09.24.21
The global beauty facial mask market will surpass $14 billion by registering a CAGR of 8% by the end of the forecast period 2021-2031. According to market research firm Fact.MR, new and improved beauty facial masks that are easy to use and remove and give better results are driving the sales of beauty facial masks. By 2021, the market will likely be valued at $ 6.4 billion.
Historically, between 2016 and 2020, the sales of beauty facial masks expanded at a CAGR of 6%. But, in FY 2020, the market experienced a dip due to the global COVID-19 pandemic situation. Governments of many countries declared lockdowns, and due to this, production of beauty market products came to a halt. But with gradual ease in lockdowns and reopening of production sites, the market has started witnessing promising growth.
Important players have been spending considerably on research & development to come up with newer ways to produce more user-friendly products and masks that are easy to use and peel off. Such enhancements, and others, will drive demand for beauty facial masks in the medium- to long-term forecast period.
Key Takeaways
Historically, between 2016 and 2020, the sales of beauty facial masks expanded at a CAGR of 6%. But, in FY 2020, the market experienced a dip due to the global COVID-19 pandemic situation. Governments of many countries declared lockdowns, and due to this, production of beauty market products came to a halt. But with gradual ease in lockdowns and reopening of production sites, the market has started witnessing promising growth.
Important players have been spending considerably on research & development to come up with newer ways to produce more user-friendly products and masks that are easy to use and peel off. Such enhancements, and others, will drive demand for beauty facial masks in the medium- to long-term forecast period.
Key Takeaways
- By type, clay facial mask type expected to hold 40% of market share
- By ingredient, natural facial masks to account for 45% revenue share
- Beauty facial mask industry expected to register a CAGR around 8% throughout North America
- Europe to generate 40% of the global revenue for beauty facial masks until 2031
- Asia likely to account for over 1/4th of the global revenue share through 2031