The global skin care products market was estimated at US$ 135.85 billion in 2021 and is expected to hit around US$ 204.62 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2030.
The process of maintaining skin integrity and improvement of skin quality is known as skin care. To improve the skin quality, different types of products are used on a large scale. The factors such as shift in consumer preference, change in lifestyle of consumers, rising demand for natural skin care products, rapid urbanization and industrialization, and the surge in awareness regarding new and advanced skin care products is creating lucrative opportunities for the growth of the global skin care products during the forecast period. However, the short shelf life of skin care products is hampering the growth of the global skin care products during the projection period.
More individuals are aware and conscious of skin care products as a result of the growing working population, rising public knowledge, and growing disposable income. Moreover, innovative promos and marketing are fueling customer demand. The consumer purchasing power has increased as a result of growing urbanization and a trend of organic skin care products. The millennial want a wider range of skin care products.
Report Scope of the Skin Care Products Market
|Market Size||USD 204.62 Billion by 2030|
CAGR of 4.6% from 2021 to 2030
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2022 to 2030|
|Segments Covered||Gender, Products, Distribution Channel, Category, Ingredient, Geography|
|Companies Mentioned||Colgate-Palmolive Company, L’Oreal S.A., Procter & Gamble, Unilever, Coty Inc., Shiseido Co. Ltd, Avon Products Inc., Revlon, Beiersdorf AG, Johnson & Johnson Inc.|
The organic skin care products have become a major driver of the global skin care products market. The customers prefer products that contain organic and natural ingredients and are free of harmful chemicals. As a result, the demand for skin care products market is growing at a rapid pace.
The need for skin care products in Asia-Pacific is being met by rising consumer awareness and rising income levels. In addition, throughout the forecast period, penetration of foreign brands, urbanization, and expansion of e-commerce platforms and offline channels such as hypermarkets specializing in the sale of skin care products are expected to enhance the market growth.
The people are quite conscious regarding their skin tone and texture. Thus, the major market players are developing and launching skin care products that fulfil all the requirements of the people. As a result, growing standards of living and increased awareness regarding wide range of skin care products is driving the growth of the global skin care products over the projection period.
The large investments in research and development as well as growing knowledge of the negative impacts of synthetic alternatives are expected to offer long term growth prospects. The imitated or false items introduced by many small manufacturers result in the demise of natural and branded products, posing a threat to the growth of the global skin care products market.
The skin brightening creams have a strong market potential because they contain goods for both men and women. Due to the growing ageing population in Asia-Pacific, ant-aging and sun protection creams have a lot of potential. In developed nations, the skin brightening creams is expected to increase rapidly during the forecast period. Thus, both men and women are turning to skin care products to achieve nourished and hydrated skin. As a result, the global demand for skin care products is predicted to rise at a rapid pace.
In 2020, the female segment accounted largest revenue share of over 61%. The female population is increasingly incorporating personal grooming items into their daily routines in order to boost their confidence and attractiveness, which is fueling the segment’s rise.
The male segment, on the other hand, is predicted to develop at the quickest rate in the future years. The male segment is being driven by a growing awareness among male population about personal cleanliness and regular grooming, increased product releases, celebrity endorsements, and rising disposable money.
In 2020, the face creams & moisturizers segment dominated the skin care products market with revenue share of 41%. The face creams and moisturizers are skin care products are frequently used by consumers. The face creams and moisturizers are quick alternative and easy to use for addressing dry skin. Moreover, the benefits such as fewer breakouts, rapid hydration, and refreshed skin.
The face masks segment, on the other hand, is predicted to develop at the quickest rate in the future years. The antioxidants and other important elements found in facial masks are good to diverse skin types. The face masks provide spa-like experience which is drawing a lot of customers.
Distribution Channel Insights
The supermarkets & hypermarkets segment dominated the skin care products market in 2020 with market share of 45.5%. The consumers benefit from supermarkets & hypermarkets because they have more choices, higher visibility of foreign brands, and lower pricing. These characteristics make them an ideal platform for all types of skin care products shoppers.
The convenience stores segment is fastest growing segment of the skin care products market in 2020. Some consumers prefer to buy skin care products from these businesses since they are easy to find, have a large network, and can purchase the same items on a regular basis.
Asia-Pacific dominated the skin care products market in 2020 with revenue share of 35.5%. The rise of the chemical sector in emerging countries of Asia-Pacific region, which are backed by regulatory assistance, is projected to ensure that skin care products manufacturers have constant access to raw materials.
North America, on the other hand, is expected to develop at the fastest rate during the forecast period. The consumers in North American countries like the U.S., Canada, and Mexico are willing to spend a premium price for more youthful appearance as well as glowing and brighter skin. The growing female population is contributing towards the market growth during the forecast period.
The mergers and acquisitions, partnerships, new product development, business expansions, collaborations, supply contracts, agreements, and contracts are some of the important marketing strategies used by the major market players to maintain their market position. The major market players are diversifying their product line by creating industry specific products and solutions.
Some of the prominent players in the global skin care products market include:
Segments Covered in the Report
By Distribution Channel
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