Skin Care Products Market Share, Size, Trends, Industry Analysis Report, By Product Type; By Packaging Type (Tube, Bottle, Jar, Others); By Distribution Channel, and By Region, Segment Forecast, 2024-2032
- Published Date:Jan-2024
- Pages: 114
- Format: PDF
- Report ID: PM1148
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global skin care products market size and share was valued at USD 144.79 billion in 2023 and is expected to grow at a CAGR of 4.90% during the forecast period. The global skin care products market is anticipated to grow considerably due to increasing skin health awareness among millennials and rising expenditure towards beauty products.
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Skin care products include creams and moisturizers, lotions, face wash and scrubs, sunscreens, facemasks, powder, and toners for nourishing and better appearance of skin. As per scientific research, various functionalities of skin care products include- the removal of dirt, sebum, and microorganisms, reinforcement of vulnerable skin pH balance, reduction of unpleasant skin symptoms like pruritus, and restoration of damaged skin.
During the last decade, skin care product market has witnessed significant growth due to increased R&D in formulations of various skin care products. Today, industry players have a wide array of personalized products for each kind of skin problem, like acne, black spots, atopic dermatitis, sunburn, and others.
The busy lifestyle, increasing pollution, and hard water have fully adopted these products. The increased propensity towards beauty wellness centers among millennials and middle age groups boosts the demand for skin care products. Decreased product costs and increasing disposable income among middle-class families in emerging countries have grown the market further in the forecasted period.
Increasing penetration of e-commerce companies in beauty and wellness products for both men and women. Players like ILIA Beauty, Beauty Heroes, 100% Pure, Mama Earth, and Nykaa are pumping their revenue by offering products with various customized data-driven offers. In addition, players like Perfect Corp, a leading Augmented reality company, have collaborated with giant Jack Ma’s Alibaba Group to launch its YouCam Makeup AR virtual try-on technology where consumers in China can virtually try various cosmetics products.
Marketing strategies include personalization in the e-commerce platform, helping brands create a sense of loyalty, and building a connection between brands and consumers. In recent years, the beauty product portfolios have also included men as their following fastest-growing segments. Many niche products are coming up only for men’s use which fuels this market too.
Excessive use of chemical-based skin care products has shown specific side effects like redness, discoloration, skin irritation, and allergic reactions, which pose a limiting factor for non-organic products. Further, the wrong usage of facial products meant to be made for specific skin types, too, imposes a risk of side effects. The limited shelf life of these products is another major restraining factor for the growth of this market.
The Skin Care Products Market report details key market dynamics to help industry players align their business strategies with current and future trends. It examines technological advances and breakthroughs in the industry and their impact on the market presence. Furthermore, a detailed regional analysis of the industry at the local, national, and global levels has been provided.
The COVID-19 pandemic has impacted skin care products negatively. The strict lockdown restrictions have posed problems, including the closure of beauty retail and convenience stores and shortage of raw materials, hampering the demand and supply side of the market worldwide.
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Industry Dynamics
Growth Drivers
Nowadays skincare products are no longer a luxury for middle-class and lower-income group consumers. The increasing awareness due to rising literacy rates and surging disposable income has made these skin care products a daily need item. Further, product innovations and ease of availability contribute to the positive growth rate of this market. For instance, sunscreen lotions are innovated in various forms like sprays, tinted moisturizers, and creams, and different price ranges give a bunch of options to consumers. In the last few years, various skin care product players have been stated to get revenue from the pockets of upper and lower-middle-class consumers, further creating a substantial untapped opportunity.
Considering the impact of COVID-19 on the consumer’s health and increasing pollution due to rising vehicles and industries, a behavioral change toward physical and mental has been seen among consumers. Now, many have started using ethically sourced and sustainable packaged products that are safe on their skin and do not have any other side effects. For the same reason, many products are coming up claiming to be chemical-free and made of pure organic matter. In the last few years, the demand for vegan plant-based products has soared in both online and offline stores. Consumers have also started following a holistic approach for their skin nourishment. People are consuming Vitamin E and Glutathione tablets in their daily diet and facial kits to provide essential nutrients for nourishing the skin inside and out.
Various side effects of chemicals like mineral oils and sulfates on the skin will increase the global demand for vegan, organic beauty products. Many big players have started to include organic beauty products in their portfolios that are safe on the skin. Many beauty-conscious consumers have already begun to widely use organic face wash, lotions, and serums, and this trend is anticipated to grow faster during the forecast period. Increasing education levels and consciousness of animal welfare among working age is the primary driving force for the demand for vegan skin care products.
