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The global skincare market size was valued at USD 104.24 billion in 2022 and is projected to grow from USD 109.71 billion in 2023 to USD 167.22 billion by 2030, exhibiting a CAGR of 6.21% during the forecast period.
Self-caring products include creams, lotions, and powders, which improve the quality and health of the skin and provide nourishment. These products are used daily by several women and men for various purposes, such as moisturizing, hydrating, and cleansing, and others. The trend for organic and herbal skin care has recently been in demand. This is because people are aware of the adverse effects of synthetic chemicals on the skin. Ingredients 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, companies such as Avon and Garnier use natural ingredients and label their products as ‘Avon Naturals’ and ‘Garnier Organic’ to attract consumers. This is consequently expected to propel the demand for skin nourishment products and boost the market size.
Lockdown Restrictions amid COVID-19 Pandemic to Pose Challenges for Market Growth
Due to lockdown restrictions in various countries worldwide, companies faced difficulties physically meeting their channel partners & closing their business deals. This is impacting the companies’ product revenues. Additionally, factors such as the closure of beauty retail stores and cosmetic businesses and the shortage of raw material supplies due to the lockdown restrictions may largely hampered the product consumption rate among the population worldwide.
However, people prefer to spend their time indoors to avoid getting infected by the coronavirus. This shifted the consumer behaviour towards personal care, wellness, and beauty at indoor places, fueling the demand for beauty care products among residential consumers.
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Technological Advancement in Skincare Industry to Become a Prominent Trend
Beauty products offer advantages such as softening the skin and revitalizing cells, which helps provide a fresh look. Innovations and advancements in technology in the beauty & personal care industry, such as the development of artificial intelligence (AI) and IoT-based devices that offer personalized skin nourishment solutions to individuals, are gaining significant traction, which is expected to boost product demand. For instance, in January 2021, L’Oréal launched a new 3-in-1 device, ‘Perso,’ which will use AI to analyze the user’s skin pattern and dispense the customized amount of lotion, serum or cream accordingly. Therefore, techno-savvy individuals are expected to explore new devices, which will foster market growth
Increasing Awareness of Personal Care among All Age Groups to Drive Demand
Rising concerns regarding skin nourishment due to many factors, such as acne, black spots, scars, dullness, and tanning, have increased the demand for skin nourishment products. Skin brightening products, toners, and scrubs are witnessing higher demand from the younger population. In contrast, products that provide the solution to wrinkles or cracked heels are gaining significant traction owing to their increasing demand from the aged population. Changing lifestyles and consumer spending patterns on premium beauty care products are projected to support the skincare market growth.
Moreover, the demand for sunscreen lotions and creams is increasing due to the rising awareness of the adverse effects of continuous exposure to the sun. For instance, according to a survey conducted by Unilever in February 2021, 10,000 respondents from nine countries, including the U.S., India, and China, took part and showed that 74% of the respondents prefer the beauty and personal care industry, focusing more on making people feel better.
Increasing Demand for Sustainable Products is Expected to Fuel Market Growth
Consumers now focus on their healthcare with skin nourishment products and are inclined to use environmentally friendly products. For instance, exfoliating personal care products contain plastic beads, a significant concern for plastic pollution; therefore, consumers are inclined towards using products that do not contain plastic beads. Companies such as BioPowder are taking initiatives to develop biodegradable microbeads intended to be used in exfoliating products, which will not lead to waste generation. Moreover, manufacturers are focusing on reducing the carbon footprint by adopting improved manufacturing technologies where low energy and resources are required.
Furthermore, innovative and eco-friendly product packaging, which is recyclable or refillable, is also in high demand. Also, due to rising awareness regarding animal rights, consumer preference has shifted towards vegan ingredients, entirely derived from only plant-based products. Therefore, players operating in the market focus on developing vegan products to attract more customers and increase their revenue.
Excessive Use and Misuse Can Cause Cell Damage and Obstruct Growth
Regular use of cosmetic products for an extended time can damage the skin, resulting in skin irritation, redness, burning sensation, discoloration, and rapid ageing of skin cells. Some skin nourishment products are only meant to be used for particular skin types, such as dry or oily skin. However, consumers tend to purchase products by focusing on brand names and ignoring other product details, which tends to damage their skin. Moreover, few products can also show allergic reactions and the development of pimples due to certain ingredients that are unsuitable for the particular individual. Furthermore, excessive use can lead to severe issues, including skin cancer and melanoma. Therefore, these are some major restraining factors hampering the market growth.
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Creams Segment is Dominating in Global Marketplace Owing to its Wide Applicability
Based on product, the market is segmented into creams, lotions, powders, and sprays. Most consumers prefer creams as several cream types are available for skin-related problems compared to other products. For instance, in August 2022, Avon launched a new personal care solution, ‘ANEW Sensitive+ Collection,’ that includes eyes cream, cleanser and face cream to reduce the appearance of wrinkles and lines present on the skin.
