Global Skin Care Products Industry: A Sector with Promising Growth Opportunities
Skincare has now become an essential part of the daily personal care regime. Individuals spend more on skin care products to enhance skin texture and appearance. Due to modern standards regarding personal presentation and manners, an increase in awareness about exterior appearance has become a major catalyst for the growing demand for skincare products. Both men and women are now incorporating skincare products into their daily routines, driving the advancement of the global skincare products market. This shift in lifestyle has contributed to the expansion of the global skincare and cosmetics industries.???
Key skin care product industry participants are creating new merchandise to attract consumer interest. To shield consumers' skin from sun damage, inventive items like face creams and body lotions with higher Sun Protection Factor (#SPF), along with skin-cooling elements like aloe or coconut butter, are being formulated. Additionally, to cater to customers who prefer sustainable skincare items, numerous firms are integrating natural and nature-derived components into their product ranges, with a significant portion of vegan ingredients.??
As per the report published by Allied Market Research on the?global skin care products market , the sector is estimated to cite a noteworthy CAGR of 3.6% throughout the forecast timeframe. The wide range of skin care products involves face wash, serum, toner, body lotions, and many more.???
VLCC has strategically acquired ‘Ustraa’???
On 11th June 2023, VLCC, a prominent beauty and skincare brand in India, revealed its acquisition of Happily Unmarried Marketing Private Limited (Ustraa) through a strategic blend of secondary buy-out and share exchange.??
This collaboration united two domestic personal care brands and merges Ustraa's prominent standing in men's grooming products with VLCC's expanding skincare offerings. With this merger on board, VLCC intends to inject additional investments to?increase the expansion of Ustraa.??
Vikas Gupta, the CEO of VLCC, has expressed his admiration for Ustraa's prominent standing in the rapidly growing men's grooming industry, particularly within the direct-to-consumer (D2C) sector. He acknowledged the achievement of both founders in the field of online D2C operations, encompassing digital marketing, e-commerce, and swift product innovation cycles. Gupta emphasized that this acquisition signifies the entry of VLCC into the men's grooming market. The objective is to enhance Ustraa's growth trajectory by capitalizing on the widespread offline distribution network of VLCC across India. Simultaneously, VLCC's existing product business will expand?through Ustraa's technological and digital expertise, empowering them to thrive within the new era of commerce.??
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??Latest Skincare launches for 2023:??
Renowned luxury brand Moroccanoil has unveiled its latest product, the Moroccanoil Hand Cream. This new addition boasts a velvety-smooth consistency and features a skin-nourishing blend enriched with key ingredients such as argan oil and hyaluronic acid. By providing exceptional moisturization, this hand cream is characterized by its lightweight nature and lack of greasiness, making it a delightful skincare choice.??
Charlotte Tilbury has introduced its innovative beauty products on Nykaa – the Airbrush Brightening Flawless Finish and the Beautiful Skin Radiant Concealer. The moisturizing concealer offers medium yet adjustable coverage, effectively enhancing the appearance of both eyes and face. With a long-lasting time of up to 16 hours, it ensures vibrant radiance throughout the day. On the other hand, the Airbrush Brightening Flawless Finish is an exceptional translucent powder that delivers an impeccable finish.??
To sum up, the skin care industry is growing rapidly and expanding with innovative product launches, mergers and acquisitions, and the consumer shift towards organic products. And it is estimated to bloom even more in the forthcoming years.?
? **?????????????? ????????????: Gayatri Mohite ?