Global organic skin care market is expected
to reach USD 12.58 billion by 2022, according to a new report by Grand View
Research, Inc. Growing demand for organic face creams, sunscreens, and body
lotions among consumers is expected to have a positive impact on the sector
over the next seven years. Changing consumer perceptions towards organic
products coupled with growing utilization of environmentally sustainable
products is expected to fuel product growth over the next seven years.
Growing
awareness toward organic products, and changing lifestyle of consumers coupled
with and rising consumer disposable income is expected to fuel product demand
over the forecast period. In addition, increasing penetration of major players
such as Reckitt Benckiser and P&G through new product developments and
launches in India, Brazil and China is expected to promote growth over the next
seven years.
Rising
consumer awareness regarding potential impact of organic skin care products on
health and environment has resulted in augmenting sales over the past few
years. Furthermore, reduced consumption of harmful chemicals including aluminum
salts, parabens and phthalates coupled with shifting to sustainable products by
numerous multinational corporations has contributed to the rise in product
consumption and trend is expected to continue over the forecast period.
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Further key findings from the study suggest:
- Face creams was the fastest growing product segment at a CAGR over 20.0% from 2015 to 2022. The segment is expected to show high penetration due to rising increasing incidences of skin disorders which has led consumers to switch from synthetic products to natural products. Industry growth in Germany, France, and UK coupled with product innovation by companies such as L’Oreal will increase product demand over the next seven years.
- Body lotion segment was estimated over USD 1.0 billion in 2014. Increasing need for naturally quick-fix skin problems that arise from pollution and environmental factors will have a positive impact on the sector over the forecast period.
- Europe was estimated over USD 750.0 million in 2014. Robust product manufacturing base in the UK, France and Germany is expected to be a favorable factor for demand. European Commission framed Horizon 2020 Strategy, with to promote consumption and production of natural ingredients in chemical, personal care, automotive and energy sectors. This is expected to have a positive impact on the industry over the next seven years.
- The global organic skin care industry is highly competitive with large multinational companies dominating the sector on account of increased expenditure on advertising and continuous R&D. However, in 2014, numerous smaller companies have gained share on account of increasing interest in natural beauty particularly in Europe and North America. Furthermore, companies employ strategies such as joint ventures and mergers & acquisitions to expand their global presence. In October 2013, multinational L’Oreal acquired The Body Shop and Kiehl’s to increase its share in this sector.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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