Facial care products, such as face wash, face creams, face masks, moisturizers, cleansers, scrubs, serums, and toners are gaining prominence among the working class, as they alleviate stress and signs of aging and revitalize the skin, which, in turn, helps people look fresh even after long working hours. For instance, Tata Harper aromatic stress treatment, Estée Lauder stress relief eye mask, and Vitruvi facial spray help in increasing facial glow and alleviating the stress of end-users.
Moreover, the booming geriatric population will also support the facial care market growth in the foreseeable future. As aging leads to skin loosening, old people across the world are increasingly opting for anti-aging creams, owing to the rising consciousness among this age pool to look younger. The United Nations Department of Economic and Social Affairs (UNDESA) estimates that the population of people aged 65 years or above will surge from 727 million in 2020 to more than 1.5 billion by 2050.
At present, facial care products
can be easily procured from beauty parlor/salons, supermarkets/hypermarkets, online platforms, exclusive retail outlets, and multi-brand retail stores. In the coming years, these distribution channels will offer a greater number of technologically advanced products, due to the surging focus of the skincare industry on technological developments. Personal care product manufacturing companies are now offering advanced facial care devices to monitor skin conditions, generate digital feedback, and provide customized skincare solutions to their consumers.
Nowadays, facial care product manufacturing companies, such as The Estee Lauder Companies Inc., Oriflame Cosmetics AG, Edgewell Personal Care, L'Oréal S.A., The Procter & Gamble Company, Kao Corporation, Avon Products Inc., Burberry Group PLC, The Body Shop International Limited, Shiseido Company Limited, Alticor Inc., and Unilever PLC, are largely focusing on mergers and acquisitions to expand their product portfolio and attract more customers. For instance, Marc Anthony Cosmetics Ltd. completed the acquisition of Cake Beauty Inc., a Canada-based beauty brand that specializes in producing natural and vegan products, in February 2018.
The aforementioned manufacturers are currently emphasizing on the development and production of organic facial care products, due to the increasing consumer awareness about the beneficial properties of organic products. In recent years, organic skincare products have gained more traction than other facial care products, because of the adverse impact of chemical-based products on the skin. Additionally, the soaring environmental concerns will also amplify the use of organic products in the coming years.
According to P&S Intelligence, Asia-Pacific (APAC) will dominate the facial care market in the forthcoming years. This will be due to the mounting disposable income of people, escalating appearance consciousness among people, and surging public awareness about the benefits of facial care products in the region. For instance, the Reserve Bank of India reveals that the net disposable income of people in India increased from INR 15,534,214 in the financial year 2017–18 to Rs.17,258,624 in the financial year 2018–19.
Thus, the soaring work stress level and burgeoning population of geriatric people will augment the use of facial care products in the upcoming years.