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 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.

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.

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

Global Skincare Product Market Dynamics

Global Skincare Product Market Report Snapshots

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