LONDON--(BUSINESS WIRE)--The global body polishes market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is increasing consumer awareness about the benefits of body polishing. Owing to the significant increase in awareness about the numerous health and wellbeing benefits associated with body polishes, consumers have been adopting body polishes. Body polishing aids in removing dead cells by exfoliating the skin, which, in turn, promotes the growth of new and healthy cells. It also removes dirt and excess oil from the skin. Vendors are effectively leveraging online and offline platforms to educate consumers about the benefits of body polishes. Thus, the growing awareness about the benefits of body polishing is likely to drive the global body polishes market during the forecast period.
This market research report on the global body polishes market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the factor - manufacturers to focus on R&D and product innovation as one of the key emerging trends in the global body polishes market:
Global body polishes market: Manufacturers to focus on R&D and product innovation
Prominent vendors are investing significantly in R&D activities to stay ahead of the competition. These vendors focus on enhancing product quality based on consumer preferences. Furthermore, manufacturers are focusing on addressing environmental concerns by introducing eco-friendly and organic skin care products to meet changing consumers expectations. However, owing to the prevalence of intense competition, vendors are developing innovative compositions to differentiate their products and retain their market share. Feedback and suggestions provided by end-users help in product improvement. Unilever and L'Oreal have significantly increased their R&D investments for the development of innovative skin care products, including body polishes.
“Apart from R&D and product innovation, another key factor boosting the growth of the market is superior quality offerings leading to product premiumization. A wide variety of products with different price range, composition, ingredients, and quality are available in the global body polishes market. Consumers prefer standard-quality products that are non-toxic, long-lasting, and without any adverse effect on the skin. Estee Lauder, Unilever, and L'Oreal brands have strong brand recognition and loyalty among customers. Therefore, consumers are prepared to pay an additional price for body polishes offered by these brands,” says a senior analyst at Technavio for research on cosmetics and toiletry.
Global body polishes market: Segmentation analysis
This market research report segments the global body polishes market by distribution (offline and online) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 39%, followed by Americas and EMEA respectively. The increase in overall population, popularity of western BPC products, including skin care products, increasing disposable income, rapid urbanization, and rise in demand for BPC products from male consumers are factors driving the market growth in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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