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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.
List of Key Players Profiled in this Industry
Further Report Findings
Table of Segmentation
Value (USD Billion)
By Packaging Type
By Distribution Channel