Global Skin Care Products Market is Likely to Grow at a CAGR Value of 11.1% By 2028

Global Skin Care Products Market Size Predicted To Show Lucrative Growth And Cross USD 1,719.1 Mn by 2028

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.

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 or 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 the purchasing power of end consumers and a rise in the young population are the major factors that will drive the global skin care products market. Gen Z accounts for a major share of the total population. These consumers prefer brands that reflect their attitudes and values. Skincare products have experienced significant adoption among these consumers, as Gen Z is most easily influenced by online advertising.

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 led to an increased demand for skin care products among consumers. However, counterfeit products and increased preference for advanced beauty treatments such as laser skin rejuvenation, laser resurfacing, microdermabrasion, Thermae, and acne blue light therapy restrict the global skin care products market growth.

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The global skin care products market is segregated based on product type, demographic, age group, sales channel, and region. Based on product type, the market is divided into creams, lotions, and others. Among these, the cream segment dominates the market, accounting for a major share of total sales in 2021. Based on demographic, the market is classified into male and female. Over the forecast period, the female segment is expected to dominate the market. Based on age group, the market is classified into generation X, millennials, and generation Z.

The millennial segment dominates the market, accounting for a major share of revenue in 2021. Based on sales channels, the market is segmented as supermarkets/hypermarkets, specialty stores, department stores, beauty stores, pharma & drug stores, and online sales channels. The supermarket/hypermarket segment held a major share of the global market based on sales channels in 2021.

The global skin care products market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The Asia Pacific was the leading market in 2021 and accounts 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.

Key players in 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.

Recent developments:

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

Browse the full “Global Skin Care Products Market 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), and By Region - Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/global-skin-care-products-market

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

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