Pune, India, May 23, 2023 (GLOBE NEWSWIRE) -- The global skincare industry was valued at USD 98.83 billion in 2020 and is projected to grow from USD 100.13 billion in 2021 to USD 145.82 billion in 2028, exhibiting a CAGR of 5.52% during the forecast period.
In recent times, skincare has become one of the important rituals in everyone’s life. This is because these products improve the quality and health of the skin and provide nourishment. Men & women both use it on a daily basis for purposes such as cleansing, moisturizing, and hydrating. Additionally, awareness toward natural and herbal skincare is also generating traction. For instance, ingredients such as aloe Vera, and various root and leaf extracts have replaced chemicals in these personal care products since people are now aware of the adverse effects of synthetic chemicals on the skin. Therefore, major skincare companies are labeling their products to be natural. For example, key companies such as Avon and Garnier have launched their natural and herbal range as ‘Avon Naturals’ and ‘Garnier Organic’ to attract customers.
Get a Free Sample Research Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/skin-care-market-102544
List of Key Players Profiled in the Skincare Industry Report:
- Shiseido Co., Ltd. (Chuo City, Tokyo, Japan)
- Coty Inc. (New York, U.S.)
- Natura & Co. (Sao Paulo, Brazil)
- Kao Corporation (Chuo City, Tokyo, Japan)
- Johnson & Johnson Services, Inc. (New Brunswick, U.S.)
- Avon Products Inc. (London, U.K)
- L’Oréal Professional (Clichy, France)
- Unilever (London, England)
- Procter & Gamble (Cincinnati, Ohio, U.S.)
- Estée Lauder Inc. (New York, U.S.)
- Beiersdorf AG (Hamburg, Germany)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.52% |
| 2028 Value Projection | USD 145.82 Billion |
| Market Size in 2020 | USD 98.83 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 155 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Skincare Industry Growth Drivers | Increasing Demand for Sustainable Products is Expected to Fuel Market Growth |
| Increasing Awareness of Personal Grooming among All Age Groups to Drive Demand |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/skin-care-market-102544
Market Segmentation:
By product type, the market is divided into creams, lotions, powders, sprays, and others. By packaging type, the market is segmented into tubes, bottles, jars, and others. On the basis of gender, the market is bifurcated into men and women. By distribution channel, the market is segmented into cosmetic stores, supermarkets/ hypermarkets, online channels, and others.
- Based on type, the creams segment held a market share of 33.41% in 2020. This is attributable to
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
COVID-19 Impact
The pandemic crippled the global economy. The manufacturing facilities saw a decline in their production capacity due to lockdown and stringent regulations imposed by governments amid the pandemic to curb the spread of the virus. This is impacting the companies’ product revenues. Additionally, factors such as the closure of beauty retail stores and cosmetic businesses and the shortage of raw material supplies due to the lockdown restrictions hampered the product consumption rate. However, the market is expected to revive during the forecast period, as there is a shift in the consumer behavior towards personal care, wellness and beauty increased while they were indoors, amid lockdown.
Factors Affecting the Growth of the Skincare Market:
There are several factors that can affect the growth of the Skincare Market. Some of these factors include:
- Increasing Consumer Awareness: Consumers are becoming more conscious of the importance of skincare and its impact on their overall health and appearance. The availability of information through the internet and social media platforms has played a significant role in raising awareness about skincare products, ingredients, and their benefits.
- Changing Consumer Lifestyles and Preferences: As lifestyles become busier and stress levels rise, consumers are seeking convenient and effective skincare solutions. This has led to the demand for products that provide quick results and fit seamlessly into daily routines, such as multi-functional products and skincare sets.
- Rising Disposable Income: Economic growth and increasing disposable incomes in many regions have enabled consumers to spend more on skincare products. As people have more money to allocate towards personal care, they are willing to invest in high-quality skincare products, including premium and luxury brands.
- Influence of Social Media and Influencers: Social media platforms have become powerful marketing tools for skincare brands. Influencers, beauty bloggers, and celebrities often promote skincare products, creating trends and influencing consumer purchasing decisions. This digital exposure has significantly impacted the growth of the skincare market.
