Number of pages: 100 | Report Format: PDF | Published date: June 27, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global skin care products market was valued at US$ 136.4 billion in 2022 and is expected to register a revenue CAGR of 4.5% to reach US$ 202.66 billion by 2031.
Skin Care Products Market Fundamentals
Skincare products include numerous cosmetic formulas and procedures to preserve and enhance skin health and look. The market is flooded with skincare products, each intended to address a distinct skin issue and accommodate a different skin type. Skincare products can also include a good diet, avoiding excessive sun, and using emollients as needed. Cosmetic procedures, botulinum toxin injections, exfoliation, filler injections, laser resurfacing, microdermabrasion, peels, retinol therapy, and ultrasonic skin treatments all of these improve appearance. Skincare is a common everyday practice in various contexts, including treating skin conditions such as excessively dry or wet skin, preventing dermatitis, and treating skin injuries.
Cosmetics are defined under the U.S. Federal Food, Drug, and Cosmetic Act as products used to clean or enhance one's appearance (such as lipstick and shampoo). Although some products, like moisturizing sunscreens and anti-dandruff shampoos, are regulated under both categories, there is a separate classification for medications that aim to diagnose, treat, prevent, mitigate, or mitigate disease or affect the structure or function of the body (such as sunscreens and acne creams). In contrast to dermatology, skin care includes non-medical specialists like estheticians and nurses specializing in wound care. Skin care involves altering one's behavior and the surrounding environment and working settings.
A crucial component of skin care is sun protection. Even while the sun helps the body produce the necessary amount of vitamin D daily, excessive sun exposure, if unprotected, may be extremely harmful to the skin. Variable degrees of sunburn, early aging, and an increased risk of skin cancer can all be brought on by ultraviolet (UVA and UVB) radiation from the sun's beams. Dry skin and spots of uneven skin tone can both be effects of UV exposure. It can even lessen the skin's flexibility, promoting the development of drooping and wrinkles.
Additionally, the fragility of the skin increases with age. The skin gets thinner as people get older. Bruising, spots, dry skin, fine wrinkles, and other imperfections can gradually worsen. Smoking can make wrinkles more obvious even though they develop naturally as we age. People don't know the long-term impacts of spending time in the sun as humans. Sun exposure can eventually lead to sunspots, dry skin, wrinkles, or even cancer. Skin becomes less thrilled when exposed to UV light. Elderly people frequently experience skin issues, including pruritus, yet such problems are frequently not properly treated.
Skin Care Products Market Dynamics
Consumers in the United States are becoming more interested in customized products. The concept of creams, serums, and moisturizers enriched with natural components will likely see substantial demand throughout the forecast period due to the rising consumer preference toward natural beauty products. Since these products are thought to be more efficient and have little to no negative effects, more people are expected to use them. The increased popularity of skincare products made with natural ingredients and rising investments in product R&D has spurred producers to introduce new goods. For instance, in June 2021, Hale Cosmeceuticals, a reputable product maker in the United States, introduced two products with natural ingredients for the American market: Date Palm Deep Moisturizer and Natural AZA Cleanser.
Customers' preference for using different skincare products has increased in urban areas due to rising disposable income, aggressive marketing campaigns, and manufacturers' introduction of cutting-edge goods. For instance, Kao Corporation introduced the Smile Performer Sheet Mask in September 2021. The sheet mask promises to give the skin more radiance and bounce, giving the appearance of a smile. As consumers learn more about skin conditions and treatments, they utilize skincare products in advance, boosting the market growth. A substantial portion of the skin care products market is made up of anti-aging products like L'Oreal Revitalift, Avon Anew Sensitive+, Caudalie premier cru anti-aging cream moisturizer with hyaluronic acid, and many more that are becoming more and more popular among women.
Furthermore, consumers are shifting toward organic skin care products due to the rising demand for organic ingredients, which is anticipated to fuel market expansion over the research period. Another factor that is accelerating the growth of the market is the growing awareness of the negative effects of chemicals and synthetic items. The majority of customers like buying products labeled as natural or organic, which promotes industry expansion. Environmental factors such as UV radiation, deserts, and pollution cause substantial skin rashes and sensitivity in many places. Because of this, they like moisturizing goods like vitamin C serums, hyaluronic acid creams, and face masks, which are also in high demand. For instance, Australian clean cosmeceutical company Biologi released an anti-pollution serum in June 2022.
However, as more and more products are available, consumers are becoming confused and moving between brands depending on the product. Multiple product use can harm the skin and cause rashes, acne, and pimples. Even the everyday use of skin care products and grooming kits can delay cell development, making the skin appear dry and dull.
Skin Care Products Market Ecosystem
The global skin care products market is analyzed from the following perspectives by gender, products, distribution channel, and region.
