Skincare Market Size (2024-2030)

The Skincare Market was valued at USD 109.71 billion in 2023. Over the forecast period of 2024-2030 it is projected to reach USD 167.2 billion by 2030, growing at a CAGR of 6.21%.

The application of cosmetic items, antimicrobial agents, tonics, lotions, creams, or comparable substances on an individual's skin with the intention of massaging, cleansing, stimulating, manipulating, conducting non-invasive hair removal, enhancing beauty, or engaging in analogous activities is defined as skincare.

Key Market Insights:

The general populace frequently employs skincare products to maintain and improve the facial and overall body aesthetics. While the predominant consumers of such products are women, the changing lifestyles have led to a growing interest among men in acquiring these items. The Skin Care product line encompasses various goods such as face masks, creams, lotions, moisturizers, and conditioners. These products offer numerous benefits, including skin conditioning, protection against environmental factors like dust, oil, and pollutants, as well as the removal of makeup and dirt from the skin.

Skincare Market Drivers:

Growing Demand for Anti-Aging and Anti-Pollution Ranges is increasing the market.

There is a substantial demand for anti-aging products, including anti-wrinkle creams, face creams, serums, and eye creams. Factors such as pollution and challenging water conditions contribute to the heightened necessity for these products. The awareness of the detrimental effects of pollution on the skin is growing among individuals, prompting them to invest in skincare treatments from a younger age. Consequently, a significant amount of time and financial resources are allocated towards the acquisition of anti-aging products.

The market is witnessing an increasing demand for anti-aging creams tailored for younger skin, incorporating ingredients like vitamins C, E, collagen, among others. To fortify their presence in the global anti-aging segment, industry players are implementing innovative strategies, including product innovations, mergers, and acquisitions.

Increasing demand for organic products is driving the market.

The escalating demand for organic ingredients is influencing consumers across the market to favor organic skincare products, thereby anticipated to propel market growth throughout the study period. Additionally, the increasing awareness regarding the detrimental impacts of chemicals and synthetic products is a contributing factor to the market's advancement. A predominant trend among consumers is the preference for products bearing natural or organic labels, further fostering market growth.

Many individuals encounter notable skin issues such as rashes and sensitivity in various regions due to environmental conditions like UV rays, deserts, and pollution. Consequently, there is a preference for products endowed with hydrating properties, such as vitamin C serums, hyaluronic acid creams, and face masks, which further contribute to the growth of the market.

Skincare Market Restraints and Challenges:

Chemicals in the product can hamper the growth in the market.

Selecting the right components and products for one's skin often involves a trial-and-error approach. It is crucial to identify indicators that a product may not be suitable for the skin to prevent potential damage. The challenge lies in the adverse effects associated with chemical-based products. Moreover, individuals may be allergic to specific ingredients, posing potential issues if they lack awareness or overlook ingredient considerations.

Skincare Market Opportunities:

The increasing desire for organic ingredients has led consumers across the market to show a preference for organic skincare products, a trend anticipated to propel market growth throughout the study period. Additionally, heightened awareness regarding the adverse effects associated with chemicals and synthetic products is a factor further stimulating the market's development. A predominant consumer behavior is the inclination to purchase products featuring natural or organic labeling, contributing significantly to the overall growth of the market.

SKINCARE MARKET REPORT COVERAGE:

Skincare Market Segmentation:

Skincare Market Segmentation By Products:

• Creams and Moisturizers,
• Powder
• Cleansers
• Face Wash
• Others

The market was predominantly led by the cream and moisturizer segment in 2023. The manufacturing of creams and moisturizers, whether derived from chemical or herbal sources, involves a straightforward process, aligning with the desired purity standards in skincare. Moisturization plays a pivotal role in addressing skin issues, helping to mitigate the risk of excessive dryness or oiliness on a daily basis. Both extremes can be detrimental to the skin, leading to prevalent issues such as acne. The regular application of moisturizers is effective in concealing imperfections on the skin. These factors are anticipated to significantly influence the Skincare market size throughout the forecast period.

Skincare Market Segmentation By Product Type:

• Facial Care,
• Lip Care
• Body Care

In the year 2023, the market is primarily dominated by the facial care segment, given the widespread use of makeup in people's daily routines. Facial care holds paramount importance in daily skincare rituals. Concurrently, the body care segment is experiencing rapid growth in the market. Similar to facial skincare routines, the body requires exfoliation, cleansing, and moisturizing. Products such as retinol-infused lotions aimed at addressing signs of aging and salicylic acid serums designed to prevent ingrown hairs contribute to the dynamic growth of the body care segment in the market.

