The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
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LONDON, GREATER LONDON , UK, January 18, 2024 /EINPresswire.com/ — The face creams market has experienced swift expansion, progressing from $16.23 billion in 2023 to an estimated $17.88 billion in 2024, showcasing a notable compound annual growth rate (CAGR) of 10.1%. Anticipating continued momentum, the market is forecasted to reach $26.24 billion in 2028, with a sustained compound annual growth rate (CAGR) of 10.1%. This remarkable growth is attributed to various factors shaping consumer choices and market dynamics.
Consumer Shift Towards Natural and Organic Face Creams
The face cream market is witnessing a surge in demand for natural and organic products, driven by heightened consumer awareness of the potential risks associated with synthetic ingredients. The extended use of face creams containing synthetic materials has prompted a shift towards natural alternatives. Manufacturers are responding by incorporating natural ingredients such as aloe vera, clay, hyaluronic acid, antioxidants, coconut, avocado, jojoba, argan oil, carrot seed extracts, sunflower, and olive oil. Notably, sales of Soil Association-certified natural, organic, and cosmetic products increased by 15% in 2021, amounting to $181.74 million (£138.23 million). This heightened demand for natural and organic face creams is expected to be a major driver for market growth.
E-Commerce Boom Fuels Face Cream Market
The proliferation of e-commerce is playing a pivotal role in propelling the face cream market to unprecedented growth. The convenience and accessibility offered by e-commerce platforms, including diverse product showcases, detailed information, mobile shopping capabilities, and secure online transactions, have significantly contributed to market expansion. According to the United States Census Bureau, e-commerce estimates for the second quarter of 2023 showed a notable increase of 7.5%, outpacing overall retail sales growth. This surge in e-commerce is a key factor driving the face cream market’s upward trajectory.
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Innovative Product Launches Sustain Market Presence
Major companies in the face cream market, such as Johnson & Johnson Services Inc., L’Oreal S.A., and Procter & Gamble Co., are actively introducing innovative products to maintain their market positions. The latest trend includes the introduction of Collagen + Elastin Face Cream and Eye Cream by Sanitas, a Spain-based insurance company. These products aim to enhance skin health by improving elasticity and reducing the appearance of fine lines and wrinkles. The emphasis on innovation and the introduction of clinically proven skincare solutions are vital for sustaining competitiveness in the market.
Growing Demand for Multi-Benefit Beauty Products
Consumers are increasingly seeking multi-benefit beauty products that offer a combination of features. This trend extends across various cosmetic categories, with products like foundations incorporating anti-aging serums and nail polish featuring UV protection. The demand for multi-benefit solutions is expected to continue influencing product innovation across different cosmetic segments, ranging from hair care to lipsticks.
Regional Dynamics and Market Segmentation
In 2023, Asia-Pacific emerged as the largest region in the face creams market, with Western Europe securing the second-largest position. The comprehensive market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Face Creams Market Segmentation:
The face creams market covered in this report is segmented –
1) By Type: Moisture, Healing, Anti-aging, Other Types
2) By Age: 0-1, 2-25, 26-40, 41-55, >55
3) By Gender: Female, Male
4) By Distribution Channel: Multi-Brand Retail Outlets, Online Platforms, Supermarkets/ Hypermarkets, Exclusive Retail Stores, Beauty Parlors/ Salons
5) By Application: Oil Skin, Dry Skin, Neutral Skin, Sensitive Skin, Other Applications
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Face Creams Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Face Creams Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on face creams market size, face creams market drivers and trends, face creams market major players, face creams market competitors’ revenues, face creams market positioning, and face creams market growth across geographies. The face creams market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Originally published at https://www.einpresswire.com/article/682092403/rapid-growth-in-face-creams-market-driven-by-consumer-preferences
The post Rapid Growth in Face Creams Market Driven by Consumer Preferences first appeared on Beauty Ring Magazine.
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