Market Overview –
Forecasts put the value of the global skin care products market at $196.20 billion by the year 2030. From 2022 to 2030, it is predicted to grow at a CAGR of 4.6%. The skincare sector is booming due to the increasing awareness of skin issues. Face creams, body lotions, shaving lotions and creams, and facial sunscreens are all examples of general skincare items that are seeing increased demand due to the rise in the number of people seeking solutions to specific skincare problems.
Over the past several years, there has been an uptick in the market for skincare products due to the increased public knowledge of those benefits. In addition, there is a clear preference for organic and natural skincare products, which has helped to propel this business to the forefront of the beauty and wellness market. Unlike conventionally produced goods, organic items are made entirely from organic materials and have no artificial preservatives or flavours.
In 2021, the female gender segment generated the most income, and this trend is anticipated to continue throughout the forecast period. To boost their self-esteem and their appearance, more and more women are including personal grooming products in their everyday routines. The market is likely to benefit from the rising demand for skin care products including face creams, sunscreens, and body lotions around the world.
In 2021, grocery stores and other grocery-related establishments generated the most income. Due to the convenience and variety offered, many people choose shopping for skincare items at grocery shops and big-box retailers. The expansion of the channel may be attributed in large part to the fact that customers can now check the legitimacy of these products in person with the help of trained professionals. Consolidation characterises the market, which is dominated by a small number of worldwide companies.
COVID-19 Impact –
Many people’s buying habits and interests were altered by the COVID-19 pandemic. As a result of multiple nations taking different measures to halt the spread of COVID-19, the market growth slowed slightly. Social isolation regulations, business hour limits, and travel bans were among the most essential measures taken throughout the outbreak. However, internet sales of the product increased, which contributed to the market’s recovery.
Scope of the Report –
Skincare refers to a wide variety of remedies for a variety of skin issues. These are used to prevent wrinkles, acne, and discoloration by applying a thin layer to the skin. The global market for skincare supplies is broken down into numerous submarkets based on product category, distribution channel, and region. The global market is divided into (facial care: cleansers, moisturizers, creams and lotions, serums and essence, toners, face masks and packs, and other facial care products; lip care; body care: body wash and body lotions).
The global skin care market is broken down into two distinct subsets: high-end and mass-market products. The market is broken down into various subsegments based on the various retail outlets that sell the products. These include specialty shops, grocery stores, drug stores, convenience stores, online retailers, and others. North America, Europe, Asia/Pacific, South America, and the Middle East/Africa all have their own sections of the market, each of which highlights the most prominent regional trends. Estimates and projections of market size and growth have been calculated in terms of revenue for each submarket (in USD billion).
Recent Developments –
In July of 2022, Tula Skincare, a clinical skincare brand powered by probiotic extracts and superfoods, will join the Australian and New Zealand markets through a partnership with the prominent beauty shop Mecca.
In 2022, KVD beauty, a division of LVMH, released a new product: New Good Apple Lightweight Full-Coverage Concealer. The ultra-concentrated InterLace Pigments in the concealer blend in naturally with the skin to provide long-lasting, highly pigmented coverage that is resistant to creasing.
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In June of 2022, Shiseido, a Japanese cosmetics manufacturer, released a new skincare brand aimed only at males called Sidekick. Four goods and eight stock items make up the line, which is designed with the Asian market in mind. The Sidekick cosmetics range improves the skin’s moisture barrier function and promotes a more resilient skin environment in addition to treating problems like dry or oily skin. The set includes a washcloth, a lotion, a moisturiser, and a fabric mask to help you clean and rejuvenate your face.
In April of 2022, Belviso will bring its high-end skin care products to the Indian market. To name just a few, the first offerings include the Belviso Vitamin C Serum, Belviso Niacinamide Serum, Belviso Total Nano Gel, Belviso Multi-Acid Serum, and Belviso Transformation Cream.
Market Size and Forecast –
Over the projected period (from 2019 to 2027), the market for skin care products is expected to grow at a CAGR of about 5.5%. Cleansers, exfoliators, face masks, body lotions, moisturisers, sunscreens, anti-aging creams, and others make up the product sector of the market, which is further subdivided into segments based on application, distribution channel, and geography. The anti-wrinkle and sun protection features of these creams, together with the ageing population, are expected to drive growth in the anti-aging creams market.
The market can be broken down into two sections—facial and body—with face expected to increase at a faster rate than its counterpart. This is because there is more interest in facial skin care than there is in general body care. The market is broken down into subsets based on the various points of sale that sell the products. As more consumers opt to shop online instead of in physical stores, the online retailers subsegment is expected to expand at a faster rate than any other throughout the projection period.
Competitive Landscape –
Top international and domestic competitors in the skincare products industry compete aggressively for market share. Market leaders in skincare products include P&G, Beiersdorf AG, Estee Lauder Companies Inc., Unilever, and L’Oreal. Mergers and acquisitions are being pursued by the major firms as a means of consolidating their position in the market. As a result, the big players are always looking for ways to build out their production capacities and strengthen their foothold in the regional market.
Key Players –
Estée Lauder Companies Inc.
Johnson & Johnson Services, Inc.
New Avon Company
Procter & Gamble
By Type –
By Applications –
By Regions –
Middle East & Africa