Creams are expected to hold a significant share. They are used for various applications, such as moisturizing, brightening, tan removal, acne removal, oil reduction, dark circle removal, night cream, and sun protection. For instance, in 2020, Rituals, a beauty and wellness cosmetics company, penetrated the body care segment by launching “The rituals of Namaste natural collection with five products, a body scrub, shower cream, body cream, and body cream refill and a deodorant stick. The shower cream creates a soft foaming application enhanced with nourishing Sweet Almond Oil and Anti-oxidising vitamin E for eliminating the appearance of wrinkles and fine lines.
Tube Segment to Lead the Market as it Offers Convenience in
On the basis of packaging, the market is segmented into tube, jar, bottle, and others. Tubes are convenient to handle and use as they are compact and therefore expected to hold a significant market share. They can be quickly taken along on the go as they are lightweight, occupy less space than bottles, and allow easy product application compared to jar and bottle. For jars, the contents of the jar can get exposed to air and light frequently when the lid 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 primarily suitable 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 products is more hygienic and safe.
The bottle packaging segment is also estimated to gain a noticeable market share. The manufacturers focus on designing unique, attractive lotion and serum bottles made with biodegradable and recyclable packaging. The bottle packaging offers durability and therefore enhances the product's lifespan.
Surging Awareness of Product Availability among Women to Propel This Segment
On the basis of gender, the market is segmented male and female. The female population is more aware of available products in the market for various applications, which is, in turn, boosting product demand. However, factors such as changing consumer trends and rising awareness regarding grooming, skin maintenance, and willingness to look better among women have led to the development and launch of new products.
The male segment is also expected to hold a significant share due to the growing consciousness about personal grooming and health care. The rising interest in face products has supported the market growth for such products. This is because personal appearance has become essential in modern men's lives. This has paved growth opportunities for the overall market.
Cosmetic Stores Segment to Lead Backed by Availability of Customized Kits
On the basis of distribution channel, the market is categorized into cosmetic stores, supermarkets/ hypermarkets, online channels, and others. Cosmetic stores are projected to lead the market as they are speciality stores where all the cosmetic products are made available and facilitate customers to check the product details physically. These stores offer customized kits containing many cosmetic products packed together for consumers, and the kit is being provided at a discounted price to attract customers. Newly launched and latest products are readily available in cosmetic stores compared to hypermarkets and supermarkets. Additionally, cosmetic store attendants are trained to 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.
Supermarkets/hypermarkets are also anticipated to contribute a significant share of the market owing to the wide availability of different categories of personal care products under a single roof. The convenience and the ease of shopping such products from supermarkets/hypermarkets are expected to uplift the segmental growth.
Online channels also play a crucial role in contributing towards the segment’s growth due to the wide presence of branded skin support products in online shopping sites such as Myntra, Amazon, Flipkart, etc. The products are readily available on multiple shopping platforms at discounted offers and are subjected to cashback and easy return policies, favouring the segment’s growth.
Asia Pacific Skincare Market Size, 2022 (USD Billion)
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Asia Pacific is expected to hold a significant part in the global skincare market 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. Additionally, the changing lifestyle and increasing disposable income of the populace in countries such as China, India, Japan, and others have increased spending on well-being and personal care products, fostering product demand. For instance, in December 2022, Kao Corporation launched a cosmetics collection for Gen Z Men, ‘UNLICS’, mainly to cater to the men population's demand.
In North America, the increasing awareness regarding skin nourishment products owing to increased access to a wide range of brands is expected to propel the market growth in countries like U.S., Canada, and Mexico. Moreover, renowned brands such as MAC, E.l.f., Olay, Morphe, and others in the U.S. have further created beneficial opportunities in the region. For instance, in November 2022, MAC launched a new beauty care product collection, ‘ Hyper Real’, which was formed to improve the skin quality of women.
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Europe is expected to hold a significant market share in the global market. European males and 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.
Key Players Focus on the Introduction of Sustainable Products to Compete in The Market
The global market for face products is highly fragmented, owing to the presence of local and international players in the global marketplace. Manufacturers are focusing on introducing sustainable ingredients, such as organic and vegan products, and eco-friendly packaging solutions to reduce their carbon footprint. To meet increasing consumer demand for safe and less toxic products, manufacturers focus on using various botanical extracts as raw materials, thereby attracting a consumer base.
An Infographic Representation of Skin Care Market
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The market report includes quantitative and qualitative insights into the global market. It also offers a detailed analysis of the market size and growth rates for all possible market segments. Numerous critical insights presented in the report are an overview of the parent market, competitive landscape, recent skincare industry developments such as base expansion, the regulatory scenario in critical countries, and key industry trends.
CAGR of 6.21% from 2023 to 2030
Value (USD Billion)
By Packaging Type
By Distribution Channel
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.
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