ID: MRFR/CR/2516-HCR | December 2022 | Region: Global | 110 pages
Impact of the Covid-19 Outbreak on Global Herbal Skin Care Products Market
Advent of global pandemic, COVID-19 has resulted in creating a global crisis across the world. Impacting over 195 countries, the pandemic has already created economic backdrop worldwide. With over 4.1 million COVID-19 cases worldwide along with 280,000 fatalities during the second week of May 2020, COVID-19 is deemed to create chaotic environment thereby resulting in advent of global rescission. With the rising number of cases, the global herbal skin care products market is getting affected in many ways. Few impacts of the outbreak of COVID-19 on the global herbal skin care products market have been discussed below:
Covid-19 crisis worldwide has deeply affected the overall cosmetic and personal care industry. Retailers of cosmetics and personal care are being forced to prioritize essential item categories such as food and drink, along with reduction of assortment sizes and SKUs of other product categories. The worldwide lockdown due to global crisis of Covid-19 has notably influenced the consumer buying behavior by shaping consumer buying habits, prioritizing products and opting for plant-based skin care products.
As a result of global pandemic, a shift in consumer preference towards skin care products is anticipated to arise. According to MRFR analysis, and contains natural ingredients are expected to witness a sharp rise in demand during ongoing Covid-19 pandemic. Shift in consumer perception towards use of additive and toxic chemical free products during the lockdown has been major factor boosting the demand for herbal skin care products.
The outbreak of global pandemic, Covid-19 has resulted in temporary closure of many retail stores, beauty shops and salons to slow the spread of virus. This has resulted in steep decline in sales of herbal based skin care products. However, the decline in sales from store-based channels is substantially compensated through online channels. Due to lack of availability of herbal skincare products in retail stores, consumers are inclining towards e-commerce channels for purchase of these products. For instance, in Australia, major departmental store chain, Mayer has witnessed 600% increase in purchase of skin care products through its online sites in March 2020, especially products containing natural and plant-based ingredients. However, low availability of products due to logistic issues is anticipated to create demand and supply gap in online platforms as well.
Although, the demand for herbal based products is anticipated to increase, however issues such as supply chain, logistics, low availability of raw materials, labor and many more is anticipated to cripple the growth of herbal skin care products market up to some extent. Low availability of raw materials and low production capacities of the manufacturers is anticipated to create demand and supply gap, thereby resulting in increased retail prices of herbal skin care products for next couple of months.