LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global face masks and peels market to grow at a CAGR of more than 7% during the period 2018-2022, according to their latest report.
This market research report segments the global face masks and peels market by product (face masks and face peels) by end-users (professional users and individual users), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight product innovation and product line extension leading to product premiumization as a key factor contributing to the growth of the global face masks and peels market:
Product innovation and product line extension leading to product premiumization
The global cosmetic products market demands regular innovations as customers are on the lookout for innovative and effective products that can serve their requirements. The preference for facial skincare products that treat multiple skin concerns in a brief time span and the demand for natural, instant ways to treat and heal facial skin is high. Therefore, manufacturers focus on introducing innovative products and they also focus on adding new skincare products to extend their existing product lines based on customer requirements.
A rise in the spending power of customers and growing demand for premium skincare products will drive the growth of the global face mask and peel products market over the years. Skincare brands focus on differentiating themselves from pharmaceutical companies. Hence, manufacturers of skincare products invest in innovative ingredients that positively impact the health and appearance of facial skin.
According to a senior analyst at Technavio for cosmetics and toiletry research, “Manufacturers of facial skincare products offer innovative, professional facial skin treatments and products, which are costlier than regular facial skincare products. Innovative facial skincare products include superior-quality ingredients, which lead to product premiumization. Product premiumization serves as a price driver for the global facial masks and peels market as it boosts the revenue of the vendors.”
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Global face masks and peels market - segmentation analysis
Based on product, the market can be categorized into segments such as face masks and face peels. In 2017, the face masks segment accounted for over 85% of the market and is expected to increase further during the forecast period. The face masks segment is further segmented into clay masks, gel and cream masks, sheet masks, and setting masks.
In 2017, APAC led the market with a share of around 39%, constituted by China, Japan, and South Korea. APAC was followed by EMEA and the Americas. Vendors in the global face masks and peels market follow different strategies to increase their customer base. The expansion of the distribution channel with the adoption of omnichannel strategy is one such step.
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