USD 130.5 billion
Skincare Market Size, Share, Growth Analysis, By Products Material (Face Creams & Moisturizers, Cleansers & Face Wash, Sunscreen, Body Creams & Moisturizers), By Packaging (Glass, Plastic), By Gender (Men, Women), By Sales Channel (Online, Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30L2192 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
117
|Figures:
77
Skincare Market Insights
Skincare Market size was valued at USD 130.5 billion in 2022 and is poised to grow from USD 136.5 billion in 2023 to USD 204.61 billion by 2031, growing at a CAGR of 4.6% in the forecast period (2024-2031).
Raising awareness about one’s looks and skin quality, coupled with the rising spending power of people worldwide, are factors at the forefront of driving growth of skincare market. Yet another significant opportunity observed in the market is the popularity of organic skin products. Manufacturers are unveiling new beauty care products formulated from natural or organic ingredients every now and then to capture the attention of consumers. Such products are witnessing significant sales worldwide because of the growing awareness of the possible side effects of chemical-based skin care products. Personalized products are gaining popularity around the world. With an increasing consumer preference for natural beauty products, creams, serums, and moisturizers infused with natural ingredients are expected to see significant demand during the forecast period. Such products are thought to be more effective and to have fewer or no side effects, which is expected to increase their popularity among consumers.
US Skincare Market is poised to grow at a sustainable CAGR for the next forcast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Offline
Fastest Growth
Online
Growth Rate
4.6% CAGR
Global Skincare Market, 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
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Skincare Market Segmental Analysis
The global skincare market is segmented based on the product, packaging, gender, sales channel and region. Based on product, the market is segmented into face creams & moisturizers, cleansers & face wash, sunscreen, body creams & moisturizers, shaving lotions & creams, and others. Based on packaging material, the market is bifurcated into glass, and plastic. Based on gender, the market is bifurcated into men, and women. Based on sales channel, the market is bifurcated into online, and offline. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Skincare Market Analysis by Packaging Material
Based on packaging material, The global Skincare market is bifurcated into Glass and Plastic. The skincare industry has the most varied packaging requirements of all the other sectors. The materials used vary from different plastic to glass, and these materials are used to make containers with different shapes and sizes and dispensing mechanisms. The plastic segment contributes to the major market share. Plastic, in the form of primary containers, secondary flexible pouches, caps, and nozzles, is one of the primary packaging materials used in the skincare industry. The plastic tube is one of the significant containers in the skincare industry. It can store liquid-solid and semi-solid materials and dispense products in controlled proportions. Also, tubes can provide better contamination protection, when compared to other containers.
Skincare Market Analysis by Sales Channel
Based on the sales channel, the market is Segmented into online, and offline. The offline distribution channel held the largest Skincare market share in 2023 and is estimated to remain dominant over the forecasted period. Virtual Reality (VR) interaction and Augmented Reality (AR) skincare trials in stores are among some of the initiatives expected to drive the segment growth. Growing penetration of premium skin care products in developing countries along with an increasing preference for online shopping is supporting the growth. Multi-brand e-retailers are increasing the sales of premium skin care products owing to their discounts strategy, home delivery, and easy return policy. The availability of premium, authentic brands, and a variety of products are boosting online sales.
Global Skincare Market By Product, 2021(%)
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Skincare Market Regional Insights
The Asia Pacific is the highest contributor in the growth of skincare market in 2023. The expansion of the chemical industry in India and China, both of which have regulatory support, is expected to ensure continuous raw material access to skincare product manufacturers and, as a result, to be a positive factor for the Asia Pacific market over the forecast period. China is a major contributor to the growth of the cosmetics and skin care products market, both in terms of consumption and production. Various government policies are also boosting the country's demand for skin care products.
Consumers in North American countries such as the United States and Canada are willing to pay a premium for a more youthful appearance as well as brighter, glowing skin. Rising consumer demand for specific skincare solutions, as well as increased awareness of specific ingredients, are expected to drive demand for personalized beauty products. The presence of well-known product manufacturers in North America, such as Procter & Gamble and Unilever, as well as expanding retail infrastructure, is expected to support the growth of skincare market.
Global Skincare Market By Geography, 2021 - 2028
- Largest
- Fastest
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Skincare Market Dynamics
Skincare Market Driver
Ease of Access
- Fast and cheap delivery and ease of access to brands seen as luxury have become increasingly important to the skincare market. Exclusivity is giving way to convenience; more shoppers use digital prior to or during their shopping journey, with the majority citing ease as the key driver. In beauty, convenience embraces aspects like easy-to-navigate stores and intuitive website layout, ease of trialing the product and getting the right advice or recommendation quickly, allowing simplified decision-making.
