventional store holds an important role in the distribution and sales network of a facial care product company.
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North America to be the Dominant Region in Facial Care Market
Geographically, North America is projected to be the largest revenue-generating region in the market. North American citizens have a good standard of living thanks to their high per capita income. The majority of people in North America now consider their facial care routine to be a vital part of their modern lifestyle, which has led to increased spending on facial care products by them. A well-established face care market exists in North America as a result of the high level of integration of facial care products into customers' lifestyles and their strong purchasing power. In North America, women specifically are the biggest consumers of facial care products, and as the region's population expands, this trend is only anticipated to continue. Asia-Pacific is predicted to have the market's quickest growth rate. This can be ascribed to factors like the rise of regional face care businesses and the growing population of young consumers with their growing spending power.
Companies in Facial Care Market to Focus on Acquisitions and Creating New Beauty Divisions
The market for facial care is already reached its pinnacle and is saturated. Though new innovations in facial care products are expected to boost the growth of the market. A large number of market players operate in this space and there are many leading players in each segment of the market. The market players include local, regional and global facial care companies which have resulted in intense competition among them. Major players of the market include L’Oréal S.A., Procter, and Gamble Company (P&G), Estee Lauder Companies Inc., The Unilever Plc., Shiseido Co. Ltd., and others. The companies are focusing on acquisitions and creating new beauty divisions in order to expand in the market.
In March 2022, Procter and Gamble Company (P&G) announced a new specialty beauty division. In December 2021, L'Oréal signed an agreement for acquiring the skincare brand ‘Youth to the People. Infinium Global Research’s recent report on the Global Facial Care Market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the market and also estimates the impact of recent developments in the global market.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of facial care.
=> Complete coverage of all the product types and applications segments to analyze the trends, developments, and forecast of market size up to 2028.
=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand and/or diversify.
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