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Skincare Market Size, Share & Industry Analysis, By Products (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 Forecast, 2019 – 2026

Region : Global | Format: PDF | Report ID: FBI102544

 

KEY MARKET INSIGHTS

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The global skincare market size was USD 133.90 billion in 2018 and is projected to reach USD 200.25 billion by 2026, exhibiting a CAGR of 5.24% during the forecast period (2015-2026).

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The skincare products include creams, lotions, and powders, which improve the quality and health of the skin and provide nourishment. These products are used daily by a number of women as well as men for various purposes such as moisturizing, hydrating, and cleansing, among others. Nowadays, consumers are increasingly demanding organic and natural skin care products owing to raising awareness about the adverse effects of synthetic chemicals on the skin. Ingredients that are derived from natural products such as leaf extracts and root extracts are safe for use on the skin as they do not show any side effects. Therefore, demand for products having organic labeling such as ‘Avon Naturals’ and ‘Garnier Organic’ is increasing at a rapid rate and is consequently expected to propel the growth of the skincare products. For instance, according to the Soil Association Certification report, in 2018, about 14% of the Y-O-Y growth rate was witnessed in the U.K. for certified organic and natural beauty products.


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MARKET TRENDS


Technological Advancements in the Skin Care Industry are Expected to Boost Product Demand


Skincare products offer advantages such as softening the skin as well as revitalizing cells, which helps to provide a fresh look. Innovations and advancements in technology in beauty & personal care industry such as the development of artificial intelligence (AI) and IoT based devices which offer personalized skincare solution to individuals are gaining significant traction which in turn is expected to boost the product demand.


For instance, in July 2019, Shiseido Company Limited launched its new IoT based skincare service called “Optune,” which will tell about the skincare requirements according to an individual’s skin condition. Similarly, Kao corporation and L’Oréal also introduced AI-based skincare solutions to attract consumer base. For instance, in January 2020, L’Oréal launched a new 3-in-1 device ‘Perso’ which will use AI for analyzing the user’s skin pattern and will dispense the customized amount of lotion, serum or cream accordingly from the device. Therefore, techno-savvy individuals are expected to explore new devices, which in turn will foster skincare market growth.


MARKET DRIVERS


Increasing Awareness Regarding Personal Grooming among All Age Groups is Expected to Drive Skincare Product Demand


Rising concerns regarding skin nourishment owing to a number of factors such as the increasing occurrence of acne, black spots, scars, dullness, and tanning have increased the demand for skincare products. Skin brightening products, toners, and scrubs are witnessing higher demand from the younger population, whereas products that provide the solution to wrinkles or cracked heels are gaining major traction owing to its increasing demand from the aged population. Changing lifestyle and spending patterns of consumers on premium beauty care products is projected to support the overall growth of the skincare products market.


Moreover, the demand for sunscreen lotions and creams is at an increasing pace owing to the rising awareness of adverse effects shown due to continuous exposure to the sun. For instance, according to, ‘2018 Sun Behaviour Survey’ carried out by the Canadian Dermatology Association, 77% of the surveyed Canadian population said that the use of sunscreen is essential in their life and 87% said that they use an SPF (Sun Protection Factor) of 30 or higher.


Furthermore, increasing awareness regarding grooming products for men and strong advertising initiatives by manufacturers along with the digitalization trend has enhanced consumer awareness about the skincare products and the same creating an increased demand for products, such as fairness creams and aftershave creams from male end users. For instance, according to ‘Prima & Prep’s Men Grooming survey 2019’, about 89.5% of the men are concerned about skin issues, of which 35.8% of men use skincare and anti-aging products on a daily basis.


Increasing Demand for Sustainable Products is Expected to Fuel the Market Growth


Consumer is now focusing not only on their healthcare with the use of skin care products but are also inclined towards using environmentally friendly products. For instance, exfoliating skincare products contain plastic beads, which are a major concern for plastic pollution; therefore, consumers are inclined towards using products that do not contain plastic beads. Companies such as BioPowder are taking initiatives for developing biodegradable microbeads intended to be used in exfoliating products, which will not lead to any waste generation. Moreover, manufacturers are focusing on reducing the carbon footprint by adopting improved manufacturing technologies where low energy and resources are required.


Moreover, innovative and eco-friendly product packaging, which is recyclable or refillable, is also on high demand in the market. Furthermore, owing to rising awareness regarding animal rights, consumer preference has shifted towards vegan ingredients, which are entirely derived from only plant-based products. Therefore, players operating in the market are focusing on developing vegan products to attract more customers and increase their revenue. For instance, Unilever's ‘Love, Beauty, and Planet’ brand launched in December 2017 offers a range of skincare products which are certified vegan and are packed using 100% recycled material.


MARKET RESTRAINT


Excessive Use and Misuse Can Cause Cell Damage.


Regular use of skin care products for an extended time can damage the skin, which can result in skin irritation,  redness, burning sensation, discoloration, and rapid aging of skin cells. Some of the skincare products are only meant to be used for particular skin types such as dry skin or oily skin. However, consumers tend to purchase products by focusing on brand name and ignore other product details, which tend to damage their skin. Moreover, few products can also show allergic reactions and the development of pimples due to certain ingredients used, which are not suitable for the particular individual. Furthermore, excessive use can also lead to severe issues, including skin cancer such as melanoma. Therefore, these are some of the major restraining factors responsible for hampering the market growth.


SEGMENTATION


By Product Analysis


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Creams Segment is Dominating in Global Marketplace Owing to its Wide Applicability


Skincare products can be segmented on the basis of product types such as creams, lotions, powders, sprays, and others. Most of the consumers prefer creams as a number of cream types are available for different skin related problems as compared to other products. Creams are expected to hold a major share as they are used for a wide range of applications such as moisturizing, brightening, tan removal, acne removal, oil reduction, dark circle removal, night cream, and sun protection among others. For instance, according to study, ‘Knowledge and Behavior Regarding Cosmetics in Koreans Visiting Dermatology Clinics’ published by Journal of Annals of Dermatology in 2017, moisturizing cream was used by more than 50% of the surveyed population, whereas 50.4% of women and 15.5% of men which were surveyed said that the use of eye cream is necessary.


By Packaging Type Analysis


Tube Segment is Dominating in Global Marketplace as it Offers Convenience in Handling the Product.


Tubes are convenient to handle and use as they are compact and therefore expected to hold major market share. They can be quickly taken along on-the-go as they are lightweight, occupy less space than bottles, and allow easy application of a product compared to jar and bottle. For jars, contents of the jar can get exposed to air and light frequently when the lid of the jar is opened, which may lead to contamination or degradation of active ingredients used in the product, which is not the case for the tube. Bottles are suitable mostly for liquid products such as toner, oils, and serum. Whereas, the tube can be used for the majority of the products, and using the tube for skincare products is more hygienic and safe.


By Gender Analysis


Women is Dominating in Global Marketplace as Women are More Conscious about Their Appearance


For women, appearance is one of the critical and highly important factors in their life as it enhances their personality. Therefore, women are more inclined towards beauty and personal care and tend to purchase more products as compared to men. Additionally, as the female population is more conscious about their looks, they are more aware of available products in the market for various applications, which is, in turn, is boosting the product demand.  For instance, according to ‘Consumer Insights 2017’ published by cosmetics Europe – The Personal Care Association in 2017, 33% of females surveyed strongly agreed that personal care and cosmetic products which they use improve their quality of life whereas only 24% of males interviewed strongly agreed to this statement.


However, factors such as changing consumer trends and rising awareness regarding grooming, skin maintenance, and willingness to look better among men population have led to the development and launch of new products.


By Distribution Channel Analysis


Cosmetic Stores is the Leading Segment Across the Globe due to Wide Range of Products Availability at One Place


Cosmetic stores are specialty stores where all the cosmetic products are made available and facilitate customers to physically check the product details. These stores offer customized kits containing a number of cosmetic products packed together for consumers, and the kit is being provided at a discounted price to attract the customer. Newly launched and latest products are readily made available in cosmetic stores as compared to hypermarkets and supermarkets. Additionally, attendants in cosmetic stores are trained where they can guide the customer to buy specific products as per their requirements. Therefore, these factors are expected to boost the growth of the cosmetic stores' segment.


REGIONAL ANALYSIS


Asia Pacific Skincare Market is expected to hold the Largest Market Share, owing to Increased Awareness Regarding Appearance and Increased Access to Wide Range of Brands.


The Asia Pacific is expected to hold significant share owing to the rising standard of living, increasing the working-class population coupled with the increasing spending power of the populace in the region.  For instance, according to India Brand, Equity Foundation report on FMCG published in May 2018, in India, total consumption expenditure was US$ 1,595 bn in 2016, which is projected to reach about US$ 3,600 bn by 2020.