Skin Care Products Market by Gender
Based on gender, the global skin care products market is segmented into males and females.
In 2022, the female segment had a revenue share of about 55.0%, and it is anticipated that it will continue to lead over the projected period. To boost their self-confidence, women are increasingly incorporating personal grooming products into their daily routines, considerably boosting the segment's growth. Furthermore, in recent years, women have been inspired by the significance of self-care to intentionally design calming self-care experiences through elaborate skincare regimens at home. This trend fuels the need for skincare products, such as creams and lotions, repair creams, peels, masks, serums, powders, and scrubs, that include active ingredients with nourishing and healing capabilities.
Males segment is anticipated to see the fastest CAGR of 4.3% between 2023 and 2031. The market for men's skincare is expanding mostly due to rising disposable income, product releases, celebrity endorsements, and male consumers' increasing awareness of personal cleanliness and regular grooming. Men are increasingly interested in specialty skincare products like anti-aging and sun protection creams and general grooming essentials like deodorants, razors, and face wash.
Skin Care Products Market by Products
Based on the products, the global skin care products market is segmented into face creams & moisturizers, cleansers & face wash, sunscreen, body creams & moisturizers, shaving lotions & creams, and others.
The face creams and moisturizers segment accounted for approximately 35.0% of total revenue in 2022, and it is anticipated that they will continue to lead the market over the projection period. Due to their regular application, face creams and moisturizers are among the most popular products. In addition to providing fast hydration, reducing breakouts, and refreshing the face, moisturizers are a simple, hassle-free, and quick way to treat dry skin. Additionally, as more customers choose cruelty-free skincare products owing to their heightened concern for animal welfare and the environment, the demand for vegan skin care products or mixes of plant-based components has grown. This offers the face cream and moisturizers industry promising opportunities for future growth.
Skin Care Products Market by Distribution Channel
Based on the distribution channels, the global skin care products market is segmented into specialist retail stores, supermarkets/hypermarkets, convenience stores, pharmacies/drug stores, online retail channels, and other distribution channels.
Cosmetic stores are anticipated to dominate the industry since they are specialized retail stores where all skincare products are available, and clients can physically inspect the product information. These shops give clients personalized kits with various cosmetic goods bundled together and are offered at a discounted price to attract customers. In contrast to hypermarkets and supermarkets, cosmetic shops have a greater selection of recently released and cutting-edge products. Additionally, cosmetic store employees are taught to direct customers toward specific products based on their needs. The expansion of the market for cosmetic stores is thus anticipated to be boosted by these factors. Due to the wide range of several categories of personal hygiene products under one roof, supermarkets, and hypermarkets are also predicted to contribute a significant market share. The segmental expansion is anticipated to be boosted by the convenience and simplicity of purchasing such items from supermarkets or hypermarkets.
Since branded skin support products are widely available on online shopping platforms like Myntra, Amazon, Flipkart, etc., online channels also play a significant part in the segment's growth. The products are easily accessible on several getting platforms at low prices and are covered by cashback and simple return policies, which favor the segment's growth.
Skin Care Products Market by Region
Based on region, the global skin care products market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The Asia Pacific held a revenue share of 32% in 2022, rising population, fast urbanization, and higher per capita expenditure on personal care products all contribute to the region's skincare market's expansion in highly developing countries like China, South Korea, India, and Indonesia. The skincare market is also expanding due to the increased affordability of skincare products. To consolidate the market under consideration, leading companies place a lot of emphasis on product innovation and mergers and acquisitions. For instance, in January 2022, Galderma, the biggest dermatological company in the world, finalized the purchase of Alastin Skincare Inc., a specialty aesthetics firm committed to creating cutting-edge, clinically proven skincare products for physician dispensing.
North America is anticipated to grow at a 4% CAGR during the forecasted period. Consumers in North American nations, including the U.S. and Canada, are prepared to pay a premium price for a more youthful appearance and brighter, glowing skin. The need for customized beauty products is anticipated to rise in response to the growing customer desire for particular skincare solutions and the growing awareness of certain components. Skin care product demand is anticipated to be supported by the presence of reputable product manufacturers in North America, including Procter & Gamble and Unilever, as well as the expansion of retail infrastructure facilities.
Skin Care Products Market Competitive Landscape
Some of the prominent market players in the global skin care products market include,
Skin Care Products Market Strategic Development
Skincare products include numerous cosmetic formulas and procedures to preserve and enhance skin health and look.
The estimated market size of the skin care products market in 2031 is US$ 202.66 billion.
The revenue CAGR of the skin care products market during the forecast period is 4.5%
Some of the prominent market players in the global skin care products market include Procter & Gamble Company, Johnson & Johnson, Inc., and Beiersdorf AG.
The female gender segment led the global skin care products market in 2022.
*Insights on financial performance are subject to the availability of information in the public domain