Report Overview

The global facial skincare market was pegged at US$ 110.54 billion in 2021 and is expected to register a revenue CAGR of 4.9% during the forecast period of 2022 to 2030.

Market Fundamentals

The facial skincare market is registering 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. 

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Market Dynamics

The revenue growth of the global facial skincare market is attributed 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 are contributing to the market revenue growth. Additionally, rising investments in R&D activities for developing new and enhanced products are expected to have a positive impact on the market revenue growth rate. 

Market Ecosystem

The global facial skincare market has been analyzed from four perspectives: product, application, end-user, and region. 

Facial Skincare Market by Product

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Based on product, the global facial skincare market is 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 market revenue growth. Furthermore, the fact that facial creams are the primary product when it comes to the skincare routine is propelling the market revenue growth.

Facial Skincare Market by Application

Based on the application, the global facial skincare market is segmented into women and men. 

The women segment accounts for the largest revenue share in the global facial skincare market.  Women are the foremost consumer in this industry. The growth of this 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 boost the market revenue growth rate significantly during the forecast period. Significant revenue growth in multifunctional products due to the proliferation of distributional channels is also expected during the forecast period. 

The men’s segment is also expected to register high revenue growth during the forecast period because men nowadays are 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 is segmented into convenience stores, supermarkets and hypermarkets, and digital stores. 

Digital stores are a prominent revenue-generating segment. This is attributed to the rising usage of 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 region, the global facial skincare market is 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 revenue 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 also driving the market revenue growth in this region.

Competitive Landscape

The prominent players operating in the global facial skincare market are:

• Shiseido Company, Limited
• Johnson & Johnson (J&J)
• Procter & Gamble Co (P&G) 
• Avon Products, Inc.
• L'Oréal SA
• Revlon, Inc.
• Colorbar Cosmetics Private Limited
• Estée Lauder Companies Inc.
• Unilever Plc.
• Revlon, Inc.
• Beiersdorf AG
• Coty
• Oriflame Holding AG 
• Natura & Co.

Strategic Developments

• In July 2021, AptarGroup, Inc., a leading company for consumer product dispensing, drug delivery, and active material science, and YAT (Yatsen Holding Limited), a multi-functional, online skincare solutions company, announced their collaboration to develop new innovative and advanced products with services for the skincare market.
• In April 2020, Pressure BioSciences, Inc. acquired SkinScience Labs, a parent company of Dr. Denese skincare and anti-aging product lines. This acquisition was aimed to expand the business of the company and provide better customer service.

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