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The global skincare market size is projected to display a robust growth by reaching USD 167.22 billion by 2030. Fortune Business Insights™ in its report titled “Skincare Market Size, Share & Industry 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, 2023 - 2030” observes that the market size in 2022 stood at USD 104.24 billion and reached USD 109.71 billion in 2023. The market is expected to witness a strong CAGR of 6.21% during 2023-2030. Skincare products improve the quality and health of the skin by providing skin with nourishment. These products are used daily for moisturizing, hydrating, cleansing, and other purposes. There has been number of innovations and integration of various technologies such as artificial intelligence (AI) and IoT-based devices in the beauty & personal care industry. These technologies offer personalized skin nourishment solutions to individuals which are gaining traction.
The Estée Lauder Companies (ELC) Collaborated with Nyka and Launched ‘BEAUTY & YOU INDIA’
Market players have been collaborating with the key market players to expand its geographical presence. In July 2022, The Estée Lauder Companies (ELC) collaborated with Nyka and launched ‘BEAUTY & YOU INDIA’scheme to support the new generation investments in the Indian skincare industry.
Shortage Of Raw Materials Due To The Lockdown Restrictions Hampered The Consumption Rate
Owing to the lockdown restrictions, companies faced difficulties in their operations. This impacted the product revenues due to the closure of beauty retail stores and cosmetic businesses. Shortage of raw materials due to the lockdown restrictions largely hampered the product consumption rate. However, people prefer to spend their time indoors to avoid getting infected by the coronavirus. Shift in the consumer behavior towards personal care, wellness, and beauty at indoor places fueled the demand for skincare among residential consumers.
Technologcial Advancements In The Skincare Industry To Expand Market Growth
Technologcial advancements in the skincare industry are anticipated to drive skincare market growth. In January 2021, L’Oréal revealed a new device, ‘Perso,’ a 3-in-1 device that uses AI to analyze the skin patterns and dispense a customized amount of lotion, serum, or cream according to the skin type and health. Innovations in the beauty & personal care industry that offer personalized skin nourishment solutions to individuals is expected to drive the market growth.
However, regular use of such products can lead to skin irritation, redness, burning sensation, discoloration, and rapid aging of skin cells which is expected to hamper the market growth.
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Launch Of Cross-Border E-Commerce Platforms By The Market Players To Drive Market Share
Major key companies across the globe focus on developing sustainable face products that are safe for the environment. Manufacturers are introducing products which are made from sustainable ingredients, organic, vegan products, and offer eco-friendly packaging solutions. For example, In June 2021, Nykaa launched the global store which aims to bring global beauty brands to Indian consumers through a cross-border e-commerce platform. The global store can be easily and exclusively accessed through the Nykaa mobile application.
Key Industry Development
List of Key Companies Profiled in the Market Report:
Further Report Findings
Table of Segmentation
CAGR of 6.21% from 2023 to 2030
Value (USD Billion)
By Packaging Type
By Distribution Channel