The global night creams market size is expected to reach USD 11.62 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 7.24% during the forecast period. Night creams are ultra-hydrating, deep nourishing, and restorative. The product uses high amount of emollients so they are more moisturizing and leave an oily texture on skin. Consumers with extreme dryness of skin require heavier creams. These products are generally preferred to apply during night to avoid interference of hydrating element of cream with makeup during day time. This factor is projected to drive the product demand in near future.
The market is driven by high growth of cosmetic products in Asia Pacific along with rise in sales of anti-aging products. Growing concerns regarding skin problems along with rise in disposable income of consumers are anticipated to further drive the demand. Moreover, growth os skin lightening, moisturizing, and anti-aging product sectors are expected to fuel the overall market during the forecast period.
A rising number of manufacturers and distributors are entering the skin care industry, due to the rising demand for the products that help different issues including skin hydration, elasticity, color complexion, and softeness. However, the impact of e-commerce channels, specialty and convenience stores, cost effectiveness of product, and concerns regarding skin damage creates a huge opportunity for the market growth.
Asia Pacific night creams market is anticipated to witness growth due to increasing consumer awareness regarding skin care product categories along with growing product launches by the key manufacturers. Europe is anticipated to witness a rise in sales over the forecast period. For instance, Germany consumed the largest number of personal care and cosmetics product with a value of EUR 13.54 billion in 2017.
Growing consumer awareness regarding multi-functional products such as the combination of benefits such as anti-aging and moisturizing, is anticipated to create growth opportunities for the key players. The key manufacturers engage in strategies such as product launches, acquisitions, promotional campaigns, and capacity expansions to gain greater market share.
The market is recognized by the initiatives such as, acquisitions, mergers, online sales, limited extension, and development endeavors by the key players such as L’Oréal SA, Shiseido group, Avon Inc., Beiersdorf AG, and Estée Lauder Inc. For instance, in February 2018, Clarins promotional campaign for the millennials as a Worth the Wrinkle campaign for night cream. The company also targeted young aged population about their views on aging to look real and perfect.
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Further key findings from the report suggest:
- In terms of revenue, moisturizing product is projected to ascend at a CAGR of 6.83% over the forecast period from 2019 to 2025
- Offline channel led the global night creams market with a share of over 86.60% in 2018
- Europe held the leading market share of 36.54% and is expected to witness significant growth in the forthcoming years
- The growing skin care industry on account of rise in concerns regarding skin problems mainly in developed countries is expected to further propel the market
- The market is highly competitive in nature with the presence of the main players including L’Oréal SA; Shiseido Group; Avon Inc.; Beiersdorf AG; and Estée Lauder Inc.