04.21.16
In their tireless pursuit of younger looking skin, the world’s aging population—especially that of APAC regions—is predicted to keep the night skin care market strong, according to a new report from Technavio. Analysts there say they expect this market for 2016-2020 to reach $9.8 billion by 2020, growing at a CAGR of over 4%.
According to Brijesh Kumar Choubey, lead research analyst at Technavio for cosmetics and toiletry research, “APAC was the highest revenue contributor to the night skin care products market in 2015, and this trend is likely to continue over the next five years, mainly because of rapid urbanization in the region.”
Technavio’s lead consumer and retail market research analysts have identified the following four factors that will drive the global night skin care products market:
rise in disposable income; advanced marketing initiatives; demand for natural night skin care products; rising aging population; rise in disposable income
The increase in per capita income of people in developing countries has helped to increase their disposable income. This in turn has encouraged consumers to spend more on night skin care products. Consumers prefer buying high-priced premium personal care products based on factors such as quality and product function, according to Technavio.
Emerging economies, such as those in APAC, have been experiencing a drastic change in consumer purchasing behavior and habits. With the help of the Internet, consumer awareness about the products and brands available in the market has increased, which has influenced consumer purchases and has led to the procurement of these products from global manufacturers.
Increasing marketing initiatives through digital media, and high Internet penetration have created more growth opportunities for the night skin care products market.
According to Brijesh Kumar Choubey, lead research analyst at Technavio for cosmetics and toiletry research, “APAC was the highest revenue contributor to the night skin care products market in 2015, and this trend is likely to continue over the next five years, mainly because of rapid urbanization in the region.”
Technavio’s lead consumer and retail market research analysts have identified the following four factors that will drive the global night skin care products market:
rise in disposable income; advanced marketing initiatives; demand for natural night skin care products; rising aging population; rise in disposable income
The increase in per capita income of people in developing countries has helped to increase their disposable income. This in turn has encouraged consumers to spend more on night skin care products. Consumers prefer buying high-priced premium personal care products based on factors such as quality and product function, according to Technavio.
Emerging economies, such as those in APAC, have been experiencing a drastic change in consumer purchasing behavior and habits. With the help of the Internet, consumer awareness about the products and brands available in the market has increased, which has influenced consumer purchases and has led to the procurement of these products from global manufacturers.
Increasing marketing initiatives through digital media, and high Internet penetration have created more growth opportunities for the night skin care products market.
