Skin Care Products Market Size, Share, Growth Report 2032

Skin Care Products Market Size And Forecast

The global skin care products market size was worth around USD 914.1 million in 2021 and is estimated to grow to about USD 1,719.1 million by 2028, with a compound annual growth rate (CAGR) of approximately 11.1 percent over the forecast period. The report analyzes the global skin care product market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the global skin care products market.

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Global Skin Care Products Market: Overview

Skincare products refer to products that relieve skin conditions and improve skin integrity, thereby enhancing appearance. Different skin care products are available in the market, including masks, creams, serums, and lotions. These products are produced using medicinal herbs, natural ingredients, and chemical compounds. Rising awareness regarding the benefits of skincare and self-care among consumers has increased the adoption of organic skin care products. An increase in purchasing power of end consumers and the rise in the young population are the major factors that will drive the growth of the global skin care products market.

Moreover, the increase in smartphone and internet penetration has positively impacted the sales of skin care products by offering multiple benefits to consumers, such as easy price comparisons, heavy discounts, doorstep delivery, and the availability of more variety. These factors collectively have increased the demand for skin care products among consumers.

COVID-19 Impact:

The COVID-19 outbreak is known to be beneficial to the global skin care products market. The COVID-19 pandemic prompted people to opt for online sales channels to procure skin care products. Skincare products grew extensively through e-commerce platforms in the country, and the overall online sales channel market grew faster.

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Key Insights

• As per the analysis shared by our research analyst, the global skin care products market value to grow at a CAGR of 11.1% over the forecast period.
• In terms of revenue, the global skin care products market size was valued at around USD 914.1 million in 2021 and is projected to reach USD 1,719.1 million by 2028.
• By product type, the cream segment accounted for a major market share in 2021
• By sales channel, the supermarket/hypermarket accounted for 29% market share in 2021
• The Asia Pacific dominated the global skin care products market in 2021

Global Skin Care Products Market: Growth Drivers

Rise in young population to drive market growth

The rise in the young population is the major factor that will drive the global skin care products market growth. Gen Z accounts for a major share of 39.1% of the total population. These consumers prefer brands that reflect their attitudes and values. Skin care products have experienced significant adoption among these consumers, as Gen Z is most easily influenced by online advertising.

Global Skin Care Products Market: Restraints

The presence of advanced beauty treatments hinders the market growth

An increase in preference toward advanced beauty treatments such as laser skin rejuvenation, laser resurfacing, microdermabrasion, Thermae, and acne blue light therapy will threaten the growth of the skin care products market.

Global Skin Care Products Market: Opportunities

The development of organic skin care products presents market opportunities

Consumers prefer organic skin care products as they do not contain any side effects and only natural ingredients. At the same time, synthetic products might contain certain chemicals which are not good for the skin. Many key players also focus on developing organic skin care products to gain a competitive advantage.

Global Skin Care Products Market: Challenges

The rise in counterfeit products hinders the market growth

Many regional players are developing counterfeit skin care products that are cost-effective and challenge original skin care products and manufacturers in the market.

Global Skin Care Products Market: Segmentation

The global skin care products market is segregated based on product type, demographic, age group, sales channel, and region.

The market is divided into creams, lotions, and others based on product type. Among these, the cream segment dominated the market in 2021, accounting for a major share of total sales. Due to their frequent application, creams are among the most popular products. In addition to providing fast hydration, reducing breakouts, and refreshing the skin, they are a simple, hassle-free, and quick way to treat dry skin. Additionally, as more customers choose cruelty-free skincare products because of their heightened concern for animal welfare and the environment, the demand for vegan or skincare products that combine plant-based components has grown.

Based on demographic, the market is classified into male and female. Over the forecast period, the female segment is expected to dominate the market. Women are increasingly incorporating personal grooming items into their daily routines to boost their self-confidence and looks, significantly boosting the segment's growth. Furthermore, in recent years, women have been inspired by the significance of self-care to intentionally design calming self-care experiences through elaborate skincare routines at home.

Based on age group, the market is classified into generation X, millennials, and generation Z. The millennial segment dominated the market in 2021, accounting for a major share of the revenue. Millennials constitute a major portion of the global population, and consumption of skin care products is also high among millennials.

Based on sales channels, the market is segmented as supermarkets/hypermarkets, specialty stores, department stores, beauty stores, pharma and drug stores, and online sales channels. The supermarket/hypermarket segment held a major share of around 29% in the global skin care products market based on the sales channel in 2021. Supermarkets and hypermarkets are ideal venues for all types of customers since they provide important benefits to customers like choice, reduced pricing, and high visibility of worldwide brands. Supermarkets and hypermarkets are great places to buy skincare items for all sorts of clients since they provide important benefits to customers like freedom of choice, lower pricing, and high visibility of international brands.

Recent Developments

• July 2022: Caudalie, a French beauty product brand, announced an investment in the Asia Pacific region to expand its market in the Asia Pacific.
• July 2022: Azelis and Green Mountain Biotech signed a distribution agreement to strengthen their presence in Southeast Asian countries like Vietnam, Thailand, and Singapore.

Skin Care Products Market Report Scope:

Skin Care Products Market: Regional Landscape

The Asia Pacific dominated the global skin care products market in 2021

The Asia Pacific is the leading market in 2021 and account for a major share of global sales. South Korea holds the largest share of skin care product exports, with a major market share in the global market. Korean brands are consistently expanding in terms of the number of consumers, predominantly in the skin care products segments. Around 90% of cosmetics products are imported from foreign brands in the Asia Pacific, such as Shiseido, Fendi, Esteé Lauder, Lancome, L'Oreal, and Clarins. Moreover, local cosmetics brands such as Lana, Thorakao, Biona, and Sao Thái Duonga are focusing on strengthening their position in the market.

Skin Care Products Market: Competitive Landscape

Some of the main competitors dominating the global skin care products market include - 

• L'Oréal Group
• Procter & Gamble Company
• Unilever PLC
• Bejesdorf AG
• Estee Lauder Companies Inc
• and Shiseido Company Limited
• Saigon Cosmetics Corporation
• Marico.

The global Skin Care Products Market is segmented as follows:

By Product Type

• Cream
• Lotions
• Others

By Demographic

• Male
• Female

By Age Group

• Generation X
• Millennial
• Generation Z

By Sales Channel

• Supermarket/Hypermarket
• Specialty Stores
• Department Stores
• Beauty Stores
• Pharma and Drug Stores
• Online Sales Channel

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa