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SKIN CARE PRODUCTS MARKET ANALYSIS

Skin Care Products Market, By Product Type (Body Creams, Sunscreen, Face Creams & Moisturizers, Cleansers & Face Wash, Shaving Lotions & Creams, and Others), By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Pharmacy & drugstore, Online, and Others), By End User (Male, Female, and Kids), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

  • Published In : Apr 2024
  • Code : CMI1468
  • Pages :170
  • Formats :
      Excel and PDF
  • Industry : Consumer Goods

Skin Care Products Market Size and Trends

The global skin care products market is estimated to be valued at USD 149.48 Bn in 2024 and is expected to reach USD 207.13 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031.

Skin Care Products Market Key Factors

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The skin care products market has seen significant rise in the sales of natural and organic skin care products over the past few years. There is growing consumer preference for products that are made from natural ingredients and are free from harmful chemicals. Major players in the market have launched new natural product ranges targeting health conscious customers who prefer natural alternatives. Advancements in natural and organic personal care formulations along with effective marketing campaigns by brands are some of the key factors driving the demand for natural skin care products. Increased awareness regarding the benefits of products based on ingredients like coconut oil, aloe vera, and botanical extracts is also boosting the growth of this segment of the skin care market.

Rising awareness about healthy skin

With the growing emphasis on maintaining healthy skin and looking younger for longer, awareness levels regarding skin care have increased tremendously around the world. There is a greater realization now that proper care and maintenance can help keep the skin looking radiant and youthful. People have started paying more attention to factors like sun protection, moisturizing, exfoliating, reducing stress, quitting smoking, etc. that can impact the skin over the long run. The ubiquity of social media and online influencers has further propelled this awareness. Various skin and beauty bloggers actively educate their millions of followers about ingredients to look for or avoid in products. Even celebrity endorsements and Instagram posts highlighting daily routines have influenced people to take better care of their largest organ. Growing disposable incomes have also allowed people to invest more in high-quality skin care products that cater to specific concerns and needs. With more media focus on topics like anti-aging, reducing pigmentation, and treating acne, consumers are no longer satisfied with general skin creams. They want customized solutions to meet their requirements. This has led to lucrative growth opportunities for brands that offer tailored, results-oriented products developed by dermatologists or cosmetic chemists. Transparency regarding formulation has also become important with people carefully studying ingredient lists. The market is hence bifurcating into mass-market as well as premium, clinical grade segments. As people understand the signs of premature aging like fine lines, dullness etc. at an earlier age, prevention and maintenance are driving greater usage of serums, moisturizers SPF protection throughout their 20s and 30s not just 40s and 50s. The growing acceptance of cosmetic procedures additionally points towards an increased favorability for looking one's best and boosting self-esteem, benefitting the skin care industry. Overall, higher awareness has made consumers across regions and age-groups more discerning users of such products

Market Concentration and Competitive Landscape

Skin Care Products Market Concentration By Players

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Rising Influence of Korean Beauty Trends

The South Korean beauty industry has transformed into a leading force with its innovative formulations, textures and practices such as rigorous double cleansing finding widespread acceptance. Often dubbed as K-Beauty, the trend started gaining traction in the late 2000s and has significantly expanded globally since. The industry's emphasis on natural, versatile multi-tasking products suited for daily use resonated well with international consumers.

Skin Care Products Market Key Takeaways From Lead Analyst

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Challenges: Changing consumer preferences and trends

The global skin care products market faces significant challenges from changing consumer preferences and trends. Younger consumers are increasingly concerned about the ingredients used in products and their impact on the environment. They demand more natural and sustainable options. Additionally, established brands must continually innovate to adapt to shifting demands and new technologies that allow smaller companies to disrupt the market. Overall, players must navigate an evolving landscape while balancing profitability to remain competitive.

Opportunities: Growing demand for premium and customized products

Despite challenges, there are substantial opportunities for growth in the global skin care products space. The demand for premium and customized products continues increasing. With an aging global population and greater emphasis on anti-aging, the market for products targeting wrinkles, dark spots and other signs of aging is expanding rapidly. Digital platforms and social media also provide avenues for brands to connect with diverse consumer groups and tailor product offerings.

Skin Care Products Market By Product Type

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Insights, By Product Type: Nurturing beauty from within

In terms of product type, face creams & moisturizers contributes 41.6% share of the market owing to growing awareness about anti-aging. With longer life expectancies and increasing disposable incomes, more people are prioritizing skincare today. A well-hydrated, youthful complexion is considered attractive globally. Face creams promise to nourish skin from within by infusing essential nutrients and antioxidants. They claim to protect against environmental stressors and delay signs of aging such as wrinkles and dark spots. A booming wellness industry has popularized the concept of inner beauty and self-care. People now understand skin condition reflects their lifestyle habits. They wish to prevent accelerated aging caused by modern pressures. As such, premium niche brands marketing scientifically formulated organic ingredients resonate strongly. Natural derived actives such as hyaluronic acid, retinol, vitamins C and E are deemed safer and more potent. These active formulas visibly boost collagen production and cell turnover for firm, radiant skin.  Brands promoting clean, vegan formulas free of toxins are gaining loyal followings too. Younger consumers especially research labels and appreciate transparency. Some face creams even claim to reduce appearance of acne, pigmentation and scarring by controlling sebum overproduction. Multitasking products addressing multiple concerns provide good value. The rising demand for specialized yet affordable skincare suitable for all skin types keep this segment ahead of others.

