Market Is Estimated To Witness High Growth Owing To Increasing Emphasis On Personal Care & Growing Geriatric Population
The Australia Skincare Products Market is estimated to be valued at Us$ 2,233.4 Mn in 2022 and is expected to exhibit a CAGR Of 4.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Skincare products in Australia include facial care, body care, and sun care products. Facial care products help hydrate, cleanse, and protect the skin from environmental damages. Body care products moisturize and nourish the skin. With rising pollution and changing weather conditions, there is an increasing emphasis on personal care, skincare routines, and anti-aging products among Australians.
Market Dynamics:
The Australia skincare products market is driven by the growing geriatric population and increasing emphasis on personal care. Australia has one of the highest life expectancies in the world and over 15% of its population is aged 65 years and above. With age, the skin becomes delicate and prone to various signs of aging such as fine lines, wrinkles, dark spots, and dryness. This has boosted the demand for anti-aging skincare products. Moreover, rising pollution levels and changing weather conditions have increased sun exposure and skin damage. This has accelerated the need for sun protection, moisturizing, and repairing products. Further, the prevalence of online beauty and skincare blogs promoting skincare routines has made Australians more aware about personal care and the benefits of regular skincare regimes. This growing awareness is expected to fuel the demand for advanced skincare solutions over the forecast period.
SWOT Analysis
Strength: Australia has a strong domestic skin care industry with established manufacturing and research facilities. Australians have a high disposable income and are increasingly spending on premium skin care products. Brand loyalty is high among Australian consumers for popular local brands.
Weakness: The Australian market is relatively small compared to larger global markets like the US and China. Heavy reliance on few multinational brands makes the market vulnerable to pricing pressures. E-commerce penetration is lower than other developed markets.
Opportunity: Rising health consciousness is driving demand for natural/organic and anti-aging skin care products. Population aging is benefiting the anti-aging segment. Expansion of online and specialty retail channels presents new opportunities.
Threats: Intense competition from global brands threatens local Australian brands. Economic uncertainties and volatility in commodity prices can dampen consumer spending. Strict regulations around product claims and ingredients testing increase compliance costs.
Key Takeaways
The Australian Skincare Products Market is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period, due to increasing health consciousness among consumers. Rising disposable incomes are allowing Australians to spend more on premium skin care products.
Regional analysis: Australia dominates the skincare products market in the region, accounting for over 60% revenue share. Proximity to Asia-Pacific markets provides opportunities for Australian brands to expand exports. Growing middle class and urbanization are fueling demand growth in Western Australia and New South Wales.
Key players: Key players operating in the Australia skincare products market are Beiersdorf AG, L'Oréal SA, Procter & Gamble, Unilever, Bioderma Laboratories, Clarins Group, Dermalume Skincare, Johnson & Johnson Inc., Estee Lauder Inc., Miranda Kerr Pty Ltd (Kora Organics), Jurlique International Pty Ltd, and Natio. Local brands like Jurlique and Natio have strong brand recognition and consumer loyalty.
Read More : https://marketinsightsminds.blogspot.com/2023/11/australia-skincare-products-market.html
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