The probiotic cosmetics market is expected to surpass a valuation of US$ 302.7 Mn in 2021 at a CAGR of over 6.9% through 2031. Increasing awareness about skincare, self-grooming, healthy-looking among men is likely to play a key role in fueling growth in the probiotic cosmetics market.
Players are principally engaging in attracting millennial men. To achieve this, leading beauty brands are providing them with the best quality probiotic cosmetic products. Expansion of portfolio by leading companies also will help them gain competitive advantage in the market.
Rising male consciousness towards importance of grooming and appearances has spurred the demand for skin care and cosmetic products including probiotic cosmetics, exclusively formulated for men. An increase in societal influence to look good and persistent self-consciousness are the prominent factors fuelling the demand for probiotic cosmetics.
Expansion strategies undertaken by the leading market players also will aid overall expansion of the market. For instance, brands like Esse, Laflore, Marie Veronique and MenBiotics are continually investing in the research and development activity to cater to the dynamic consumer preference. This also will help the player to strengthen their presence in the market.
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Key Takeaways from the Probiotic Cosmetic Market Study
In terms of product type, facial care products are projected to account for 40.2% of the total probiotic cosmetics market share in 2021.In terms of end-use, personal/individual will account for 63.0% of the total probiotic cosmetics market share in 2021.As per FMI analysis, probiotic cosmetics demand is increasing in the United States. The US is expected account for 88.7% of sales in North America in 2021.UK is a key market in Europe, registering a CAGR of 6.7% owing to higher spending on probiotic cosmetics in the country.Probiotic cosmetics sales via online sales channels will pick up pace globally.
“Cosmetic brands are expanding their penetration in the probiotic cosmetics market because probiotic reduces acne outbreaks and helps in managing eczema and dry skin. Furthermore, various brands operating in the probiotic cosmetic market are using virtual reality technology to motivate e-commerce shopping. Integration of advanced technologies facilitate personalizing online customer experiences. These advancements will drive sales in the market” says an FMI analyst.
Impact of COVID-19 on the Market
The novel coronavirus outbreak had a wide-ranging impact, including the closure of all non-essential enterprises and stores, which has resulted in a loss of corporate confidence, increased public concern, and uncertainty about the future. Furthermore, extended worldwide economic downturns caused by COVID-19 had a negative impact on the global probiotic cosmetics market.
Besides decelerating demand among consumers, supply chain disruptions had a negative impact on the market. Additionally, shortage of labor, inadequate raw materials, less consumption of cosmetic products, high cost of production, and others hampered the probiotic cosmetics market growth.
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Who is Winning?
Leading manufacturers and suppliers of probiotic cosmetics are focusing on aggressive promotional strategies, advertisements, and new product launches to drive sales globally.
Major players present in the probiotic cosmetics market are L’Oreal SA, Procter & Gamble, Unilever Plc, Arbonne International LLC, KORRES SA, L’OCCITANE, Aurelia London., Johnson & Johnson Consumer Inc, Amway, Andalou, Aurelia London., BIOMILK Skincare, Columbia SkinCare., EMINENCE ORGANIC SKIN CARE, LaFlore(R) Probiotic Skincare, ESSE SKINCARE, Marie Veronique., and ESTEE LAUDER COMPANIES among others.
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