North America Market Size (by Value), 2018

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Changing lifestyle and increasing disposable income of the populace in countries such as China, India, Japan, and others has resulted in increased spending on well-being and thereby on personal care products, which will foster the product demand. For instance, according to  Australian Hygiene, Personal Care, and Specialty Products Industry association (ACCORD),  the turnover of hygiene, personal care, and specialty products industry was USD 26.3 bn in 2018 in Australia, which increased by 0.9% than 2017.


Moreover, increasing awareness regarding skincare products owing to increased access to a wide range of brands is expected to propel the market growth in the Asia Pacific. For instance, according to the Japan Cosmetics Industry Association, skincare products held highest market share accounting to 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 US$ 1,519.29 million in 2016 to about US$ 1,876.77 million in 2018.


Europe is expected to hold significant market share in the global market. European males, as well as females, are more concerned about their looks and therefore pay more attention to improving the overall quality of their skin. Additionally, the greater spending power of the populace in the region, coupled with the strong presence of key players operating in the market, is also boosting the market growth.  For instance, according to ‘Socio-Economic Contribution of the European Cosmetics Industry’ published by Cosmetics Europe-The Personal Care Association in May 2018, the cosmetics industry in Europe adds about US$ 31.39 billion to the European economy annually.


North America is the second-largest market for skincare products and the market valued at USD 25.82 billion in 2018.


KEY INDUSTRY PLAYERS


Fragmented Industry Structure in Global Skincare Market


The global skincare market is highly fragmented, owing to the presence of the number of local as well as international players in the global market place. Manufacturers are focusing on introducing sustainable products in terms of ingredients used, such as organic and vegan products, and also eco-friendly packaging solutions to reduce carbon footprint. To meet increasing consumer demand for safe and less toxic products, manufacturers are focusing on using various botanical extracts as raw materials and thereby attracting consumer base.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • In December 2019, e’quipe, LTD., a subsidiary of Kao Corporation, announced to launch its new brand named ‘athletia’ on 19th February 2020. The brand will offer skincare products, including ‘tune & charge,’ the ‘active & go’ the ‘breathe & sleep’ range.

  • In January 2020, Procter & Gamble announced to acquire a women’s body care company, Billie Inc. This acquisition is expected to strengthen Procter & Gamble’s skincare product range as Billie is primarily involved in supplying female beauty as well as grooming products.


REPORT COVERAGE


The beauty & personal care industry has witnessed significant growth in the skincare segment. Increasing inclination towards well-being has increased the use of skincare products among all the age groups and genders, which is driving the product demand. Furthermore, the development of natural products, as well as product innovations, including personalized skincare devices, will support the growth of the market in the forecast period.


An Infographic Representation of Skin Care Market

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The report provides qualitative and quantitative insights into the skincare market. It also offers a detailed analysis of types of products, distribution channel their market size, and growth rate for all possible segments in the market.


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Along with this, the report provides an elaborative skincare market analysis for the dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, and key trends in the skin care industry.


Report Scope & Segmentation














































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Products



  • Creams

  • Lotions

  • Powders

  • Sprays

  • Others



By Packaging Type



  • Tube

  • Bottle

  • Jar

  • Others



By Gender



  • Men

  • Women



By Distribution Channel



  • Cosmetic Stores

  • Supermarkets/Hypermarkets

  • Online Channels

  • Others



By Region



  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., France, Italy, Spain, Germany, and the Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, and the Rest of Asia Pacific)

  • South America (Brazil, Argentina, and the Rest of South America)

  • Middle East & Africa (South Africa, UAE, Saudi Arabia, and the Rest of the MEA)



Frequently Asked Questions

Fortune Business Insights says that the global skincare industry was USD 133.90 billion in 2018 and is projected to reach USD 200.25 billion by 2026.

Growing at a CAGR of 5.24%, the market will exhibit steady growth in the forecast period (2019-2026).

Creams segment is expected to be the leading segment based on products in the market during the forecast period.

Increasing awareness regarding personal grooming among all the age groups and genders is driving the growth of the market.

Unilever, Procter & Gamble, LOreal Professional, and Estée Lauder Inc. are few of the key players in the market.

The Asia Pacific is expected to hold the highest market share in the market in 2018.

Bottle segment is expected to grow at the fastest pace during the forecast period.

Increasing inclination of consumers towards organic and vegan products and technological advancements in the skincare industry are the key market trends that are driving the growth of the market.

Skin Care Market Size, Share and Global Industry Trend Forecast till 2026
  • Mar, 2020
  • 2018
  • 2015-2017
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