Global Skincare Product Market

Skincare Product Market Size, Share, Growth Analysis, By Product(Male and Female), By Packaging(Cosmetic stores, Supermarkets/Hypermarkets, Online Channel, Other), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30L2124 | Region: Global | Published Date: April, 2024
Pages: 198 |Tables: 62 |Figures: 75

Skincare Product Market Insights

Global Skincare Product Market size was valued at USD 136.5 billion in 2022 and is poised to grow from USD 142.78 billion in 2023 to USD 204.61 billion by 2031, at a CAGR of 4.60% during the forecast period (2024-2031).

Skin care products nourish, treat, and improve the overall health and appearance of the skin. They incorporate cleaning agents, scours, toners, body salves, lotions, face washes, and creams, and oils and serums that are planned utilizing different compound and regular fixings, for example, hyaluronic corrosive, alpha-hydroxy acids, retinol, bentonite earth, aloe vera, and tea tree oil. They help get rid of dead skin cells, keep the skin elastic, and keep wrinkles, fine lines, and age spots at bay.

Additionally, they guard against sunburn, hyperpigmentation, blemishes, and harmful ultraviolet (UV) rays. In addition, the demand for skin care products is rising worldwide due to the fact that they aid in the protection of individuals from allergens and harmful bacteria and improve the health of their skin. The practices of skin care support the integrity of the skin, improve its appearance, and treat skin conditions. Nutrition, avoiding too much sun, and using emollients appropriately are all included in this category.

Changes in lifestyle patterns in developing nations as a result of rapid urbanization, an increase in awareness of advanced skin care products, an increase in demand for skin care products, new product innovation, high investments in developing nations, and other factors are major influences on the global skin care products market. The skin care product's short shelf life, on the other hand, prevents the market from expanding.

US Skincare Product Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 136.5 billion

Largest Segment

female

Fastest Growth

female

Growth Rate

4.60% CAGR

Global Skincare Product Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)

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Skincare Product Market Segmental Analysis

Skincare Product Market is segmented on the basis of Product analysis, By Packaging, By Gender analysis, By Distribution channel, and By region. Whereas, By Product Skincare Product Market is sub segmented into the creams, lotions, powders, sprays, and others. By Packaging type Skincare Product Market is sub segmented into the Tube, Bottle, Jar and others. Gender analysis Skincare Product Market is sub segmented into the Male and Female. The Distribution channel Skincare Product Market is sub segmented into the Cosmetic stores, Supermarkets/Hypermarkets, Online Channel, Other. By Region Skincare Product Market is segmented on the basis of Europe, North America, Asia Pacific, Middle East and Africa, Latin America.

Skincare Product Market Analysis by Product

Based on the Product, When compared to other products, creams are preferred by the majority of consumers due to the variety of types of creams available for various skin-related issues. It is anticipated that creams will dominate. They are used for a lot of things, like moisturizing, brightening, getting rid of tan, acne, oil, dark circles, night cream, and sun protection. For instance, in the year 2020, the beauty and wellness cosmetics company Rituals launched "The rituals of Namaste natural collection with five products, including a body scrub, shower cream, body cream, and body cream refill, and a deodorant stick." This was an attempt to break into the body care market. For reducing the appearance of wrinkles and fine lines, the shower cream uses nourishing Sweet Almond Oil and antioxidant vitamin E to produce a soft foaming application. Customers frequently make use of powders. Skin-related issues like rashes and allergies can be addressed with a variety of powders. Due to its use as a skin treatment to get rid of blackheads, acne, and irritation, powder is expected to also hold a significant share of the market.

Skincare Product Market Analysis by Gender

Based on gender, Product demand is rising because the female population is more aware of the various applications for which products are available on the market. For example, a 2018 U.S.-focused study by the Benchmarking company found that more than half of women between the ages of 18 and 24 wanted to include products that could prevent wrinkles and nourish their skin in their daily routine.However, new products have been developed and introduced as a result of factors such as shifting consumer trends, rising male awareness of grooming, skin care, and the desire to look better.Due to the growing awareness of personal grooming and health care, it is anticipated that the male market will also account for a significant portion.The expansion of the face care market has been aided by the growing demand.This is because men's appearance has become so important in today's world. As a result, the skincare industry now has more opportunities for expansion.