Skincare Market Segmentation By Skin Type:

• Normal
• Dry
• Oily

The normal skin type holds a dominant position in the market, as opposed to dry and oily skin types that are influenced by diverse factors such as weather conditions and hormonal fluctuations. Dry skin can result from various causes unrelated to underlying diseases. Examples include exposure to a dry environment, frequent handwashing, insufficient hydration, swimming in chlorinated pools, or engaging in professions that are taxing on the hands, such as mechanics or farming.

Skincare Market Segmentation By Packaging:

• Tubes,
• Bottles and Jars,
• Others

The global Skincare market share is predominantly led by the tubes segment. Tubes offer a convenient platform for labeling, ensuring product visibility and brand recognition. They present a comprehensive branding opportunity, allowing for diverse decoration options, ranging from tube texture to cap color. The inherent features of tubes, including lockable lids and robust exteriors, provide a protective barrier against potential contaminants in the air and exposure to light. This is particularly advantageous for both consumers seeking prolonged product usage and cosmetics companies aiming to uphold a positive reputation.

The bottle segment is anticipated to experience growth during the forecasted period. Manufacturers are directing their focus towards creating uniquely designed and aesthetically appealing bottles for lotions and serums, emphasizing biodegradability and recyclability. These bottles, characterized by durable packaging, contribute to enhancing the product lifespan.

Skincare Market Segmentation By Gender:

• Male
• Female

The global Skincare market share was predominantly led by the female segment. The increasing aspiration among women to maintain a youthful appearance is a significant driver for the heightened demand in skincare treatments targeting signs of exhaustion, stress, and aging. Additionally, the growing awareness of women's cosmetic products, coupled with celebrity endorsements advocating for various brands, contributes to the overall growth of the women's Skincare market.

Skincare Market Segmentation By Distribution Channel

• Specialist Retail Stores
• Supermarkets/Hypermarkets
• Convenience Stores
• Pharmacies/Drug Stores
• Online Retail Channels
• Other Distribution Channels

The global Skin Care market share was primarily dominated by the online segment. Online shopping platforms specialize in a wide range of beauty and skincare products catering to men, women, and children. The online sphere is renowned for offering lucrative deals and discounts on skincare products. Typically, brick-and-mortar establishments find it challenging to match the competitive prices presented by online platforms. Online shopping extends cost savings through bundled package deals, combo discounts, and loyalty program points, providing a significant avenue for economical skincare purchases. The convenience of shopping for preferred items online from any location at any time further contributes to the prominence of the online segment in the market.

Skincare Market Segmentation- by region

• North America
• South America
• Europe
• Asia Pacific
• The Middle East & Africa (MEA)

The Asia-Pacific region asserted dominance in the global market and recorded the fastest growth rate. This can be attributed to factors such as the escalating population, rapid urbanization, and increased per capita spending on personal care products in rapidly expanding economies like China, South Korea, India, and Indonesia, all of which contribute significantly to the region's skincare market growth. Additionally, the increasing accessibility of affordable skincare products further fuels the expansion of the skincare market in the region. Consequently, key players in the industry are strategically emphasizing product innovation and engaging in mergers and acquisitions as primary approaches to consolidate their position in the market under consideration.

COVID-19 Pandemic: Impact Analysis

The COVID-19 pandemic exerted a substantial impact on various industries, markets, and professions, with the skincare and cosmetics sectors facing particular challenges. As consumers spent more time at home and adopted the practice of wearing masks in public, the skincare and cosmetics industries experienced notable disruptions. The use of masks also altered the dynamics of applying lip and face cosmetics. The pandemic's effects were distinct and far-reaching, influencing market trends, employment patterns, and the overall trajectory of the cosmetic industry on a global scale. During this period, consumers exhibited a heightened preference for purchasing cosmetics online, emphasizing a need for authenticity and trust in both the products and the online stores.

Latest Trends/ Developments:

• In January 2022, L'Oreal and Verily announced a strategic alliance aimed at advancing skin health within the beauty industry. This collaboration is designed to enhance the understanding of the mechanisms behind skin and hair aging, providing valuable insights for L'Oréal's precision beauty-tech strategy and product development. The partnership involves two initiatives that mark a groundbreaking effort by the beauty industry and L'Oréal to deepen their insights into skin health.
• Furthermore, in January 2022, Procter & Gamble acquired the upscale skincare line Tula. Known for its clean skincare products powered by superfoods and probiotic extracts, Tula focuses on nourishing the skin to enhance hydration, balance, and soothe while addressing skin irritation. As part of the acquisition agreement, P&G Beauty has committed to supporting the Tula team in promoting brand expansion and fostering innovation.

Key Players:

These are 10 top players in the Skincare Market: -

1. Shiseido Co. Ltd
2. Beiersdorf AG
3. Revlon
4. The Estee Lauder Companies Inc.
5. Unilever
6. L'Oreal
7. Galderma
8. Revlon
9. Natura & Co.
10. Kao Corporation