Cosmetic and skin care industry threat of new entrants
The rising urbanization in developing countries like India and China is leading to a surge in people’s purchasing power, giving them the liberty to buy what they desired. Thus, the rising awareness regarding the harmful effects of harsh weather conditions coupled with the growing knowledge about different chemicals and compounds to treat certain skin-related problems is significantly fueling the market growth of skincare globally. The increasing pollution levels in cities due to the rising number of industries is also causing harmful effects on the skin, encouraging people to use more skincare products for protection. The rise in global warming and climate change have increased the use of skincare products due to increasing harsh sunlight and dusty & dry weather which causes the skin to turn dark, dry, and crack. People are more sensitive towards using any kind of skincare product, making them choose more accurately what is most suitable for them.
The market is to majorly grow due to growing consciousness among consumers about looks and skin quality. Skincare products are used for both beauty enhancement and as medicine for skin-related problems. The demand is increasing due to the rise in disposable income, urbanization in developing countries, changing lifestyles, and advanced skincare products. The global skincare product market is driven by the increasing demand for sun creams, body lotions, face moisturizers, and other skincare products. The global skin care market was valued at US$201.656 billion in 2019.