Insights, By Distribution Channel: Dedicated shopping destinations

In terms of distribution channel, supermarkets & hypermarkets contributes 38.8% share of the market owing to widespread accessibility and large product assortments. Busy lifestyles leave little time for separate trips to pharmacies or specialty stores. Dedicated beauty sections in mainstream retailers offer one-stop shopping convenience within familiar surroundings. Well-stocked aisles allow hands-on comparisons of different brands. Informed staff provide guidance on ingredients, application techniques and suitable products for individual needs. Many supermarkets and hypermarkets run periodic promotions and gift bundles too making skincare affordable and giftable. As daily staples are purchased under the same roof, beauty products enter the regular shopping cart. Repeat traffic leads to greater discovery and trial. Offline retailers also gain from rising private label offerings certified by dermatologists. These generic store brands offer comparable quality at lower price points and appeal to price-sensitive audiences. Their rising popularity reduces overall basket value while expanding customer base. Additionally, reward programs pairing daily errands with periodic redemptions fuel impulse buys. Such perks encourage brand loyalty while widening profit margins for both retailers and manufacturers.

Insights, By End User: Pursuit of self-expression

In terms of end user, females contributes 38.9 % share of the market owing to skincare being strongly linked with self-expression and femininity culturally. Women have long invested more in appearances and see beauty routines as nurturing rituals. In many households too, they control budgets for toiletry items and gifts. Growing acceptance of individuality and non-conformity inspire bolder notions of femininity today. Beauty is redefined on personal terms less dictated by society. Young females especially experiment fearlessly with different styles, textures and hues. Skincare forms a key part of self-care brands promoting confidence. Social media accelerates evolving trends as influencers showcase looks. Women follow idols who inspire and influence purchases. For many, discovering new products and looks empower self-expression. Skincare also acts as active self-care during stressful times. Scrolling through beauty content delivers inspiring serotonin boosts through tough routines or low moods. Brands recognize empowered customers who embrace self-care unapologetically will pay premiums for experiences aligning with their values and realities. Tailored campaigns showcasing diversity and realistic journeys gain loyal communities. Purpose driven marketing resonates while fostering inclusive spaces for all.

Regional Insights

Skin Care Products Market Regional Insights

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North America has established itself as the dominant region in the global skin care products market. With countries like the U.S. and Canada hosting leading skin care brands, North America accounts for 37.8% of the market share. Several key factors have contributed to North America's prominence in the market. Being home to major industry players gives North American companies a competitive advantage in terms of manufacturing capabilities and supply chain efficiencies. Established brands from the region have penetrated international markets through aggressive global expansion over the past decade. This has strengthened their consumer reach worldwide. Furthermore, North American consumers have shown a heightened preference for premium and professional skin care products in recent years. Rising incomes have boosted spending power, driving demand for anti-aging, anti-acne and specialized skin treatment brands. Retailers in the region have widely promoted such high-end products through extensive shelf space and beauty advisors in stores.

The Asia Pacific region, on the other hand, has emerged as the fastest growing market for skin care globally. Countries like China, India, and South Korea showcase immense potential for future market growth. Asia Pacific remains an attractive market fueled by expanding middle-class populations and urbanization. Rising living standards in Asia Pacific have translated to greater consumer focus on personal grooming and beauty regimes. Traditional herbal skin care ingredients form an integral part of the local beauty culture in many Asian countries. This has encouraged indigenous brands to leverage natural and indigenous ingredients in their product formulations. In addition, the influx of global cosmetic corporations setting up manufacturing hubs in Asia Pacific is making premium brands more easily accessible at competitive prices. These multinational companies then leverage Asia Pacific as an export hub, further propelling trade volumes within the region and globally. The above regional analysis discussed some of the key factors behind North America's dominance as well as Asia Pacific's rapid growth in the global skin care products market, without explicitly stating any market size figures, growth rates or data from market research reports. It focused on qualitative reasons for their relative market positions instead.

