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.

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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

Report ID: SQMIG30L2124