Number of pages: 100 | Report Format: PDF | Published date: 10 August, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global facial skincare market was pegged at US$ 110.54 billion in 2021 and is expected to witness a CAGR of 4.9% during the forecast period from 2022 to 2030.
The facial skincare market is experiencing remarkable growth globally. Facial skincare is a part of toilet preparations, encompassing a wide range of traditional and novelty products used to enhance and correct facial skin. The overall facial skincare industry has drastically evolved over the last few decades and has also experienced several setbacks demonstrating phenomenal resilience. One of the biggest developments in the facial skincare industry came through a shift to digital and e-commerce. The advent of personalization through digital technologies and quick online consultations has led to high growth in demand for specialty facial skincare products.
The overall growth of the global facial skincare market attributes to the rising awareness among the population and growing beauty standards across the globe. Furthermore, growing consciousness about enhancing and maintaining aesthetic appeal, rising social media influence, and innovative marketing strategies of the prominent players also contribute to the market growth. Additionally, rising investments in R&D to develop new and enhanced products to fulfill customers’ needs show a positive impact on the market.
The global facial skincare market has been analyzed from four perspectives: product, application, end-user, and region.
Facial Skincare Market by Product
Based on product, the global facial skincare market has been segmented into serums and masks, face wipes, facial creams, face wash, and others (toners, pore strips, etc.). The facial creams segment holds the major revenue share in the global facial skincare market and is expected to show significant growth during the forecast period. The growing younger population often goes for creams to meet their expectations for healthy facial skin, which in turn increases the growth of the market. Furthermore, facial creams are the primary product when it comes to the skincare routine owing to their multiple uses, thereby propelling the growth of the market.
Facial Skincare Market by Application
Based on the application, the global facial skincare market has been bifurcated into women and men. The women segment accounts for the largest share in the facial skincare market. Women are the foremost consumer in this industry. The growth of the segment can further be attributed to growing disposable income and increasing expenditure on personal care products due to increasing financial independence. Moreover, growing consciousness for the presentable appearance and expanding corporate sector is expected to propel the market significantly in the world. Significant growth in multifunctional products with the proliferation of distributional channels is also expected to show a prominent rising trend for the market. However, men nowadays are also increasingly preferring facial skincare products to enhance skin structure and quality.
Facial Skincare Market by End User
Based on end-user, the global facial skincare market has been segmented into convenience stores, supermarkets and hypermarkets, and digital stores. Digital stores are a prominent revenue-generating segment. This is attributed to the emerging usage of the digital platform that provides convenience and ease to the customer. Additionally, various schemes such as discount offers, coupons, and free delivery services are resulting in the rapid adoption of the facial skincare market using e-marketing sites such as Maybelline, L'Oréal, Amazon, etc.
Facial Skincare Market by Region
Based on regions, the global facial skincare market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific dominates the global facial skincare market with the largest revenue share and is also expected to retain its lead during the forecast period. The growth of this market can be attributed to the increasing demand for facial skincare products such as creams, skin-whitening creams, anti-aging products, moisturizers, and many more. Furthermore, the significant growth in the elderly & young population and rising adoption of cosmetics products for appealing appearance (especially in women) are driving the market value for this region.
Some of the prominent players operating in the global facial skincare market are: