USD 146.29 billion
Report ID: SQSG30L2045 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 117 | Figures: 68
Skincare Market was valued at USD 146.29 billion in 2021, and it is expected to reach a value of USD 207.22 billion by 2028, at a CAGR of more than 5.1% over the forecast period (2022 - 2028).
Raising awareness about one’s looks and skin quality, coupled with the rising spending power of people worldwide, are factors at the forefront of driving demand in the global skincare market. Yet another significant opportunity observed in the global skincare market is the popularity of organic skin products. Manufacturers are unveiling new beauty care products formulated from natural or organic ingredients every now and then to capture the attention of consumers. Such products are witnessing significant sales worldwide because of the growing awareness of the possible side effects of chemical-based skin care products. Personalized products are gaining popularity around the world. With an increasing consumer preference for natural beauty products, creams, serums, and moisturizers infused with natural ingredients are expected to see significant demand during the forecast period. Such products are thought to be more effective and to have fewer or no side effects, which is expected to increase their popularity among consumers.
US Skincare Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 146.29 billion
more than 5.1% CAGR
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The global skincare market is segmented based on the product, packaging, gender, sales channel and region. Based on product, the Skincare market is segmented into face creams & moisturizers, cleansers & face wash, sunscreen, body creams & moisturizers, shaving lotions & creams, and others. Based on packaging material, the Skincare market is bifurcated into glass, and plastic. Based on gender, the Skincare market is bifurcated into men, and women. Based on sales channel, the Skincare market is bifurcated into online, and offline. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Skincare Market Analysis by Packaging Material
Based on packaging material, The global Skincare market is bifurcated into Glass and Plastic. The skin care industry has the most varied packaging requirements of all the other sectors. The materials used vary from different plastic to glass, and these materials are used to make containers with different shapes and sizes and dispensing mechanisms. The plastic segment contributes to the major global Skincare market share. Plastic, in the form of primary containers, secondary flexible pouches, caps, and nozzles, is one of the primary packaging materials used in the skin care industry. The plastic tube is one of the significant containers in the skin care industry. It can store liquid-solid and semi-solid materials and dispense products in controlled proportions. Also, tubes can provide better contamination protection, when compared to other containers.
Skincare Market Analysis by Sales Channel
Based on the sales channel, the skincare market is bifurcated into online, and offline. The offline distribution channel held the largest Skincare market share in 2021 and is estimated to remain dominant over the forecasted period. Virtual Reality (VR) interaction and Augmented Reality (AR) skincare trials in stores are among some of the initiatives expected to drive the segment growth. Growing penetration of premium skin care products in developing countries along with an increasing preference for online shopping is supporting the growth. Multi-brand e-retailers are increasing the sales of premium skin care products owing to their discounts strategy, home delivery, and easy return policy. The availability of premium, authentic brands, and a variety of products are boosting online sales.
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The Asia Pacific is the highest contributor to in global skincare market in 2021. The expansion of the chemical industry in India and China, both of which have regulatory support, is expected to ensure continuous raw material access to skincare product manufacturers and, as a result, to be a positive factor for the Asia Pacific Skincare market over the forecast period. China is a major contributor to the growth of the global cosmetics and skin care products market, both in terms of consumption and production. Various government policies are also boosting the country's demand for skin care products.
Consumers in North American countries such as the United States and Canada are willing to pay a premium for a more youthful appearance as well as brighter, glowing skin. Rising consumer demand for specific skincare solutions, as well as increased awareness of specific ingredients, are expected to drive demand for personalized beauty products. The presence of well-known product manufacturers in North America, such as Procter & Gamble and Unilever, as well as expanding retail infrastructure, is expected to support the growth of skincare market.
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Skincare Market Driver
Ease of Access
Shift in Demographics
Skincare Market Restraint
Sale of Pseudo Products at Reduced Prices
Increasing awareness of probable side effects of cosmetics
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The Global Skincare market is relatively fragmented, with a high level of competition. Global players are the leading Skincare market players in terms of new developments such as product launches, innovative technologies, and adoption of growth strategies. Global players primarily focus on acquiring the leading Skincare market position through their strong financial capabilities and well-established brand equity. Shiseido、Loreal、Este Lauder are some of the major visionary leaders in the skincare market.
Skincare Market Top Player's Company Profiles
Skincare Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Skincare market analysis, the majority of consumers prefer to purchase products that include the terms natural or organic. Consumers are increasingly concerned about the presence of parabens in skin care products. With the rise of organic products, synthetic compounds such as propylparaben and butylparaben are no longer considered safe to use. There are many categories in the beauty industry that still derive a significant share of sales from products containing parabens and likely many other undesirable ingredients, but those categories that are still heavily focused on parabens are some of the fastest shifting to paraben-free. Asia Pacific is the highest contributor to in global skincare market in 2021. Based on packaging material, Plastic segment contributes the major global Skincare market share.
|Market size value in 2021||USD 146.29 billion|
|Market size value in 2028||USD 207.22 billion|
|Growth Rate||more than 5.1%|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Skincare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Skincare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Skincare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Skincare Market for additional countries.
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Product ID: SQSG30L2045