CAGR: 5.6%Current Market Size: USD 105.7 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global skin care products market is expected to grow from USD 105.7 billion in 2022 to USD 163.45 billion by 2030, at a CAGR of 5.6% during the Projection period 2023-2030. The growth of the skin care products market is mainly driven by the changing lifestyle and rising awareness about skin-related issues.
Products that treat and enhance the health and appearance of the skin as well as provide nourishment are called skin care products. Besides removing dead skin cells, retaining elasticity, and preventing wrinkles, skin care products also help protect individuals from dangerous bacteria and allergens, making the skin healthier. The demand for skin care products is on the rise worldwide.It was found that skin care was the most popular beauty category among the 18-24 year olds in February 2021, according to a survey conducted in the United States. Products for brightening the skin, toners and scrubs are in high demand among the younger population, while products that provide solutions to wrinkles and cracked heels are gaining major traction, as a result of the increasing demand from older people. Many people use skincare products in order to enhance their appearance, both on their faces and in other parts of their bodies. Women tend to purchase the majority of these products, but because of shifting lifestyles, male consumers are becoming more interested in buying them as well. Moreover, the adverse effects of synthetic chemicals on the skin have led to the use of ingredients such as aloe Vera and a variety of root and leaf extracts in these personal care products. Because of this, major skincare companies label their products as natural now.
Sample Request: - Global Skin Care Products Market
Market Dynamics:
Drivers:
It is expected that skincare market growth will be driven by the rising trend among young people to treat their skin problems like acne, black spots, tanning etc. For example, toners, and sunscreen are in high demand among young people, while wrinkles and cracked heels are in high demand among older people. The rising trend for personal grooming among the consumers is boosting the demand for skin care products.
Restraints:
The market is growing tremendously but there are some factors which are hampering the growth of the market such as the presence of counterfeits in the market. It has been observed that the market is full of duplicate copies of various skin care products of renowned brands which are manufactured by compromising with the quality standards and as a result these products are proven to be harmful for the skin.
Opportunities:
Due to rising pollution the chances of skin related issues are on rise, as the consumers are becoming more aware about the harmful effects of changing climatic conditions are boosting the need for anti-ageing and anti-wrinkles creams.A growing number of manufacturers are trying to break into the lucrative anti-ageing market as a result of the growing interest in skincare products enriched with vitamins C, E, collagen, and other ingredients to delay ageing.
Challenges:
Skin care products market growth is likely to be impeded by concerns regarding the chemicals used in the manufacture of the products. As some people are facing skin related issues by using skin care products which are affecting the sales of the market negatively. Moreover, limited shelf life is also expected to pose challenges to the market growth.
Segmentation Analysis:
The global skin care products market has been segmented based on product, gender, distribution channel, and region.
By Product
The product segment includes lotions, sprays, creams, powders and others. The creams segment led the largest share of the skin care products market with a market share of around 28% in 2022. Since the cream is widely used for moisturising, tan removal, dark circle removal, and night cream, the segment is expected to grow at the highest CAGR during the Projection period. Different types of creams are available for different skin-related problems, which is driving the market to grow. The rising dry skin related issues is boosting the demand for creams. Moreover, the increasing demand for skin-brightening face creams is stimulating the market.
By Gender
The gender segment includes female and male. The female segment led the largest share of the depression treatment market with a market share of around 65.5% in 2022. With a growing awareness of product availability, women are becoming more aware of it. As a result of changing consumer trends, increasing awareness about grooming, skin maintenance, and the desire to look better among women, new products have been developed. The segment is growing as women increasingly add personal grooming products to their daily routines in order to boost their confidence and appearance.
By Distribution Channel
The distribution channel segment includes supermarkets & hypermarkets, online retail channels, convenience stores and others. The supermarkets & hypermarkets segment led the largest share of the skin care products market with a market share of around 37% in 2022. The benefits of supermarkets and hypermarkets are many, including the freedom to choose, the lower prices, and the high visibility of international brands, making them a good choice for any consumer. Due to their significant advantages to consumers, such as freedom of choice, lower prices, and high visibility of international brands, supermarkets/hypermarkets make a convenient platform for skincare products.
Global Skin Care Products Market - Sales Analysis.
The sale of the skin care products market expanded at a CAGR of 5.2% from 2016 to 2022.
Since awareness of skincare products has grown over the past few years, demand for them has increased. Additionally, a strong trend toward natural and organic skincare products has been observed, making it an important area of the cosmetics and wellness industry. Organic products do not contain harmful chemicals and are derived from natural resources.
A trend of organic skin care products and innovative marketing strategies are also fueling customer demand. Since urbanisation has grown, there is an increased purchasing power for consumers. Millennial wants a wider variety of skin care products.
Americans are becoming increasingly interested in personalised items. With an increasing demand for skincare products, serums, creams, and moisturisers enriched with natural ingredients are likely to see substantial demand throughout the Projection period. Customers are likely to be more attracted to such products because they are thought to be more efficient and have fewer or no negative side effects, increasing their popularity.
Thus, owing to the aforementioned factors, the global skin care products market is expected to grow at a CAGR of 5.6% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analysed for the skin care products market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the skin care products market and held a 38.6% share of the market revenue in 2022.