Global Skincare Product Market By gender 2022 (%), 2023 (%)

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Skincare Product Market Regional Insights

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.

In addition, the Asia-Pacific skincare market is anticipated to expand as consumers gain access to a wider variety of brands and become more aware of skin care products.For instance, among the total shipments of cosmetics in Japan, skincare products held the highest market share, accounting for 50.1%, according to the Japan Cosmetics Industry Association. On the other hand, according to the same source, the shipment of lotions increased from approximately USD 1,519.29 million in 2020 to approximately USD 1,876.77 million in 2021.

In the global market, Europe is anticipated to hold a significant market share.Male and female Europeans pay more attention to improving their skin's overall quality because they care more about how they look.The strong presence of major market players and the region's population's increased spending power are also contributing to the market's expansion.

Global Skincare Product Market By Geography, 2022-2030, 2024-2031
  • Largest
  • Fastest

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Skincare Product Market Dynamics

Skincare Product Market Drivers

Social Media Influence is Bolstering Demand for 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.
  • In addition, there is an increase in demand for sunscreen creams and lotions as more people become aware of the negative effects of prolonged sun exposure.For example, 10,000 people from nine countries, including the United States, India, and China, participated in a survey that Unilever conducted in February 2021. The results showed that 74% of the respondents preferred the beauty and personal care industry, which focuses more on making people feel better.

Skincare Product Market Restraints

Allergy and Skin Reaction to Hinder Market Growth

  • Skin irritation, redness, burning sensation, discoloration, and rapid cell aging are all signs of damage caused by prolonged use of cosmetics.Some of the products for nourishing the skin are only suitable for particular skin types, like oily or dry skin.However, consumers frequently purchase products based solely on the brand name and disregard other product details, resulting in skin irritation.Additionally, a small number of products may cause allergic reactions and the emergence of pimples as a result of certain ingredients that are not appropriate for each individual.Also, using too much can cause serious problems like skin cancer like melanoma.As a result, these are some of the most significant stumbling blocks to market expansion.

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Skincare Product Market Competitive Landscape

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.

Skincare Product Market Top Players Company Profiles

  • 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

Skincare Product Market Recent Developments

  • To further demonstrate its dedication to the development and production of skin care products, Beiersdorf opened a new cosmetic production facility in Leipzig in May 2023. The brand-new facility enhances Beiersdorf's capacity to provide premium skin care products to customers worldwide and is a major milestone in the company's expansion strategy. 
  • The newest project from Colgate-Palmolive, which debuted in May 2023, is an inventive anti-aging serum that draws inspiration from NASA research. The brand wants to transform skin care with a cutting-edge serum that addresses aging issues and promotes beautiful skin, taking inspiration from advanced space research. 
  • L'Oréal and Skinbetter Science, an American skincare company endorsed by cutting-edge dermatological science and combining patented effective ingredients with opulent sensory textures, inked an acquisition agreement in September 2022.

Skincare Product Key Market Trends

  • 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.

Skincare Product Market SkyQuest Analysis

Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

According to our Global Skincare Product Market analysis, 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. Based on the Product, When compared to other products, creams are preferred by the majority of consumers due to the variety of types of creams available for various skin-related issues. It is anticipated that creams will dominate.

Report Metric Details
Market size value in 2023 USD 136.5 billion
Market size value in 2031 USD 204.61 billion
Growth Rate 4.60%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Male and Female
  • Packaging
    • Cosmetic stores, Supermarkets/Hypermarkets, Online Channel, Other
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)
Companies covered
  • 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
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Skincare Product Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Skincare Product Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Skincare Product 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 Skincare Product 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Skincare Product Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Skincare Product Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Skincare Product Market size was valued at USD 136.5 billion in 2022 and is poised to grow from USD 142.78 billion in 2023 to USD 204.61 billion by 2031, at a CAGR of 4.60% during the forecast period (2024-2031).

Due to the presence of numerous local and international players in the 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'

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.

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 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.

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.

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Global Skincare Product Market

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