Consumer trends for cosmetic skin care products vary from region to region. While skin lightening and brightening products are in greater demand in Asia Pacific, anti-aging creams have been witnessing higher demand in Europe and North America. On the other hand, consumers in countries with dry weather, such as Brazil and Argentina, are more prone to purchasing sun protection products.
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Cosmetic skin care is one of the most dynamic markets in the personal care industry and is driven by evolving consumer trends and innovations on the part of manufacturers. The opportunity in the global cosmetic skin care market stood at US$127.1 bn in 2015 and this is projected to rise to be worth just over US$200 bn by 2024, expanding at a 5.1% CAGR therein.
Cosmetic skin care products include those for anti-aging, skin whitening, sensitive skin, anti-acne, dry skin, warts removal, infant skin care, anti-scars solutions, mole removal, and multi-utility products such as beauty and balm, color correcting, and daily defense creams. In terms of revenue, anti-aging creams led the global cosmetic skin care market in 2015 owing to their diversified applications. Multi-utility skin care cosmetics, on the other hand, are expected to be the fastest growing product segment by the end of 2024.