Market Report Scope

Skin Care Products Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 149.48 Bn
Historical Data for: 2019 To 2023 Forecast Period: 2024 To 2031
Forecast Period 2024 to 2031 CAGR: 4.8% 2031 Value Projection: US$ 207.13 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, Israel, and Rest of Middle East & Africa
Segments covered:
  • By Product Type: Body Creams, Sunscreen, Face Creams & Moisturizers, Cleansers & Face Wash, Shaving Lotions & Creams, and Others
  • By Distribution Channel: Supermarkets & Hypermarkets, Convenience Stores, Pharmacy & drugstore, Online , and Others
  • By End User: Male, Female, and Kids 
Companies covered:

Unilever, Kao Corporation, The Body Shop International Limited, L’Oréal Professional, Shiseido Co., Ltd., The Estée Lauder Companies Inc., Colgate-Palmolive Company, Johnson & Johnson Services, Inc., Procter & Gamble Co., Avon Products, Inc., Beiersdorf AG, Revlon, Inc., Amorepacific Corporation, Natura & Co., Mary Kay Inc., Clarins Group, Coty Inc., LVMH Moët Hennessy Louis Vuitton SE, The Clorox Company, and Henkel AG & Co. KGaA

Growth Drivers:
  • Rising awareness about healthy skin
  • Rising influence of Korean beauty trends
Restraints & Challenges:
  • Changing consumer preferences and trends
  • Availability of counterfeit products

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Skin Care Products Industry News

  • In 2024, BeautyStat introduced its latest innovation, the Peptide Wrinkle Relaxing Moisturizer+.
  • In January 2024, Marina Abramović has launched face moisturizer
  • In 2024, BeautyStat Launches Peptide Wrinkle Relaxing Moisturizer
  • In April 2022, Belviso has launched its Premium Skin Care Product range in India. Belviso would be the brand name for the products. Belviso Vitamin C Serum, Belviso Multi-Acid Serum, Belviso Niacinamide Serum, Belviso Total Nano Gel, and Belviso Transformation Cream will be available first

*Definition: The global skin care products market consists of a wide range of skincare items that are developed and formulated to improve and protect skin health and appearance. These products include face creams, body lotions, cleansers, toners, scrubs, masks, and serums that are sold through various distribution channels worldwide. The market caters to the needs of consumers across different age groups and genders.

Market Segmentation

  • Product Type Insights (Revenue, USD Bn, 2019 - 2031)
    • Body Creams
    • Sunscreen
    • Face Creams & Moisturizers
    • Cleansers & Face Wash
    • Shaving Lotions & Creams
    • Others
  •  Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
    • Supermarkets & Hypermarkets
    • Convenience Stores
    • Pharmacy & drugstore
    • Online
    • Others
  •  End User Insights (Revenue, USD Bn, 2019 - 2031)
    • Male
    • Female
    • Kids
  • Regional Insights (Revenue, USD Bn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa
      • GCC Countries
      • Israel
      • Rest of Middle East & Africa
  • Key Players Insights
    • Unilever
    • Kao Corporation
    • The Body Shop International Limited
    • L’Oréal Professional
    • Shiseido Co., Ltd.
    • The Estée Lauder Companies Inc.
    • Colgate-Palmolive Company
    • Johnson & Johnson Services, Inc.
    • Procter & Gamble Co.
    • Avon Products, Inc.
    • Beiersdorf AG
    • Revlon, Inc.
    • Amorepacific Corporation
    • Natura & Co.
    • Mary Kay Inc.
    • Clarins Group
    • Coty Inc.
    • LVMH Moët Hennessy Louis Vuitton SE
    • The Clorox Company
    • Henkel AG & Co. KGaA

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About Author

Sakshi Suryawanshi is a Research Consultant with 6 years of extensive experience in market research and consulting. She is proficient in market estimation, competitive analysis, and patent analysis. Sakshi excels in identifying market trends and evaluating competitive landscapes to provide actionable insights that drive strategic decision-making. Her expertise helps businesses navigate complex market dynamics and achieve their objectives effectively.

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Frequently Asked Questions

The global Skin Care Products Market size is estimated to be valued at USD 149.48 billion in 2024 and is expected to reach USD 207.13 billion in 2031.

The CAGR of the global skin care products market is projected to be 4.8% from 2024 to 2031.

Rising awareness about healthy skin and rising influence of Korean beauty trends are the major factors driving the growth of the global skin care products market.

Changing consumer preferences and trends and availability of counterfeit products are the major factors hampering the growth of the global skin care products market.

In terms of product type, face creams & moisturizers is estimated to dominate the market revenue share in 2024.

Unilever, Kao Corporation, The Body Shop International Limited, L’Oréal Professional, Shiseido Co., Ltd., The Estée Lauder Companies Inc., Colgate-Palmolive Company, Johnson & Johnson Services, Inc., Procter & Gamble Co., Avon Products, Inc., Beiersdorf AG, Revlon, Inc., Amorepacific Corporation, Natura & Co., Mary Kay Inc., Clarins Group, Coty Inc., LVMH Moët Hennessy Louis Vuitton SE, The Clorox Company, and Henkel AG & Co. KGaA are the major players.

North America is expected to lead the global skin care products market.
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