Moisturizer Market Size, Share & COVID-19 Impact Analysis, By Type (Face Moisturizer and Body Moisturizer), By Form (Cream, Lotion, and Gel), By End-user (Men, Women, and Infant & Kids), and Regional Forecast, 2022-2029

The global moisturizer market size was valued at USD 9.50 billion in 2021. The market is projected to grow from USD 10.12 billion in 2022 to USD 14.01 billion by 2029, exhibiting a CAGR of 4.76% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with moisturizer experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 10.23% in 2020 as compared to 2019.

Moisturizers have become an essential part of the self-skincare habits among consumers, as it is crucial to keep skin hydrated. Moisturizing products provide efficient skin benefits, such as making skin smooth & soft, increasing skin hydration, improving & maintaining the integrity of skin characteristics, and preventing water loss. Moisturizing products also deliver certain ingredients, such as Vitamin C, hyaluronic acid, retinol, and others, to the skin. The products are available for every skin type, including dry skin, oily skin, and combination skin. Many consumers are willing to invest money in skincare and expanding skincare regimes. Increasing awareness about the benefits of healthy skin due to rising skin concerns has resulted in a consistent rise in demand for various skincare products. Skin protection has become one of consumers' paramount important wellness routines in recent years. Several factors have influenced consumers to develop a proper and balanced skincare routine. Pollution, protection from ultraviolet (UV) rays, and stress are some key factors that significantly hamper the skin. Thus, consumers are looking for products such as moisturizers for their skincare routines to maintain good skin health and prevent premature skin aging.

COVID-19 IMPACT

Severe Supply Chain Disruptions Caused by COVID-19 Crisis to Impede Growth Momentum

The COVID-19 pandemic has affected economies and left numerous industries in crisis globally. Most of the sectors had to be shut down, and various manufacturing units of cosmetic industries have been shifted in the essential goods (sanitizers, hand wash, and others.) required during this pandemic. With the rapid spread of COVID-19 across the globe and the burden of containment measures and restrictions, most countries experienced severe supply and demand shocks in almost all business sectors. The skincare and cosmetic industries have been stunned by the COVID-19 crisis resulting in a sharp decline in the demand for cosmetic products and widespread store closures. Additionally, the purchasing power has dramatically changed across the beauty and personal care space owing to the lockdown, international travel bans, and retail businesses shuttering, further resulting in the fall of sales across many beauty segments. In this uncertain environment, different business strategies, such as new product launches and supply chains, were disrupted as the factories were shut down, slowing down the market growth. However, unlocking and starting up the business processes in several countries surged the demand for the products to a certain extent, influencing the positive impact on the market growth.

LATEST TRENDS

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Changing Consumer Preference for Clean Label and Vegan Ingredient-based Products to Drive Innovations and Market Expansion

Consumers are becoming increasingly conscious about the sourcing of the ingredients used in making their skincare products and the environmental impact of these products. Thus, the demand for clean labels and vegan raw materials for manufacturing skincare products, including moisturizers, has increased significantly among beauty product manufacturers. Consumers who lead a busier lifestyle are slowly adopting a minimal and 'back to basics' routine to reduce the number of products they use on their skin, reducing time spent on lengthy skin routines. Hence, the demand for multi-use products which provide all the necessary benefits to maintain healthy skin in a single product is increasing rapidly. For instance, Augustinus Bader, a U.K.-based manufacturer and supplier of skincare and personal care products, launched moisturizing cream in 2021, providing hydrating, conditioning, and stress-reducing benefits to the applied skin.

Changing consumer preference toward organic and therapeutic formulations has accelerated research & development activities among manufacturers to seek novel ingredients that can attract consumers. The Middle Eastern consumers are highly interested in purchasing clean-label products made of natural and non-toxic ingredients. Certain brands are also integrating ancient beauty traditions in their products and launching herb-infused products in the market. For instance, Shiffa Beauty, a Dubai-based cosmetic brand, uses Middle Eastern traditions to manufacture its products and has become one of the known brands in Sephora stores.

In addition, pre-COVID-19 trends are likely to accelerate, with direct-to-consumer e-commerce becoming a significant platform for shoppers and markets becoming more prominent. Consumers worldwide say they are likely to increase their online engagement and spending. Beauty industry players will need to prioritize digital channels to capture and convert the attention of existing and new customers. The online medium is suitable for people who prefer convenience and are also price-conscious. Consumers have a vast number of product options available to them at a discounted price on these platforms. Thus, it encouraged consumers to purchase online and conveniently purchase products.

