Published Date : 19 Oct 2022
The global skin care products market size accounted for USD 141.83 billion in 2022 and is expected to expand around USD 204.62 billion by 2030, growing at a CAGR of 4.6% during the forecast period from 2022 to 2030.
Leading Regions Market Review
Approximately 35.5% of the Global Skin Care Products Market Captured by Asia Pacific
The easy availability of the raw materials in the nations like China and India, owing to the rapid growth of the chemicals industry backed by the government regulations, is supporting the growth of the cosmetic products industry in the region. The presence of huge population in the region, improving gender equality in nations like India, rising disposable income, presence of huge youth population, desire to look presentable at all times, and easy access to the desired brands are some of the most prominent factors responsible for the growth of the Asia Pacific skin care products market. The rapidly growing geriatric population in the region is boosting the demand for the anti-aging cosmetic products at a significant rate. According to the United Nations, about 80% of the global old age population will be living in the low and middle income countries. The rising women employment and rising disposable income in the hands of the women is another major factor that significantly contributed to the growth of the market in this region.
Skin Care Products Market Report Scope
|Market Size In 2022||USD 141.43 Billion|
|Market Size By 2030||USD 204.62 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 4.6%
|Forecast Period||2022 to 2030|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Segments Covered||Gender, Products, Distribution Channel, Category, Ingredient, Geography|
What are the key trends in the Global Skin Care Products Market?
The growing demand for the organic and sustainable products is on the rise especially in the developed markets like North America and Europe. According to the Organic Trade Association, in 2020, US witnessed all-time high sales of the organic non-food and food products. The increased consumer awareness regarding the negative effects of using chemical based skin care products on skin and as well as on the environment is shifting their preferences towards healthier, sustainable, and organic skin care products. Further, the adoption of the novel technologies like artificial intelligence and internet of things technologies to provide personalized and customized skin care nourishment solutions to the consumers is expected to be an emerging trend in the market.
What are the key challenges in the Global Skin Care Products Market?
The excessive use of the skin care products may have some negative effects on the skin. Excess use of the chemical based skin care products can damage the skin cells, which may lead to skin irritation, discoloration, burning sensation, and rapid ageing of the skin cells. The growing awareness regarding the discomforts and skin issues may restrict the consumers to buy excess amount of skin care products which may negatively affect the revenue of the global skin care products. Moreover, the skin care products may also cause melanoma skin cancer which is one of the leading type of skin cancer across the globe. Hence, these factors may act as a challenge for the market players.
North America Forecast the Strongest Growth Rate during the Forecast Year (2022-2030)
North America is witnessing a rapid shift in the demographics. By 2060, the geriatric population will be 24% of the total population. The rapidly ageing population in US is expected to boost the demand for the skincare products significantly during the forecast period. The high disposable income, presence of huge skin care brands, rising demand for cosmetics are some of the major drivers of the skin care products market in North America. Furthermore, the rising consumer awareness regarding the benefits of organic skin care products is expected to further boost the demand for the skin care products in North America in the forthcoming future.
Some of the major players:
Segments Covered in the Report
By Distribution Channel
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