Skincare refers to a wide range of techniques that aim to preserve the skin's integrity, improve its look, and treat skin problems. They can include a healthy diet, avoiding excessive sun exposure, and correctly utilizing emollients. Cosmetics are composed of a mix of chemical components derived from either natural or synthetic sources. Cleansers, toners, serums, and moisturizers are examples of skin-care products that may be used to cleanse, exfoliate, protect, and nourish the skin.
The Global Facial Skincare & Makeup Market is expected to exceed US$ 182,649.0 million in revenue by the end of 2027, with a CAGR of 4.5 percent during the projected period (2020 to 2027).
Millennials and older make up a sizable proportion of the population. Furthermore, discretionary income among the people has increased significantly in recent years as a result of expansion in the industrial and tourism sectors. This has resulted in an increase in the demand for skin care and cosmetic products in the region. Over 70% of the Chinese population is above the age of 25, and approximately 50% of those in this age bracket are females, totaling approximately 493 million people. The key driver of demand for anti-aging skin products is increased consumer awareness about skincare.
In terms of revenue, Asia Pacific dominated the worldwide face skincare & cosmetics market in 2019, accounting for 32.3 percent of the total, followed by Europe and North America. The aging population is the key driver of the increase in demand for an anti-aging cream, facial liquid serums, face oil, and night cream. Furthermore, the bulk of Asia Pacific countries have tropical climates with enough sunlight all year. This is a key element fueling the country's desire for sunscreen goods.