Skincare Global Market Report 2024

The skincare market size has grown strongly in recent years. It will grow from $134.1 billion in 2023 to $143.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth observed in the historical period can be attributed to factors such as increased consumer awareness and education, celebrity endorsements, influencer marketing, cultural and social influences, economic factors, and trends related to health and wellness.

The skincare market size is expected to see strong growth in the next few years. It will grow to $181.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be attributed to the adoption of personalized skincare solutions, a focus on sustainability and eco-friendly practices, the rise of male grooming products, the integration of smart skincare devices, and the incorporation of wellness concepts. Key trends expected in the forecast period encompass the digitalization of beauty retail, technological advancements, the promotion of inclusive beauty, the embrace of holistic beauty approaches, and the prevalence of subscription-based models.

The skincare market is poised for growth, driven by an increasing awareness of personal grooming. Personal grooming encompasses practices such as maintaining cleanliness, hygiene, well-groomed nails and hair, and using skincare cosmetics such as serums, moisturizers, exfoliators, body lotions, and eye creams to achieve healthy and appealing skin. A survey conducted by the New York Post in October 2022 revealed differences in grooming habits between genders, emphasizing the significance of skincare in daily routines. Additionally, the Canadian cosmetics industry is expected to generate approximately USD 1.24 billion in 2021, with projected annual revenue growth of 1.45% to reach USD 1.8 billion by 2024, indicating a rising awareness of personal grooming.

The skincare market is set to benefit from the increasing popularity of anti-aging skincare products. This category addresses visible signs of aging, utilizing advanced formulations and ingredients to target wrinkles, fine lines, and skin elasticity. Estée Lauder Companies Inc. reported net sales of $17.74 billion for the fiscal year ending June 30, 2022, reflecting a 9% increase, with anti-aging products contributing to overall sales. The surging demand for anti-aging skincare products is a key driver propelling the skincare market.

A notable trend in the skincare market is the emphasis on product innovation by major companies. Companies are introducing innovative products to maintain their market position. For instance, AW Faber-Castell Cosmetics GmbH launched a rechargeable mechanical makeup pencil in April 2023, a part of their Protopia line, contributing to sustainability and environmental friendliness. This focus on innovation enhances product offerings and market competitiveness.

Major players in the skincare market are directing efforts toward AI-based solutions, exemplified by AI Skin Advisor, to enhance customer engagement and profitability. Bulldog Skincare Limited launched the AI Skin Advisor in January 2023, enabling male users to receive personalized skincare tips through quick virtual skin analysis. This adoption of AI-based solutions underscores the industry's commitment to providing tailored skincare solutions.

In February 2022, Beiersdorf AG acquired Chantecaille Beaute Inc. for an undisclosed amount, broadening Beiersdorf's portfolio with new skincare, cosmetics, and fragrance products based on botanical components. This strategic acquisition enhances Beiersdorf's market presence in the skincare industry.

Major companies operating in the skincare market report are Cardinal Health Inc., Johnson & Johnson, LVMH Moët Hennessy Louis Vuitton S.E., Procter & Gamble Company, Unilever PLC, Betco Corporation, L'Oréal S.A, 3M Company, Amorepacific Group, Henkel AG And Co. KGaA, Colgate-Palmolive Company, Estée Lauder Companies Inc., Chanel Inc., Kao Corporation, Natura & Co., Beiersdorf AG, Shiseido Company Limited, Coty Inc., Neutrogena Corporation, Galderma S.A, Avon Products Inc., Nu Skin Enterprises Inc., Kose Corporation, Revlon Consumer Products Corporation, Sisley Paris, Caudalie, Lancôme, European Wax Center Inc., Mario Badescu Skin Care Inc., Tata Harper Skincare.

Asia-Pacific was the largest region in the skincare market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the skincare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the skincare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of skincare products include creams, lotions, powders, sprays, and others. Creams are topical agents, serving preventive, therapeutic, or cosmetic purposes, typically applied as a soft solid or thick liquid containing medications or specific ingredients. These products come in various packaging formats, including tubes, bottles, jars, and others. Skincare products are used by individuals of all genders, including both men and women, and are available through diverse distribution channels such as stores, supermarkets, online platforms, and others.

The skincare market research report is one of a series of new reports that provides skincare market statistics, including skincare industry global market size, regional shares, competitors with a skincare market share, detailed skincare market segments, market trends and opportunities, and any further data you may need to thrive in the skincare industry. This skincare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The skincare market consists of revenues earned by entities by providing services such as dermabrasion, laser resurfacing, dermal fillers, and chemical peels. The market value includes the value of related goods sold by the service provider or included within the service offering. The skincare market also includes sales of products such as moisturizers, serums, facial masks, and sunscreens. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.