Skincare Market to Exhibit 5.52% CAGR by 2028; Rising Demand for Vegan and Sustainable Products to Bolster Growth Worldwide

The global skincare market size is expected to gain momentum by reaching USD 145.82 billion by 2028 from USD 100.13 billion in 2021, owing to the demand for sustainable and vegan skin nourishment products. For instance, Unilever's ‘Love, Beauty, and Planet’ brand launched in December 2017 offers a range of skincare products that are certified vegan and are packed using 100% recycled material is high in demand among consumers. This information is provided by Fortune Business Insights in its report titled, “Skincare Market Size, Share & COVID-19 Impact Analysis, By Product (Creams, Lotions, Powders, Sprays, and Others), Packaging Type (Tube, Bottle, Jar, and Others), Gender (Men and Women), Distribution Channel (Cosmetic Stores, Supermarkets/ Hypermarkets, Online Channels, and Others), and Regional Forecasts, 2021 - 2028”, mentions that the market stood at USD 98.83 billion in 2020 and is projected to exhibit a CAGR of 5.52% during the forecast period.

E-commerce Platform Nykaa Launches its New Global Store

In June 2021, India’s leading fashion e-commerce website Nykaa announced the launch of a global store that aims to bring international beauty brands to Indian consumers through a cross-border e-commerce platform. The global store can be easily accessed through its mobile application. Through this, Nykaa aims to bring premium as well as affordable beauty care brands to India. The e-commerce store offers premium as well as drugstore products from the U.S., South Korea, Finland, Australia, and Dubai, and others. The products which are shipped to India are carefully selected and are chosen based on current global skincare market trends. The specific focus is on products that solve concerns related to skin, artisanal beauty, plant-powered haircare, and science-based products to promote the skin nourishment market in India.

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Increasing Demand for Sustainable Products to Fuel Market Growth

In recent times, consumers are aware of sustainable beauty care products. They are inclined towards brands and products which are environmentally friendly. For instance, exfoliating skincare products are made using plastic beads. Therefore, people are shifting toward products that are free from it. Many manufacturers, such as BioPowder, are working on developing biodegradable microbeads, which can be used in exfoliating products. Additionally, manufacturers are working with the aim to lessen the carbon footprint by adopting improved manufacturing technologies, which require less energy and resources. Furthermore, the demand for vegan products is also accelerating the demand for the product. Such factors are expected to promote skincare market growth in upcoming years.

Key Players Focus on Product Launches to Brighten Their Market Prospects

The market is experiencing healthy competition among key players focusing on developing and launching new skin nourishment products within an affordable price range to widen their product portfolio and further boost sales revenues. In addition, the other players are trying to maintain their position in the market by adopting strategies such as merger and acquisition, partnership, and collaboration, and new launches that will contribute to the growth of the market during the forecast period.

Industry Development

• January 2019: L'Oréal announced the launch of its latest innovation from the L'Oréal technology, i.e., My Skin Track pH by La Roche-Posay. It is the first wearable sensor that will easily measure skin pH levels and create customized product regimens to better care for the skin. 

List of Key Players Profiled in this Industry

• L’Oréal Professional (Clichy, France)


• Unilever (London, England)


• Procter & Gamble (Cincinnati, Ohio, U.S.)


• Estée Lauder Inc. (New York, U.S.)


• Beiersdorf AG (Hamburg, Germany)


• Shiseido Co., Ltd. (Chuo City, Tokyo, Japan)


• Coty Inc. (New York, U.S.)


• Natura & Co. (Sao Paulo, Brazil)


• Kao Corporation (Chuo City, Tokyo, Japan)


• Johnson & Johnson Services, Inc. (New Brunswick, U.S.)


• Avon Products Inc. (London, U.K)

Further Report Findings

• Asia Pacific is expected to hold the largest skincare market share during the forecast period. This is attributable to the increasing awareness about skin nourishment products in the region.  For instance, according to the Japan Cosmetics Industry Association, skincare products held the highest market share in 2018. It accounted for 50.1% in 2018 among total shipments reported in cosmetics in Japan, whereas as per the same source, the shipment of lotions increased from about USD 1,519.29 million in 2016 to about USD 1,876.77 million in 2018. The region stood at USD 51.31 billion in 2020 in terms of revenue.


• In the Middle Eastern countries, the market is expected to showcase a significant rise owing to their increasing distribution network.


• Based on the product type, the market is divided into creams, lotions, powders, sprays, and others. Out of these, the creams segment held a market share of 34.88% in 2020 in China and 33.41% globally. This is attributable to its wide application in moisturizing, tan removal, and others.

Table of Segmentation