The global body firming creams market size is expected to reach USD 3.3 billion by 2025,., expanding at a CAGR of 5.7% over the forecast period. Increasing spending on anti-aging products over the world will remain a key factor in driving the market. In addition, rising visual appearance consciousness among the consumers is expected to remain a favorable factor in the market.
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The plant extract product segment is expected to witness the fastest growth, expanding at a CAGR of 6.0% from 2019 to 2025. Increasing awareness about the negative effects of synthetic creams including skin irritations and allergies is fueling the demand for the plant extract products over the globe. This shifting trend is encouraging the manufacturers to incorporate plant extracts, such as green tea, seaweed, jojoba, shea butter, aloe vera olive, guarana, and macadamia, in their product offerings.
In terms of distribution channel, the online segment is anticipated to expand at the fastest CAGR of 7.0% from 2019 to 2025. The hassle-free and convenient shopping experience have been fueling the growth of this distribution channel over the world. As a result, companies are investing remarkably in e-commerce to meet the rising demand.
North America held the largest market share of 35.1% in 2018. Rapid growth of the aging population in U.S. and Canada will remain one of the key factors driving the industry in this region. Asia Pacific is expected to witness a steady growth in the upcoming years as a result of rising spending on personal care products supported by the growing upper middle class population in countries including China and India. Furthermore, the number of domestic and international competitors has been increasing significantly in the abovementioned countries in light of substantial base of middle-income age groups.
Major players of this industry include L'Oreal S.A.; Beiersdorf AG; Clarins Group; Johnson & Johnson; Sol de Janeiro; ET Browne Drug Co. Inc.; The Procter & Gamble Company; Kao Corporation; Shiseido Company, Limited; and The Estee Lauder Companies Inc. Cosmetic manufacturers are expected to increase spending on R&D in order to expand their market size.
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Further key findings from the report suggest:
• Europe generated a revenue of exceeding USD 640.0 million in 2018
• Plant extract products are expected to expand at the fastest CAGR of 6.0% from 2019 to 2025
• Offline distribution channel accounted for a revenue share of more than 80.0% in 2018.
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