Facial Care Market Overview
Rise in disposable income of people, change in lifestyle, and increase in product launches to cater to the growing consumer demand are the key factors driving the facial care market, globally. Further, the growing popularity of multi-purpose products is expected to propel the market growth. The market has diversified exponentially in recent years with the launch of various products, such as face cream, toner, serum, facial mask, and anti-age cream.
On the basis of product type, the facial care market is categorized into face cream and moisturizer, anti-aging cream, serum, face mask, face wash, cleanser, toner, scrub, and others. During the forecast period, the market is expected to witness the fastest growth in the category of anti-aging creams, on account of surging geriatric population and increasing consciousness among people to look younger, with special focus on the facial skin. It has been observed that people have started using facial care products from a very young age to delay the signs of aging. Hence, the consumer base of these products has expanded to include younger people as well.
Based on distribution channel, the facial care market is classified into beauty parlors/salons, online platforms, multi-brand retail stores, supermarkets/hypermarkets, exclusive retail stores, and others. Of these, the fastest growth in the market during the forecast period is expected from online platforms. Companies such as Makeup Geek LLC and Morphe Brushes & Cosmetics offer services to customers that enable them to order online and get the products delivered at their doorstep. However, multi-brand retail stores are expected to contribute the largest revenue to the market in the coming years, as they make available several brands under one roof.
Globally, Asia-Pacific (APAC) is anticipated to be the largest market for facial care products in the coming years. The market in the region is expected to witness notable growth on account of increasing consumer spending, growing appearance consciousness in people, and rising consumer awareness on the benefits of using facial care products.
Facial Care Market Dynamics
The key trend observed in the facial care market is the growing preference for organic products. In recent years, organic products have gained traction in the market due to the benefits offered by them. With the growing awareness on the beneficial properties of organic products, consumers have become more responsive toward the use of these products for skin care. Unlike other commercial beauty products, which are effective but contain harmful chemicals, organic products are free from chemical substances that have detrimental effects on the skin in the long run.
Offerings in the facial care market range from economical beauty products to high-end premium cosmetics. The market growth is primarily driven by the introduction of a wide range of skin care products, including skin toner, serum, moisturizer, BB cream, anti-aging cream, scrub, and facial mask. This has increased the availability of differentiated products in the market to cater to diverse consumer needs, which, in turn, is boosting the growth of the facial care industry.
The busy lifestyle of people is another driving force propelling the growth of the facial care market. With the increase in stress level and hectic work life, the demand for skin care products that help relieve stress as well as add glow to the skin is rising. Products such as Vitruvi facial spray, Estée Lauder stress relief eye mask, and Tata Harper aromatic stress treatment have proved beneficial in alleviating stress as well as offering facial glow to the end users. Thus, the busy lifestyle of consumers is resulting in high demand for facial products that lend freshness to the skin and, at the same time, hide signs of exhaustion.
Due to the expensive nature of cosmetic products offered by multi-national companies, smaller companies in the market often resort to offering cheaper substitutes to cater to the consumer demand. Thus, the availability of low-cost substitutes hinders the growth of the facial care market to some extent. Besides, the proliferation of counterfeit products is rendering the market unorganized.
Technological advancements in products continue to offer growth opportunities to the players operating in the facial care market. Companies are now employing facial care devices equipped with advanced technologies to monitor skin condition, generate digital feedback, and offer customized skin care solutions to their customers. For instance, in July 2016, L’Oréal Paris launched a campaign on SnapChat to promote its Infallible Silkissime eyeliner. The L’Oréal filter on SnapChat enables consumers to see themselves with a virtual makeover.
Facial Care Market Competitive Landscape
Players in the facial care market are increasingly focusing on the acquisition of other companies to increase their market share and strengthen their product portfolio. For instance, in August 2018, London-based beauty services platform Ruuby acquired Perfect 10, a wellness consultancy and luxury mobile beauty firm. Also, in March 2018, L’Oréal S.A. acquired ModiFace, a Canadian beauty technology company that utilizes augmented reality for virtual makeovers. Besides, in February 2018, Marc Anthony Cosmetics Ltd. acquired Cake Beauty Inc., a Toronto-based beauty brand that specializes in vegan, natural, and cruelty-free products.
Some of the major players operating in the global facial care market are L’Oréal S.A., The Estee Lauder Companies Inc., Alticor Inc., The Body Shop International Limited, Avon Products Inc., The Procter & Gamble Company, Oriflame Cosmetics AG, Unilever PLC, Shiseido Company Limited, Burberry Group PLC, Kao Corporation, and Edgewell Personal Care.
The report covers country-wise facial care market analysis. Some of the major countries covered in the report are the U.S., Canada, France, Germany, the U.K., Italy, China, Japan, India, Australia, Brazil, South Africa, and the U.A.E.