Global Skin Care Products Market - Country Analysis:
Germany's skin care products market size was valued at USD 9.51 billion in 2022 and is expected to reach USD 14.81 billion by 2030, at a CAGR of 5.7% from 2023 to 2030.
The popularity of natural beauty products has increased in Germany as a result of a growing trend toward a greener lifestyle. The efficacy of natural ingredients in beauty and skin care products in Germany has made consumers more inclined to buy those products due to their benefits.German skincare market growth is driven by consumers' willingness to spend a higher amount on higher quality products.
China’s skin care products market size was valued at USD 10.6 billion in 2022 and is expected to reach USD 16.7 billion by 2030, at a CAGR of 5.9% from 2023 to 2030.
The skin care products are a major contributor to the global industry's growth, both in terms of production and consumption, and government initiatives are also boosting demand in the country. A growing disposable income in China has had a significant impact on the growth of the skincare industry. As a result, Chinese consumers are increasingly willing to spend money on effective healthcare management.
India's skin care products market size was valued at USD 8.16 billion in 2022 and is expected to reach USD 12.8 billion by 2030, at a CAGR of 5.8% from 2023 to 2030.
The increase in awareness regarding the various benefits of skincare products has resulted in a rise in their demand over the last few years. As more products are launched, concerns about skin health and skin conditions are likely to increase the market growth.
Key Industry Players Analysis:
To increase their market position in the global skin care products market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
5.6% |
Market Size |
105.7 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Gender, By Distribution Channel, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Palmolive, Chanel, Nivea, Garnier, Mac, Gillette, Johnson & Johnson, Procter & Gamble, Maybell, The Body Shop, Estee Lauder, Clinique, and Clarins. |
By Product |
|
By Gender |
|
By Distribution Channel |
|
Regional scope |
|
Scope of the Report
Global Skin Care Products Market By Product:
Global Skin Care Products Market By Gender:
Global Skin Care Products Market By Distribution Channel:
Global Skin Care Products Market By Region:
Global skin care products market is expected to reach USD 163.45 billion by 2030.
Leading market players active in the global skin care products market are Palmolive, Chanel, Nivea, Garnier, Mac, Gillette, Johnson & Johnson, Procter & Gamble, Maybell, The Body Shop, Estee Lauder, Clinique, Clarins among others.
Based on the distribution channel, the global skin care products market has been segmented into major supermarkets & hypermarkets, online retail channels, convenience stores and others.
The segments covered in the skin care products market are; product, gender, distribution channel, and regions.
Political Factors- The frequency of alterations to governmental regulations and laws is referred to as uncertainty in the political environment. Frequent policy changes have an impact on corporate performance and complicate decision-making due to ongoing ambiguity. In order to promptly react to shifting policies, the market for skin care products should actively monitor the political landscape and adjust its strategic priorities as necessary. Democracy is the cornerstone of the existing form of government, which underpins the functioning of the market for skin care products. A democratic political structure, which supports the initiative and free commerce, offers financial flexibility to the market for skin care products.
Economical Factors- When deciding whether to expand internationally, the market for skin care products pursue long-term growth goals in nations with rapid economic growth. Consumer spending becomes more cautious when the economy is growing slowly, which has a direct impact on the revenue growth of the skin care products sector. Because rising inflation reduces the purchasing power of money and deters consumers from making purchases of goods and services, it could be detrimental to the market for skin care products.
Social Factor- Consumption patterns and economic issues are interwoven. The market for skin care products has a promising future when consumers have more disposable income and are willing to spend more on products and services to better their lifestyles. This is because it is simpler to introduce new products and services to these customers and because there is a higher chance that revenue will increase. The skin care products business must actively watch consumption/spending trends and the more discerning tastes of today's consumers in order to alter its marketing mix strategies.
Technological Factors- The rate and progress of technical innovation may have an impact on the market and industry as a whole. The skin care products market will be able to comprehend the rate of new product production, the length of the product life cycle, and the distinctive features that consumers demand by analysing the forthcoming technological innovation trends. The market for chemicals used in sludge treatment will be able to determine whether switching to e-commerce will be more lucrative than setting up a physical store by researching how consumers feel about cutting-edge, new digital technologies. The market for skin care products may be forced to switch from manual to automated processes if competitors use automation technologies to cut prices, especially if the general public is digitally educated.
Environmental Factors- Businesses are under pressure to lessen their influence on the environment because of strict environmental legislation in many different countries. The skin care products market should adopt ethical production techniques in response, encourage ethical consumption among its target market, work to improve its brand's sustainability reputation, and ensure full compliance with local and international environmental laws because failure to do so may result in harsh, reputation-damaging criticism from relevant stakeholders. The weather at this time may have a considerable impact on the ability to transport materials and the finished product. This has an effect on the delivery dates for the finished product.
Legal Factors- A broad range of rules known as employment law protect workers' rights, including those to a fair wage, equality, equity, inclusion, fairness, and their physical and psychological safety. While some nations do not effectively enforce employment laws, others have strict penalties for violating any of the specified employee rights. The market for skin care products should safeguard the safety of the working environment when entering or operating in such nations. It is necessary to prevent both direct and indirect discrimination, so the appropriate procedures must be in place.
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