The global Skin Care market is envisioned to garner $273.3 billion by 2031, growing from $146.7 billion in 2021 at a CAGR of 6.7% from 2022 to 2031.
Companies are introducing organic cosmetic products in response to growing awareness about the long-term effects of cosmetics uses. This trend responds to the increased consumer demand for organic and natural cosmetics. The usage of organic cosmetic products decreases the likelihood of any unwanted product consequences. The rise in the number of fake items in the market is one of the primary reasons preventing the skincare products market from growing.
The rise in prevalence of skin problems caused by synthetic components in beauty goods and cosmetics is likely to fuel market growth. Furthermore, the world's rapidly rising urban population, increase in disposable income, and increase in health awareness are important drivers driving the skin care market's expansion. Surge in product R&D investments have provided the sector with lucrative growth opportunities. Skin care product sales are expanding in emerging markets. Skin care is the most important component of the beauty industry. Skin care products can improve the quality, cleanse, and beautify exterior body components, allowing people to appear healthier and more appealing.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were on a standstill. To limit the spreading of the global pandemic, COVID-19, numerous retail outlets, beauty shops, and hairdressers have been temporarily closed. As a result, sales of skin care products have plummeted. However, the reduction in sales from store-based channels is more than offset by increase in sales from online channels. Owing to the scarcity of herbal skincare products in retail stores, people are turning to e-commerce channels to acquire them.
The key players profiled in this report include L’Oréal Professional, Unilever, Procter & Gamble, Estée Lauder Inc. Beiersdorf AG, Shiseido Co., Ltd. Natura & Co. Kao Corporation, Johnson & Johnson Services, Inc., and Avon Products Inc.
Companies are introducing organic cosmetic products in response to growing awareness about the long-term effects of cosmetics uses. This trend responds to the increased consumer demand for organic and natural cosmetics. The usage of organic cosmetic products decreases the likelihood of any unwanted product consequences. The rise in the number of fake items in the market is one of the primary reasons preventing the skincare products market from growing.
The rise in prevalence of skin problems caused by synthetic components in beauty goods and cosmetics is likely to fuel market growth. Furthermore, the world's rapidly rising urban population, increase in disposable income, and increase in health awareness are important drivers driving the skin care market's expansion. Surge in product R&D investments have provided the sector with lucrative growth opportunities. Skin care product sales are expanding in emerging markets. Skin care is the most important component of the beauty industry. Skin care products can improve the quality, cleanse, and beautify exterior body components, allowing people to appear healthier and more appealing.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were on a standstill. To limit the spreading of the global pandemic, COVID-19, numerous retail outlets, beauty shops, and hairdressers have been temporarily closed. As a result, sales of skin care products have plummeted. However, the reduction in sales from store-based channels is more than offset by increase in sales from online channels. Owing to the scarcity of herbal skincare products in retail stores, people are turning to e-commerce channels to acquire them.
The key players profiled in this report include L’Oréal Professional, Unilever, Procter & Gamble, Estée Lauder Inc. Beiersdorf AG, Shiseido Co., Ltd. Natura & Co. Kao Corporation, Johnson & Johnson Services, Inc., and Avon Products Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the skincare market analysis from 2021 to 2031 to identify the prevailing skincare market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the skincare market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global skincare market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Products
- Creams and Moisturizers
- Powder
- Cleansers and Face Wash
- Others
By Distribution Channel
- Online
- Offline
By Gender
- Male
- Female
By Packaging
- Tubes
- Bottles and Jars
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- Estee Lauder Companies Inc.
- Johnson's & Johnsons
- L'Oreal
- Shiseido Ltd.
