What is the global market size of the Skincare Product Market?

Global 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).

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

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

Global 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 Report Snapshots

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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).

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'

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 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.

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

Global Skincare Product Market Regional Insights

Global Skincare Product Market Report Snapshots

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