Report Segmentation
The market is primarily segmented based on product type, packaging type, distribution channel, and region.
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By Product Type |
By Packaging Type |
By Distribution Channel |
By Region |
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Face creams and moisturizers products are anticipated to dominate in the product type segment
In the forecast period, facial creams and moisturizers dominated the product type segment owing to the increasing growth of aging populations globally. Other factors like comprehensive benefits such as easy-to-use and instant hydration on the skin drive the demand for these products. Additionally, digital marketing in social media platforms has also impacted the buying behavior of millennials. Due to the personalized algorithm-based recommendations at platforms like Facebook, YouTube, and Instagram, players are constantly motivating customers to buy beauty products.
The saving lotions and creams are anticipated to register the fastest CAGR in the skin care product segment due to the rising importance of personal grooming among men. The growing male population in corporate culture and the need for self-grooming are other drivers of this market.
Supermarkets and Hypermarkets are forecasted to dominate in Distribution channel segment
The rising standard of living has given rise to a shift in trends for consumer shopping behavior. Today, most consumers don’t want to buy a product/service; instead, they want a shopping experience. They are more inclined towards shopping at a one-stop-shop where they enjoy a shopping experience coupled with freedom of selection, high visibility of international brands, and a wider availability of different price ranges of products under one roof. These factors have fuelled the demand for skin care products through these giant brick-and-mortar business models.
In the forecast period, convenience stores is expected to attain the highest CAGR during the forecast period. Significant factors driving the growth rate are ease of purchase and the extensive network of these stores. Some of the major convenience stores across the world include 7-Eleven (Texas, USA), Easy Joy (Beijing, China), FamilyMart (Tokyo, Japan), Meiyijia (Guandong, China), Oxxo (Nuevo Leon, Mexico), Alfamart (Banten, Indonesia).
Asia Pacific region is projected to register the fastest CAGR in the forecast period
The major factors supporting the growth of skin care products in the Asia Pacific region can be attributed to increasing working-age populations and growing spending on personal wellness products. With the rise of the working-class population, there is an increase in disposable income, which enables consumers to spend more on personal care products, including skincare. Moreover, middle-class families' surging emphasis on personal appearance, including skin health, has remained another prime growth factor for the market in the last few years.
Social media has also played a significant role in the growth of the skincare industry in the Asia Pacific region. Influencers and beauty bloggers have popularized certain products and trends, increasing demand for certain skin care products. In recent years, attitudes have shifted towards male grooming and personal care, with men becoming more aware of the importance of caring for their skin and further boosting the demand in the region.
Competitive Insight
Some major global players include Avon Products Inc., Procter & Gamble, Beiersdorf AG, L'Oréal S.A., Johnson & Johnson, Unilever PLC, The Estee Lauder Companies Inc., Revlon Incorporation, Shiseido Company, Limited, Colgate-Palmolive Company.
Recent Developments
- In May 2022, Unilever announced the acquisition of a majority stake in Nutrafol, a hair growth brand in the USA, to expand its portfolio of innovative wellness and supplements brands.
- In September 2022, L’Oreal announced about acquiring of an American skin-care brand, Skinbetter Science, to complement the company’s active cosmetic division portfolio.
Skin Care Products Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 151.58 billion |
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Revenue Forecast in 2032 |
USD 221.74 billion |
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CAGR |
4.90% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Product Type, By Packaging Type, By Distribution Channel, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Avon Products Inc., Procter & Gamble, Beiersdorf AG, L'Oréal S.A., Johnson & Johnson, Unilever PLC, The Estee Lauder Companies Inc., Revlon Incorporation, Shiseido Company, Limited, Colgate-Palmolive Company |
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FAQ's
Key companies in skin care products market are Avon Products Inc., Procter & Gamble, Beiersdorf AG, L'Oréal S.A., Johnson & Johnson, Unilever PLC, The Estee Lauder Companies Inc., Revlon Incorporation, Shiseido Company, Limited, Colgate-Palmolive Company.
The global skin care products market expected to grow at a CAGR of 4.8% during the forecast period.
The skin care products market report covering key segments are product type, packaging type, distribution channel and region.
Key driving factors in skin care products market are increasing awareness about skin care and demand for natural and organic products .
The global skin care drugs market size is expected to reach USD 221.74 billion by 2032.