- Amore Pacific
- Unilever plc
- Deciem
- Glossier
- Gladerma
- PROCTER & GAMBLE HYGIENE & HEALTH CARE Ltd
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SKINCARE MARKET, BY PRODUCTS
CHAPTER 5: SKINCARE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 6: SKINCARE MARKET, BY GENDER
CHAPTER 7: SKINCARE MARKET, BY PACKAGING
CHAPTER 8: SKINCARE MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Skincare Market," the skincare market was valued at $146.70 billion in 2021, and is estimated to reach $273.3 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.Skin care refers to the use of cosmetic products, antimicrobials, tonics, lotions, creams, or other substances to the skin of any individual for the purpose of massaging, washing, stimulating, manipulating, performing non-invasive hair removal, beautifying, or similar activity. Skincare is an important strategy for maintaining the health of your skin on your face and body. A regular skincare program will help you keep a youthful and healthy appearance.
Key factors driving the growth of the global skin care market include the increased opinion of one’s appearance and skin quality, together with rising purchasing power internationally. In addition to significant investments in R&D to create new products, aggressive marketing initiatives by established players have contributed to the significant revenue gain. In addition, the prevalent contaminated climate, global warming, and active lifestyle that affect skin consistency have increased the use of goods that assist in maintaining the skin's integrity and avoid any harm to it.
The market offers growth opportunities to the key players in the market. Growing awareness about grooming habits is one of the primary factors driving the global skin care market's expansion. Rising worries about skin nutrition as a result of many factors such as the increase in occurrence of dark spots, acne, dullness, scars, and tanning have increased the need for skin nourishment solutions. Skin brightening goods, scrubs, and toners are gaining appeal among the younger population, while things that provide a remedy for wrinkles or cracked heels are gaining substantial traction due to increased demand among the matured population. Changing consumer lifestyles and spending habits on luxury beauty care items are expected to aid the market's overall growth. The Indian skin care products market has expanded significantly in recent years. This is mostly due to the presence of a young demographic, an increase in disposable money, and a shift among Indian consumers toward a healthy lifestyle. Skin care is the technique of preserving and improving one's physical appearance via the use of various skin care products such as creams and lotions. These goods are available to end users in India through a variety of distribution channels, including supermarkets/hypermarkets, online stores, pharmacies & drug stores, department stores, specialty stores, and beauty salons.
The Skin Care market is segmented into product, distribution channel, gender, packaging, and region. On the basis of Product, the market is categorized into creams and moisturizers, powder, cleansers and face wash and others. On the basis of distribution Channel, it is categorized into Online and Offline. On the basis of gender, it is bifurcated into male and female. On the basis of packaging, it is fragmented into tubes, bottles & jars, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, Italy, France, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, United Arab Emirates, South Africa, and rest of LAMEA).
The key players profiled in the study include L’Oréal Professional, Unilever, Procter & Gamble, Estée Lauder Inc. Beiersdorf AG, Shiseido Co., Ltd. Natura & Co. Kao Corporation, Johnson & Johnson Services, Inc., and Avon Products Inc. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and expansion to remain competitive and gain advantage over the competitors in the market. For instance, in January 2023, The Good Glamm Group, the leading artificial intelligence (AI) beauty and fashion tech solutions provider, announced the launch of new virtual try on AI Skin Analysis experiences for its D2C brand customers across India. These well-known, rapidly expanding, and forward-thinking beauty and skincare companies are the latest to provide personalized, interactive, and high-touch online purchasing experiences.
Key Market Insights
- By product, the cream and moisturizer segment was the highest revenue contributor to the market in 2021. However, the cleansers and face wash segment is projected to be the fastest growing during the forecast period
- By distribution Channel, the online segment dominated the global market in 2021 and is estimated to be the fastest growing during the forecast period.
- By gender, the female segment was the highest revenue contributor to the market in 2021. However, the male segment is projected to be the fastest growing during the forecast period.
- By Packaging, the tubes segment dominated the global market in 2021 and is expected to be the fastest growing during the forecast years.
- By region, Asia-Pacific was the highest revenue contributor to the market in 2021, accounting for a market size of $66.9 billion.
Companies Mentioned
- Estee Lauder Companies Inc.
- Johnson's & Johnsons
- L'Oreal
- Shiseido Ltd.
- Amore Pacific
- Unilever plc
- Deciem
- Glossier
- Gladerma
- PROCTER & GAMBLE HYGIENE & HEALTH CARE Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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