Germany Skincare Product Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Germany Skincare Product Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The German Skin Care Products Market is forecasted to reach USD 555.06 million by 2024 growing at a CAGR of 4.28% during the forecast period.

Key Highlights

• The German skin care products market currently stands first in terms of market revenue in the European market. German consumers are known to make informed product choices based on their skin type and preferences. Men and women alike continue to seek product formulations that meet their needs in terms of product quality and associated side-effects.
• Although price remains one of the important factors that shapes buyer decisions, there has been a marked increase in the demand for premium products that offer higher quality. Interestingly, among men, there has been a significant rise in the demand for products provide anti-aging and moisturizing properties.

Key Market TrendsAging Population of the Country

Population ageing has become a global phenomenon in many under-developed and developing countries, which differ only in terms of speed and extent. Germany has one of the most rapidly ageing and shrinking populations in the world, even though immigration has been increasing since 2011 when the overall decline was observed. The key focus is on active ageing, so that an increasing share is healthy for a longer part of their life span. Anti-aging products are in demand due to the growing female aging population. Owing to the high gift potential and growing importance of creativity and individuality for German consumers, product innovations of this sort are expected to perform quite well. As a result, products that are multifunctional and those that are used by and under expert supervision have grown in popularity over the past few years.

Demand for Organic Products

Consumers are aware of the benefits of organic cosmetics, and usually choose natural cosmetics over synthetic ones. The three segments- nature-inspired cosmetics, organic cosmetics and natural cosmetics account for almost 15% of the total sales of the beauty market in Germany. Younger consumers are increasingly pushing organic and natural cosmetics forwards. Drug stores are the largest distribution channel for natural cosmetics, and account for approximately 40% of the market share, followed by departmental stores, perfumeries and salons. Facial skin care products are expected to record the highest number of sales. Online retailers benefit due to the lack of flexibility in retail stationary stores. Online spending is expected to increase by 8% in the next two years; men and women are expected to spend equal amounts of money on beauty products.

Competitive Landscape

Germany skin care products market is highly fragmented, with some global as well as local players. The Global players, such as L'Oreal S.A., Procter & Gamble, Beiersdorf AG and Unilever, hold a prominent share. The major strategy the following is product development followed by the expansion of the company.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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