Skincare Market Size, Share, Growth Analysis, By Type, By Price Range, By Ingredients, By Organic, By Occasion of Use, By Brand, By Gender, By End User, By Distribution Channel, By Region - Industry Forecast 2024-2031

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.