Those familiar with skin care products would know what the uses of retinol, argan oil, peptides, seaweed, benzoyl peroxide and salicylic acid are. Armed to the teeth with these chemicals and active ingredients designed to give a user the most beautiful, soft, and radiant skin, skin care products come in a large variety of packaging and pricings. As one of the most marketed FMCG products, the global skin care products market holds a high rate of sales through a wide range of products, which are claimed to be beneficial for all common skin types.
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The global skin care products market was recorded at a substantial US$110.7 bn at the end of 2014. Expected to proceed at a CAGR of 4.90% between 2015 and 2021, the global skin care products market should be valued at US$155.4 bn by the end of this period.
How is the Global Skin Care Products Market Faring Right Now?
To sum it up, rather well. The biggest reason the global skin care products market is growing today is the higher number of individuals that fall into the bracket of low- and middle-income citizens with more disposable income. With more people having more money to spend, the global skin care products market, which is considered a luxury in developing economies, finds rising preference. Other factors that go with the increasing number of skin care product shoppers is the advancements in this field that have given birth to potent and skin-specific treatments and preventive creams.
The global consumer base for the skin care products market is moving towards the newest trend of using skin glowing products, especially prevalent among consumers from the middle- and low-income brackets. So is the case with skin brightening products in tropical regions, such as the Middle East, a few African countries, and Asia Pacific. Countries in Latin America, on the other hand, hold a massive consumer segment that leans towards sunscreens and similar products. Within a regional scope, the global skin care products market was dominated by Asia Pacific, and is expected to continue leading it in the near future. This is primarily possible due to the massive population of skin care users in China and Japan. The fastest CAGR in the global skin care products market’s regions is the 8.60% expected to be displayed by the MEA region between 2015 and 2021.
Is the Skin Care Industry Getting Rid of Toxic Ingredients?
Not yet. Not all brands have completely sworn off using substances that are consistently linked to health issues such as cancer. At the top of this harmful chemicals list are parabens. Parabens were commonly used as a preservative in the global skin care products market due to their cheap and easy manufacturing. The chemicals have, however, been proven to have been the aggravators of cancer in many cosmetic product users. Parabens imitate the actions of estrogens, and when they enter the blood stream, are known to cause breast cancer and multiple issues with the reproductive system. This was demonstrated by researchers from Silent Spring and the University of California Berkeley. The former is a well-known women’s health research body. Through their studies, they noticed that nearly 25% of the breast cancer cases analyzed are related to higher levels of the human epidermal growth factor and estrogen. The exposure of cancer cells to parabens revealed a significant increase in the growth of cancer.
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With a long stream of debates over the actual potency of parabens and other chemicals in causing diseases, many brands in the global skin care products market have opted out, replacing parabens with alternative preservatives, while many others still continue to use them. Large-scale removal of harmful chemicals in skin care products will go a long way in ensuring sustained success for the skin care products market, while sticking to using parabens and other harmful chemicals has the potential of blowing up in the face of major skin care products market players.