- Growing Aging Population: With a rise in the aging population globally, there is an increased focus on anti-aging skincare products. Consumers are seeking products that can help reduce wrinkles, improve skin elasticity, and provide overall skin rejuvenation. This demographic shift has contributed to the expansion of the skincare market.
- Innovation and Technological Advancements: The skincare industry is constantly evolving with new formulations, ingredients, and technologies. Companies are investing in research and development to create advanced skincare products that address specific skin concerns. This continuous innovation drives market growth by attracting consumers with improved product efficacy and novel experiences.
- Expansion of Distribution Channels: The skincare market has witnessed an expansion of distribution channels, including online platforms, specialty stores, and beauty retailers. E-commerce has particularly played a significant role in driving skincare sales, offering convenience, a wide range of product options, and personalized recommendations.
- Increasing Male Skincare Market: The male grooming industry has experienced significant growth in recent years, with men increasingly embracing skincare as part of their self-care routine. This expanding market segment has created new opportunities for skincare brands to develop products specifically tailored to men's needs.
These factors collectively contribute to the growth of the skincare market, presenting opportunities for both established players and emerging brands to cater to the evolving demands and preferences of consumers.
Get a Quote Now:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/skin-care-market-102544
What does the Report Provide?
The market report for these products provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
Driving Factors
Increasing Awareness Regarding Personal Grooming to Drive Market Growth
The rising trend of skin nourishment products by the young population to treat their skin problems such as acne, black spots, scars, dullness, and tanning is expected to drive the skincare industry growth. Products such as toners, scrubs, and sunscreen are highly in demand from the younger population, whereas products that treat wrinkles, and cracked heels are demanded by the aged population. Moreover, incessantly changing lifestyle, increasing disposable income, and spending patterns of consumers on beauty care products is expected to boost the market in upcoming years.
Furthermore, the increasing demand for men’s grooming products, strong advertising initiatives by manufacturers, and the digitalization trend that have enhanced consumer awareness about personal care products are also promoting market growth. For instance, as per ‘Prima & Prep’s Men Grooming survey 2019’, around 89.5% of the men are concerned about skin issues, of which 35.8% of men use skincare and anti-aging products on a daily basis.
Regional Insights
Asia Pacific to Dominate Backed by Increasing Working Population
Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to the increasing employed population and rising disposable income in the region. For instance, a report by India Brand Equity Foundation on FMCG published in May 2018 states that in India, total consumption expenditure was USD 1,595 billion in 2016, which is projected to reach about USD 3,600 billion by 2020. The region’s market stood at USD 51.31 billion in 2020.
Europe is expected to showcase a significant skincare market share in upcoming years, owing to the increasing demand for skin nourishment products by both male and female populations. Additionally, the greater spending power of the populace in the region, coupled with the strong presence of key players operating in the market, is promoting the regional market.
Competitive Landscape
Key Players to Focus on New Launches & Acquisitions to Strengthen Their Presence
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects.
Ask for Customization:
https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/skin-care-market-102544
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities to Support the Market during the Global Crisis
- Global SkinCare Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value)
- Creams
- Lotions
- Powders
- Others
- By Packaging Type (Value)
- Tube
- Bottle
- Jar
- Others
- By Gender (Value)
- Men
- Women
- By Distribution Channel (Value)
- Cosmetic Stores
- Supermarkets/Hypermarkets
- Online/e-commerce Channels
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product (Value)
TOC Continued...!
Speak to Our Expert:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/skin-care-market-102544
Below is the industry development:
- January 2020: Procter & Gamble acquired a women's body care company named Billie Inc. Through this acquisition, the company is expected to strengthen its product range as Billie is primarily involved in supplying female beauty as well as grooming products.
Read Related Insights:
Hair Care Market to Hit USD 112.97 Billion by 2028 | With a CAGR 5.6%
Makeup Market to Hit USD 58.15 Billion by 2030 | With a CAGR 4.9%
Cosmetics Market Size to Reach $415.29 Billion by 2028 | Industry to Generate 5.0% CAGR during (2021-2028)
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner,
Mahalunge Road, Baner, Pune - 411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Follow Us: LinkedIn | Facebook | Twitter
