What is the global market size of Skincare Product Market ?

Skincare Product Market size was valued at USD 130.5 billion in 2021 and is poised to grow from USD 136.5 billion in 2022 to USD 195.61 billion by 2030, growing at a CAGR of 4.6% in the forecast period (2023-2030).

Who are the key vendors in the Global Skincare Product Market ?

Due to the presence of numerous local and international players in the global market, the skin care market is highly fragmented. Organic and vegan products, as well as eco-friendly packaging options to reduce carbon footprint, are two areas where manufacturers are putting their attention. Manufacturers are focusing on using a variety of botanical extracts as raw materials in order to attract a consumer base and meet the growing demand from consumers for safer and less toxic products. 'L'Oreal', 'Unilever', 'Estée Lauder', 'Procter & Gamble', 'Johnson & Johnson', 'Shiseido', 'Beiersdorf', 'Colgate-Palmolive', 'Avon Products', 'Kao Corporation', 'Mary Kay', 'Amway', 'Revlon', 'Coty', 'Clarins', 'Henkel', 'Oriflame', 'LVMH', 'Chanel', 'Natura & Co'.

What is the key driver of Global Skincare Product Market ?

The demand for skin nourishment products has increased as a result of numerous factors, including the rising incidence of acne, black spots, scars, dullness, and tanning. Products for brightening the skin, such as toners, scrubs, and toners, are getting a lot of use from younger people. On the other hand, products that help wrinkles or cracked heels are getting a lot of use from older people.The market's overall expansion is anticipated to be aided by consumers' shifting lifestyles and spending habits on premium beauty care products.

What is the key market trend for Global Skincare Product Market ?

One of the most important factors that is positively affecting the market is the growing number of working people worldwide and the growing concern people have about how they look. The market's expansion is also aided by rapid urbanization, rising levels of disposable income, and shifting consumer spending habits. In addition, the global demand for skin care products is being fueled by rising levels of pollution and the prevalence of skin diseases like cancer, allergies, and infections. Manufacturers are also benefiting from lucrative growth opportunities presented by the growing public's awareness of the advantages of using organic and herbal products.In addition, in order to expand their market reach, major market players are concentrating on promotional strategies like celebrity endorsements and television advertising.

Which region accounted for the largest share in Global Skincare Product Market ?

Due to the rising standard of living, rising working-class population, and rising spending power of the region's population, Asia Pacific is expected to hold a significant share. In addition, the population's changing lifestyle and rising disposable income in countries like China, India, Japan, and others have led to increased spending on personal care and wellness products, which will increase demand.For instance, the Australian Hygiene, Personal Care, and Specialty Products Industry Association (ACCORD) reports that the hygiene, personal care, and specialty products industry's turnover in Australia in 2021 was USD 26.3 billion, representing an increase of 0.9 percent over the previous year.

Global Skincare Market Size, Share, Growth Analysis, By Products Material(Face Creams & Moisturizers, Cleansers & Face Wash), By Packaging(Glass, Plastic), By Gender(Men, Women), By Sales Channel(Online, Offline) - Industry Forecast 2024-2031

Report ID: SQMIG30L2192 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 117 | Figures: 77

Global Skincare Market Dynamics

Skincare Market Driver

Ease of Access

Fast and cheap delivery and ease of access to brands seen as luxury have become increasingly important to the skincare market. Exclusivity is giving way to convenience; more shoppers use digital prior to or during their shopping journey, with the majority citing ease as the key driver. In beauty, convenience embraces aspects like easy-to-navigate stores and intuitive website layout, ease of trialing the product and getting the right advice or recommendation quickly, allowing simplified decision-making.

Shift in Demographics

The demographic of consumers is shifting. Firstly, the young: millennials are projected to represent 30% of total global retail sales by 2021. The key to capturing this generation is digital engagement: millennials (often defined as the generation born 1980-1999) have little inhibition about using ‘digital first’ pathways to purchase, they actively seek out online influencers, and they function in a world that is driven by image. These characteristics will only be amplified in the post-millennial ‘Generation Z’ or iGeneration, individuals born after the start of the internet age. But older consumers also play their part in the redefinition of the Skincare market. Older demographic categories are adopting millennial-like consumption habits: the breakdown of traditional consumer age categories is a phenomenon of rising life expectancy and improved late-life health, with the proviso that as well as ‘spending young’ older consumers are also likely to spend more on niche brands targeted at the consumer who does not want to appear old.

Skincare Market Restraint

Sale of Pseudo Products at Reduced Prices

Fake and counterfeit products are manufactured and sold in many emerging and underdeveloped countries which leads to competition for genuine skin care products.

Increasing awareness of probable side effects of cosmetics

Rising use of the internet has led to rising awareness among consumers regarding the benefits as well as side effects occurring after the use of certain cosmetic products. This factor can act as a restraint on the growth of the skincare market over forecast years.

Global Skincare Market Report Snapshots

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Skincare Market size was valued at USD 130.5 billion in 2019 and is poised to grow from USD 136.5 billion in 2023 to USD 204.61 billion by 2031, growing at a CAGR of 4.6% in the forecast period (2024-2031).

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. 'L’Oréal Professional', 'Shiseido Co., Ltd.', 'Kao Corporation', 'Unilever N.V.', 'The Estée Lauder Companies Inc.', 'Colgate-Palmolive Company', 'Johnson & Johnson Services, Inc.', 'Procter & Gamble Co.', 'Avon Products, Inc.', 'Beiersdorf AG', 'Revlon, Inc.', 'Amorepacific Corporation', 'Natura & Co.', 'Mary Kay Inc.', 'Clarins Group', 'Coty Inc.', 'LVMH Moët Hennessy Louis Vuitton SE', 'The Clorox Company', 'Henkel AG & Co. KGaA', 'The Body Shop International Limited'

Fast and cheap delivery and ease of access to brands seen as luxury have become increasingly important to the skincare market. Exclusivity is giving way to convenience; more shoppers use digital prior to or during their shopping journey, with the majority citing ease as the key driver. In beauty, convenience embraces aspects like easy-to-navigate stores and intuitive website layout, ease of trialing the product and getting the right advice or recommendation quickly, allowing simplified decision-making.

Rising trend of the use of natural ingredients in skin care products is observed among various manufacturers. This trend caters to the ever-increasing demand for natural or organic products among customers. The use of herbal skin care products minimizes the chances of any possible side effects of the product. This ultimately increases the usage of skin care products among individuals.

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.

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Global Skincare Market Size, Share, Growth Analysis, By Products Material(Face Creams & Moisturizers, Cleansers & Face Wash), By Packaging(Glass, Plastic), By Gender(Men, Women), By Sales Channel(Online, Offline) - Industry Forecast 2024-2031

Global Skincare Market Dynamics

Global Skincare Market Report Snapshots

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