Shift in Demographics
- The demographic of consumers is shifting. Firstly, the young: millennials are projected to represent 30% of total global retail sales by 2023. The key to capturing this generation is digital engagement: millennials (often defined as the generation born 1980-1999) have little inhibition about using ‘digital first’ pathways to purchase, they actively seek out online influencers, and they function in a world that is driven by image. These characteristics will only be amplified in the post-millennial ‘Generation Z’ or iGeneration, individuals born after the start of the internet age. But older consumers also play their part in the redefinition of the Skincare market. Older demographic categories are adopting millennial-like consumption habits: the breakdown of traditional consumer age categories is a phenomenon of rising life expectancy and improved late-life health, with the proviso that as well as ‘spending young’ older consumers are also likely to spend more on niche brands targeted at the consumer who does not want to appear old.
Skincare Market Restraint
Sale of Pseudo Products at Reduced Prices
- Fake and counterfeit products are manufactured and sold in many emerging and underdeveloped countries which leads to competition for genuine skin care products.
Increasing awareness of probable side effects of cosmetics
- Rising use of the internet has led to rising awareness among consumers regarding the benefits as well as side effects occurring after the use of certain cosmetic products. This factor can act as a restraint on the growth of the skincare market over forecast years.
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Skincare Market Competitive Landscape
Skincare market is relatively fragmented, with a high level of competition. Global players are the leading market in terms of new developments such as product launches, innovative technologies, and adoption of growth strategies. Global players primarily focus on acquiring the leading market share through their strong financial capabilities and well-established brand equity. Shiseido, Loreal, Este Lauder are some of the major visionary leaders in the market.
Skincare Market Top Player's Company Profiles
- L’Oréal Professional
- Shiseido Co., Ltd.
- Kao Corporation
- Unilever N.V.
- The Estée Lauder Companies Inc.
- Colgate-Palmolive Company
- Johnson & Johnson Services, Inc.
- Procter & Gamble Co.
- Avon Products, Inc.
- Beiersdorf AG
- Revlon, Inc.
- Amorepacific Corporation
- Natura & Co.
- Mary Kay Inc.
- Clarins Group
- Coty Inc.
- LVMH Moët Hennessy Louis Vuitton SE
- The Clorox Company
- Henkel AG & Co. KGaA
- The Body Shop International Limited
Skincare Market Recent Developments
- In April 2022, Belviso has launched its Premium Skin Care Product range in India. Belviso would be the brand name for the products. Belviso Vitamin C Serum, Belviso Multi-Acid Serum, Belviso Niacinamide Serum, Belviso Total Nano Gel, and Belviso Transformation Cream will be available first.
- In July 2021, Shiseido Co. Ltd. announced the release of ULTIMUNE Power Infusing Concentrate III in Japan, which is a refresh of the iconic serum ULTIMUNE Power Infusing Concentrate N. The product will be available in approximately 380 stores across the country, as well as on the beauty website watashi+.
- In June 2021, Beiersdorf AG's NX NIVEA Accelerator has expanded into China, and the top five startups have been chosen for a new programme in Shanghai. The brand has signed a partnership agreement with China's leading e-commerce platform Tmall and plans to collaborate with beauty startups in the areas of indie brands, beauty technology, personalization, and platform business models with a high degree of digitalization.
- In June 2021, P&G's Good Skin MD is now available at CVS Pharmacy, both in-store and online. The line will include six items: sunscreen, vitamin C and B serums, a night cream, a rescue cream, and a cleanser.
Skincare Key Market Trends
- Use of natural ingredients in skin care products is observed among various manufacturers. This skincare market trend caters to the ever-increasing demand for natural or organic products among customers. The use of herbal skin care products minimizes the chances of any possible side effects of the product. This ultimately increases the usage of skin care products among individuals.
- Rising awareness about skincare has led to the inclusion of sun protection, anti-aging, and anti-wrinkle properties in skincare and makeup products. Increasing demand for organic body lotion products, on account of rising consumer awareness regarding the benefits of natural ingredients like turmeric and neem, is expected to have a positive impact on the skincare market.
Skincare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Skincare market analysis, the majority of consumers prefer to purchase products that include the terms natural or organic. Consumers are increasingly concerned about the presence of parabens in skin care products. With the rise of organic products, synthetic compounds such as propylparaben and butylparaben are no longer considered safe to use. There are many categories in the beauty industry that still derive a significant share of sales from products containing parabens and likely many other undesirable ingredients, but those categories that are still heavily focused on parabens are some of the fastest shifting to paraben-free. Asia Pacific is the highest contributor in global market in 2023. Based on packaging material, Plastic segment contributes the major Skincare market share.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 130.5 billion |
| Market size value in 2031 | USD 204.61 billion |
| Growth Rate | 4.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Skincare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Skincare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Skincare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Skincare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Skincare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Skincare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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