The skincare market size was valued at USD 109.71 billion in 2023 and is projected to reach a valuation of USD 115.65 billion in 2024. The market is expected to reach USD 194.05 billion by 2032 with a CAGR of 6.68% during the forecast period. Skincare products improves the quality and health of the skin and provide nourishment. These products offer various advantages such as softening the skin and revitalizing cells, giving a fresh look. Increasing awareness of personal care among all age groups is set to drive market growth. Fortune Business Insights™ shares this information in its report titled “Skincare Market, 2024-2032.”
List of Key Players Profiled in the Skincare Market Report:
- L’Oréal Professional (France)
- Unilever (U.K.)
- Procter & Gamble (U.S.)
- Estée Lauder Inc. (U.S.)
- Beiersdorf AG (Germany)
- Shiseido Co., Ltd. (Japan)
- Coty Inc. (U.S.)
- Natura & Co. (Brazil)
- Kao Corporation (Japan)
- Johnson & Johnson Services, Inc. (U.S.)
- Avon Products Inc. (U.K.)
Information Source: https://www.fortunebusinessinsights.com/skin-care-market-102544
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Growing Awareness Regarding Skin Nourishment To Augment The Market Growth
Growing awareness regarding skin nourishment is anticipated to drive skincare market growth. Rising concerns about skin nourishment owing to acne, black spots, scars, dullness, and tanning have increased the demand for skin nourishment products. Skin brightening products, toners, and scrubs are witnessing higher demand from the younger population. Products which provide solutions for wrinkles or cracked heels are gaining significant traction owing to their increasing demand from the aged population.
However, excessive usage and misuse of skincare products can cause cell damage which is expected to hamper the market growth.
COVID-19 Impact:
Closure Of Cosmetic Businesses And Shortage Of Raw Material Supplies Affected Market Growth
The COVID-19 pandemic posed various challenges affecting the revenues of the companies. Additionally, the closure of beauty retail stores and cosmetic businesses and the shortage of raw material supplies due to the lockdown restrictions may largely impact the consumption rate among the population worldwide. However, people preferred to spend their time indoors to avoid getting infected by the coronavirus. This will shift consumer behavior towards personal care, wellness, and beauty at indoor places, fueling the demand for the products amongst residential consumers.
Segmentation
Creams To Dictate Due To Various Applications
On the basis of product, the market is segmented into creams, lotions, powders, and sprays. Creams had the largest part in the market as they are used for various applications such as moisturizing, brightening, tan removal, acne removal, oil reduction, dark circle removal, night cream, and sun protection.
Face segment to Govern Due to Increasing Usage
Based on packaging, the market is categorized into tube, jar, bottle, and others. Face segment is anticipated to dominate the market as consumers generally apply creams and powders on the face compared to other body parts. Major companies have been developing sustainable face products that are safe for the environment.
Female Segment To Lead Due To Rising Awareness Regarding Personal Grooming
On the basis of gender, the market is categorized into male and female. Female hold the majority part due to rising awareness regarding grooming, skin maintenance, and willingness to look better have led to the development and launch of new products.
Cosmetic Stores to Lead As They Specialize in Selling Cosmetic Products
On the basis of distribution channel, the market is categorized into cosmetic stores, supermarkets/ hypermarkets, online channels, and others. Cosmetic stores are set to lead as they are specialize in selling cosmetic products and they make cosmetic products available and facilitate the customers available with product details.
Based on geography, the market is studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights
Asia Pacific To Govern Owing To Increase In The Levels Of Standard Of Living
Asia Pacific is expected to have largest part in the skincare market share due to increase in the levels of standard of living. Increasing levels of working population and increasing spending power of the populace is set to propel market growth. Changing lifestyls of the popualtion in countries such as China, India, Japan, and others have increased spending on well-being and personal care products.
North America is anticipated to have a considerable substantial growth in the forecast period increasing awareness regarding skin nourishment products owing to increased access to a wide range of brands.
Europe has a moderate growth due to concerns by the European male and female populations about their looks and therefore pay more attention to improving the overall quality of their skin.
Competitive Landscape
Avon Launched Its Vegan Skincare Called ‘FarmRX’ Which Is Made Of 85% Clean Ingredients
Manufacturers have been introducing sustainable ingredients which are organic and vegan products and eco-friendly packaging solutions to reduce their carbon footprint. In April 2021, Avon launched its vegan skincare called ‘FarmRX’. The product line includes various products which are made of 85% clean ingredients that provide glowing and healthy skin to the consumers. The products also come in sustainable packaging and are made from a blend of botanicals.
Key Industry Development
- November 2022- Avon partnered with Perfect Corp. for improving the virtual makeup technology system and assist consumers in choosing suitable product types.