DRIVING FACTORS

Growing Spending on Beauty Products is Strengthening the Market

Growing consciousness about one's looks and skin health and the increase in spending power surge the demand for skincare products, including moisturizing products. The busy lifestyle and the omnipresent polluted environment are affecting skin health, further reducing the need for quality skincare goods. Furthermore, improving economic conditions of developing countries, rising population of aged people, and consistent rise in demand for a variety of moisturizing skincare products are critical to the promising growth prospects of the global market. With the growing awareness concerning individuals' health and looks in less developed economies, consumers in less developed or rural areas have started mirroring urban aspirations and lifestyles, shifting from home remedy solutions to branded products strengthening the product demand further.

Mounting Millennial Consumer Interest in Skincare Products to Support the Growth of the Market

The grooming, looking good trend is blooming worldwide, with women at the epicenter of the cosmetics industry. Cosmetics have penetrated all age groups, from body lotions for babies, skin brighteners for teenagers, anti-aging cosmetics for mature skin, and products to treat tanned skin. The emerging glamor industry is further surging the demand for makeup products among millennials who are conscious of their appearance and willing to alter it. In addition, social media strongly influences Gen Z and millennials with attractive product promotions showcasing newer trends. A wide range of product offerings from manufacturers with varied product forms, such as lotions, creams, and gels, suitable for an individual's skin characteristics is expected to augment the market growth.

RESTRAINING FACTORS

Stringent Regulations and Adverse Effects of Synthetic Beauty Ingredients

The stringent regulations regarding permitted ingredients from different authorities worldwide will likely hinder the moisturizer market growth. Cosmetics formulations combine numerous natural and synthetic ingredients such as sulfates and phthalates. Rising awareness regarding adverse health effects and toxicity caused by a few elements will limit product demand. Fragrance, coloring pigments, and preservatives added to the products to enhance their quality sometimes lead to allergic reactions depending on skin type.

SEGMENTATION

By Type Analysis

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The global market is segmented based on type into face moisturizer and body moisturizer. The face moisturizer segment accounts for the largest moisturizer market share. Consumers prefer moisturizing products that can be integrated into their daily skin routines and can be easily applied. Face is a visible portion of the body compared to body products. Consumers undertake special care to protect and keep face skin healthy, playing a significant role in propelling manufacturers to launch innovative face creams.   

By Form Analysis

Face Moisturizers are Highly Preferred among Cosmetics Products and the Segment Holds Major Market Share

Based on form, the market is segmented into cream, lotion, and gel.

Skin protection has become one of consumers' paramount important wellness routines in recent years. Cream moisturizing products are significantly popular among consumers globally. In recent years, gel formulations are also gaining popularity in the evolving skincare market. Gel gets absorbed in the skin quickly and helps keep the skin hydrated.

By End-user Analysis

Increasing Popularity of Beauty Care Products among Men's Segment Exhibits Promising Growth

The market is categorized into men, women, and infants & kids based on end-user.

Women are the major consumers of moisturizing products and the segment accounts for the largest market share during the forecast period. The men segment also exhibits promising growth due to the increased popularity of beauty care regimes dedicated to men. Moisturizing products utilization among men has increased significantly in the United States over the past few years. This growth in men's skincare products has prompted premium cosmetics companies to launch specific skincare lines dedicated to men consumers. For instance, Chanel launched a brand named 'Boy De Chanel' devoted to men's grooming products in 2018. In recent years, millennials have been influenced by new beauty regimes. Social media influencers are advertising detailed skincare routines, including multiple products such as cleansers, creams, toners, and sunscreens that can be used daily to maintain healthy and glowing skin. Hence, the demand for moisturizing products is increasing significantly among consumers.

REGIONAL INSIGHTS

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As per geography, the global market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Asia Pacific emerged as the most prominent market in 2021. China is a leading consumer market of skincare products. Products hugely popular in China and other Asian countries include non-scented and skin-lightening products. China witnessed significant economic growth over the past few decades that led to a rise in disposable income and a gradual shift in the purchasing behavior of consumers. Therefore, China's average spending on beauty products has significantly increased over the past few years. In Japan, the consumers are well-informed about the various beauty products. They are value-conscious and seek products that are of high quality. Moisturizing products that are cost-effective, high performing, and provide quick results are popular among consumers in the country. Japan is established as a reliable, high-quality beauty product manufacturer and one of the major exporters of cosmetics products worldwide.

Asia Pacific is also expected to register the fastest CAGR during the 2022 to 2029 period. The region's high market size is attributable to the rapidly increasing popularity of moisturizers across China and India. Moisturizing creams and lotions have become an essential part of skincare habits. People worldwide have busy lifestyles, which creates stress management issues. Therefore, people follow strict skincare routines. In the Chinese markets, brands such as L'Oréal, Olay, Kiehl's, and others enjoy immense popularity compared to domestic brands. The rising awareness among Indian consumers toward skincare products leads to the rise in the overall growth rate of the moisturizer market. In India, the market is dominated by conventional beauty products, including Ayurvedic and herbal formulations. Some of the popular legacy brands which operate in the market include Hindustan Unilever, Himalaya Wellness, and Emami.

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Product sales across the South American, Middle Eastern & African markets are expected to witness an upward curve in the foreseeable future. Industry participants have recently focused on establishing their presence in these markets. Middle Eastern countries, including Saudi Arabia and the UAE are some of the most popular destinations where premium skincare brands are expanding their market presence. The rising popularity of beauty regimes and the high disposable income influence the region's high demand for skin care products. The need for skincare products for men and women is increasing rapidly in Brazil, Argentina, and Chile.

KEY INDUSTRY PLAYERS

Product Innovation and Geographical Expansion to Strengthen Market Share

Industry participants have adopted various competitive strategies, including new product launches, collaborations, and geographical expansion, helping them stay abreast of the intensifying competition. Recent years have witnessed an increasing demand for innovative products. Key players are focusing mainly on utilizing sustainable materials for the packaging of moisturizing products. Additionally, market players regularly offer customization and discounted prices to increase their moisturizing product revenues. In November 2021, OLAY North America, a Procter & Gamble Company brand, introduced the Easy Open Lid, a limited-edition prototype designed for people with disabilities. The Easy Open Lid is incorporated into the product design of OLAY's products, such as Vitamin C + Peptide 24 face moisturizer, Collagen Peptide 24 face moisturizer, and Retinol 24 face moisturizing product.

LIST OF KEY COMPANIES PROFILED

• L'Oreal S.A. (France)


• Estee Lauder Inc. (U.S.)


• Unilever Plc (U.K.)


• The Procter & Gamble Company (U.S.)


• Shiseido Co. Ltd. (Japan)


• Beiersdorf AG (Germany)


• Henkel AG & Company, KGaA (Germany)


• Johnson & Johnson Private Limited (U.S.)


• Kao Corporation (Japan)


• Coty Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• August 2022: Sand&Sky, an Australian natural skincare brand, launched Sand&Sky Glow Berries Intense moisturizer, its new product line featuring Vitamin C. According to the brand, the new cream will resolve skin-related issues caused due to aging. This strategic move (product launch) highlights Australia's increasing demand for anti-aging creams.


• July 2022: Procter & Gamble launched a new shopping experience for its customers in the South East Asian virtual marketplace, Shopee, to meet the rapidly evolving demand of today's consumers. As consumers are getting tech-savvy, the company expects to incorporate new emerging technologies to engage consumers and enhance the shopping experience. With this, the company is also taking a step toward Metaverse.


• June 2022: Unilever plc, a British consumer goods manufacturer, and Genomatica, a biotech company, announced the launch of their new venture to commercialize substitutes for palm oil and fossil fuel-derived ingredients. The collaboration plans to deliver sustainably sourced palm oil alternatives to meet the growing demand for sustainably sourced palm oil.


• May 2022: Nykaa E-Retail Pvt. Ltd, a Mumbai, India-based online company specializing in fashion, beauty, and wellness products, expanded its product portfolio by launching two lines of day moisturizers. According to the company, these oil-free products cater to various skin concerns caused by rising humidity in the country. Given the rising temperatures, these product launches highlight the lucrative business opportunities for companies to exploit in Asian countries.


• March 2022: Estée Lauder, a U.S.-based skincare manufacturer and makeup products. The company announced that it is entering the Metaverse with the launch of free Estée Lauder NFTs. The company became the partner of the first Metaverse Fashion Week to unveil its first NFT inspired by one of its products, Advanced Night Repair serum. The NFT is designed by a virtual creator, Alex Box, and will be available for free.


• March 2021: Unilever announced it would eliminate the word 'normal' from their beauty and personal care brands' packaging as a part of the launch of the Positive Beauty vision and strategy. With the help of Unilever's innovation and technology, Positive Beauty will help transform the products that are good for individuals and sustainable for the planet. The company is expecting to deliver a quality product experience to its customers.


• June 2021: Unilever, a London-based company, announced that it had acquired a digital-led skincare brand, Paula's Choice. The brand is known for its innovation, technologically advanced science-backed, and cruelty-free products. The brand offers content and digital tools to explain the science behind skincare and includes an Ingredient Dictionary (covering the research behind approximately 4,000 ingredients) and Expert Advice (an online hub of skincare and ingredient information).

REPORT COVERAGE

An Infographic Representation of Moisturizer Market

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The report analyzes the market in-depth and highlights crucial aspects such as prominent companies, type, form, and end-user. Besides this, the research report provides insights into the market trends and highlights significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market's growth.

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