- Efficient skin healing properties, advent of value-added multifunction night cream, and innovative packaging and marketing activities have boosted the growth of the global night cream market
PORTLAND, Oregon, Feb. 13, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Night Creams Market by Product Type (Moisturizing Cream, Anti-Aging Cream, and Skin Whitening Cream), and Distribution Channel (Retail Pharmacies, Supermarket/Hypermarket, Convenience Stores, and E-commerce): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global night creams industry accounted for $7.1 billion in 2018, and is expected to garner $11.4 billion by 2026, registering a CAGR of 6.4% from 2019 to 2026.
Chief reasons for market fluctuations
Efficient skin healing properties, advent of value-added multifunction night cream, and innovative packaging and marketing activities have boosted the growth of the global night creams market. However, the rise of counterfeit cosmetics hampers the market growth. On the contrary, growth in revenue through online sales channels and an increase in demand for luxury skincare products are expected to create lucrative opportunities in the near future.
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Moisturizing cream segment held the largest share
The moisturizing cream segment dominated the global night creams market in 2018, accounted for more than half of the market, owing to a rise in awareness among customers regarding the availability of such creams that supply moisture to the dry parts of the face and keep the face hydrated. However, the skin whitening cream segment is expected to manifest the largest CAGR of 7.8% during the forecast period, due to a rise in R&D activities in the skin lightening products industry, availability of new products in the market, and improving the lifestyle of customers owing to increase in disposable income.
E-commerce segment to portray fastest growth
By distribution channel, the e-commerce segment is anticipated to register the fastest CAGR of 8.6% during the forecast period, owing to an increase in social media platforms, dramatic changes in the cosmetics industry, and establishment of online shopping portals for cosmetic products. However, the supermarket/hypermarket segment held the largest share in 2018, contributing to more than two-fifths of the global night creams market, as they offer increased accessibility to consumers of several cosmetic brands.
North America held the lion's share
The global night creams market across North America held the largest share in 2018, accounting for more than one-third of the market, owing to rise in the establishment of beauty retailers and increased usages among millennials. However, the market across the LAMEA region is anticipated to manifest the fastest CAGR of 9.9% through 2026, owing to rise in awareness and acceptance of halal cosmetics and an increase in consciousness of ingredients in products.
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Major market players
- Shiseido Co. Ltd.
- Estee Lauder Companies
- Solstice Holding
- L'Oreal S.A.
- Clinique Laboratories
- Unilever PLC
- Procter & Gamble
- Himalaya Global Holdings
- VLCC Health Care
- Beiersdorf AG
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