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 the cosmetics industry have opened up a huge potential for the companies operating in the market.
Increasing Number of Company Mergers Will Aid Skin Care Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and collaborations have made a huge impact on the growth of the market.
Accounting to the huge potential held by skin care products, several large scale companies are investing more towards the development of advanced products. The increasing number of product launches will have a positive impact on the growth of the market in the coming years. The growing demand for organic products will creates huge platforms for market growth.
Information source: https://www.fortunebusinessinsights.com/skin-care-market-102544