Skin Toner Market Size Boom: 3.1% CAGR Forecast for the Coming Period
Global skin toner market is anticipated to witness a healthy growth rate owing to the rising awareness amongst the consumers regarding skin care, and the importance of maintaining healthy skin. Over the last several years, there has been an increase in the global population. Furthermore, this growth in population has driven several governments to dole out initiatives that grant easier access to the public healthcare sector while also focusing on creating employment opportunities. This has led to higher access to specialists such as dermatologists who also recommend using several skin care products. These factors are likely to lead to the growth of the skin toner market during the forecast period. Additionally, social media websites such as Facebook, Instagram, Twitter, YouTube, and other similar websites have been promoting various skin toners through various social media influencers. These marketing and advertising techniques have also led to an increase in the consumer base having knowledge about the various skin toners in the market.
| Report Metric | Details |
|---|---|
| Base Year | 2020 |
| Study Period | 2019-2029 |
| Forecast Period | 2023-2031 |
| CAGR | 3.1% |
| Market Size | USD Million in 2029 |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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The market is largely dependent on the consumer, therefore any development which will have a direct or an indirect impact on the consumer economy will result in significant growth or degrowth of the market. For instance, the market is likely to witness a restriction in its growth rate owing to the protectionist policies adopted by several economies and the trade restrictions put up in place by the U.S. on China owing to the ongoing trade war between the two economies. In addition to this, most of the toners have an alcoholic base and its effect on sensitive and dry skin too is harmful. Application of such toners is likely to lead to redness and peeling of skin which might restrict the growth of this market to a certain extent.
Consumers have been increasingly shifting their focus towards using skincare products which are organic in nature. Social media influencers and the increasing presence of professionals giving advice on various social media platforms have been effective in this transformation of consumer preference. As per data released by the Annual Soil Association, there has been a growth of around 23% on a year on year basis in the consumption of certified organic beauty and wellbeing products. Owing to the adverse effects caused by the prolonged use of conventional personal care products which contains a considerable number of chemicals, consumers are increasingly switching to organic skincare products. In addition to this, there are skin toners that come with a variety of organic ingredients such as aloe vera extracts, almond extracts, rose water, and other such ingredients, which promote healthy skin and are popular in their use in several skin care products. Furthermore, the availability of vegan products such as witch hazel, elderflower, and tea tree oil among others are also anticipated to increase the demand of skin toner products across the globe.
Organic farming has been registering a significant growth rate. Although organic farming holds a relatively lower market share and is dominated by conventional farming practices, the increasing buyers for organic products have led to the emergence of new practices to boost organic farming practices. This will also eventually lead to higher growth in the consumption of organic skin care products which also includes skin toners. In addition to this, the growth in internet penetration and the deep discounts various e-commerce websites provide are also likely to lead to the growth of the products in the skin toners market.
North America to Dominate the Skin Toner Market
North America led by the U.S. is anticipated to have the highest market share. The presence of a strong beauty and personal care product market and the high purchasing power parity are among the primary factors which will result in the region’s dominance in this market. The U.S. is the biggest consumer of cosmetics owing to a majority of its population being above the age of 40. The consumers in this age group have considerable buying power and are more conscious about how they appear in public which is one of the reasons the market will witness healthy growth in this region. Additionally, with a 16.1% import share in the global imports for powder puffs and pads for the application of cosmetics, the U.S. had the highest share, Observatory of Economic Complexity.
Europe is another region which will have a considerable market share. The long winters in economies such as Spain, France, and Italy, make this region one of the ideal locations for the selling skin toners. In addition to this, the majority of the manufacturers of premium facial toners brands are based in France and have successfully managed to market and sell their products in several international locations. In addition to this, the European Union, one of the world’s largest trading unions has been responsible for the smooth trading of various commodities between the various economies in the European Union. Furthermore, attractive packaging and the increasing use of vegan ingredients by various cosmetic brands for the production of skin toners is anticipated to drive the growth of this market in Europe.
The market is segmented into business to business (B2B), and business to customer (B2C). B2B market segment is anticipated to dominate the market. Producers of skin toners market generally sell their products through a distributor, who then resells it to the retailers and wholesalers. The retail sector, owing to the rise of the urban middle class and the increase in consumer spending has also witnessed a high growth rate. Marketing campaigns have been surrounded and are based on consumerism. Furthermore, various brick and mortar stores have been updating themselves and are enhancing the shopping experience for the consumers. In addition to this, various companies have entered in long term agreements and partnerships with various distributors in a bid to keep a steady supply of their products in the market.
In addition to this, several retailers have partnered with the companies which enable the retailers to give higher preference to the products of the companies they have partnered and sell them at a discounted price and keep them on shelves having higher customer visibility. However, the B2C sales segment is anticipated to grow at a relatively higher rate. Players in this market are investing in building their own e-commerce platforms and major players are likely to set up their own distributor facilities to ensure a smooth supply of their products. This is due to the high-profit margins being demanded by the independent distributors and this will also aid the players in getting closer to their target market.
