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Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand Professional Skincare Products Market Segmentation By Product Type (Face Products & Body Products); By Composition (Alpha-Hydroxy Acids, Polyhydroxy Acids, Beta-hydroxy Acid, Hydroquinone, Kojic Acid, Retinoids & Others); By Demography (Men and Women); By Application (Medical Institutions, Salons, Spa & Others) & By Distribution Channel (Online and Offline) - Industry Demand Analysis and Opportunity Assessment 2019-2028

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Extensive insights into the Growth of Professional Skincare Products Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • January 2020: L’Oreal USA, a subsidiary of L’Oreal S.A. announced that it unveiled Perso, which is the first AI-powered device and delivers personalized on-the-spot skincare and cosmetic formulas in the Consumer Electronic Show (CES) 2020.

  • July 2019: Unilever announced that it has signed an agreement to acquire leading prestige skincare brand, Tatcha, which is a modern skincare brand.

Market Overview

The rising consumer awareness concerning the environmental benefits of green and eco-friendly skin care products, backed by the growing consumer interests about the detrimental health effects of chemicals present in few skin care products, which have generated potential opportunities for the market players involved in green marketing and the development of sustainable skin care products, along with the growing trends for professional skin care treatments, backed by the rising pollution levels in the environment that affect skin health, and the increasing skin care product innovations are some of the factors anticipated to promote towards the growth of the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand professional skincare products market.

The Canada professional skincare products market is anticipated to achieve a CAGR of 3.2% during the forecast period, i.e. 2021-2028. Moreover, the professional skincare products market in Taiwan, Vietnam, Philippines, Hong Kong, Singapore and Thailand are anticipated to gain a CAGR of 6.2%, 8.2%, 4.6%, 4.7%, 5.7% and 5.2% respectively during the forecast period. Moreover, the market in Canada, which registered the largest market value of USD 387.9 million in the year 2019 as compared to other nations, is further anticipated to reach a value of USD 504.0 million by the end of 2028. On the other hand, the market in Canada is also anticipated to record an absolute $ opportunity of USD 98.7 million during the forecast period. On the other hand, the market in Taiwan is anticipated to grow by 1.52x during the forecast period and reach a value of USD 421.1 million by the end of 2028.CLICK TO DOWNLOAD SAMPLE REPORT

Professional Skincare Products Market Graph

Market Segmentation Synopsis

By Composition

The professional skincare products market in Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand is segmented on the basis of composition into alpha-hydroxy acids, polyhydroxy acids, beta-hydroxy acid, hydroquinone, kojic acid, retinoids and others. The beta-hydroxy acid segment registered the largest market share of 25.50% along with a market value of USD 390.2 million for the total market in the nations of Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand. Salicylic acid is the only form of beta hydroxy acid used in skincare products. This acid can penetrate deeper into the skin pores and thereby exfoliates the dead skin cells inside skin pores. Amongst the nations, the segment in the market in Canada held the largest market value of USD 98.9 million in the year 2019 and is expected to grow by a CAGR of 3.4% during the forecast period. Additionally, the segment in the market in Canada is anticipated to gain an absolute $ opportunity of USD 27 million during the forecast period.

Professional Skincare Products Image

Market Drivers and Challenges

Growth Indicators

Growing Millennial and Aging Population

According to the statistics by the World Bank, in the year 2018, the employment status of millennials around the world recorded as having 83% men and 72% women employed.

Employment Status Graph

Increase in the average spending of the millennial generation, along with the preference for innovative and quality products are anticipated to raise the adaptation rate of professional skincare products. Further, the increasing aging population has also increased significantly in the countries of Asia Pacific region, which has also influenced the demand for skin care products, such as products dealing with the treatment of wrinkles and other aging skin problems. On the other hand, several players operating in the professional skincare products market are aware of the needs of the millennia and the aging population for innovative and easy to use products, which has further increased the competition among the market players, therefore driving the growth of the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand professional skincare products market.

Moreover, factors such as the increasing disposable income across the developing countries, which tends to increase the spending capacity of consumers on cosmetic and personal care products, along with the growing urban population is also anticipated to drive the growth of the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand professional skincare products market.

Barriers

Stringent Manufacturing Regulations & Presence of Counterfeited Products

The products of professional skincare must meet the regulations and policies of several nations worldwide. The standards are developed for the quality control of these products with the aim of distancing counterfeit products from the genuine ones. All the professional skincare products must meet all these standards and must go through various trials and testing processes, which is anticipated to be the major factor that to hamper the growth of the professional skincare products market in Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand over the forecast period.

Competitive Landscape

Some of the affluent industry leaders in the Canada, Taiwan, Vietnam, Philippines, Hongkong, Singapore, and Thailand professional skincare products market are L’Oreal S.A., Unilever, Procter & Gamble, Beiersdorf Global, Johnson & Johnson Services, Inc., New Avon Company, Colgate-Palmolive Company, Revlon and Clarins.

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