Australia Skincare Products Market To Surpass US$ 3,215.0 Mn By 2030

Australia Skincare Products Market was valued at US$ 2,233.4 Million in 2022, exhibiting a CAGR of 4.7%, over the forecast period (2023 to 2030) to reach US$ 3,215.0 Million by 2030.

Australia Skincare Products Market, By Product Type (Face Care (Cleansers, Masks, Exfoliators/Scrubs, Oils/Serums, Moisturizers, and Other Products), Lip Care, and Body Care (Body Lotions, Body Wash, and Hand and Foot Care)), By Category (Premium/Prestige Skincare Products and Mass Skincare Products), By Distribution Channel (Specialist Retail Stores, Hypermarkets/Supermarkets, Convenience Stores/ Departmental Stores, Online Retail Stores, and Other Distribution Channels) – as reported by Coherent Market Insights

Australia Skincare Products Market- Driver

Impact of social media and digital technology on the skincare market

Brands have adapted to the needs of digital consumers, resulting in the emergence of new technology trends in the category. Augmented Reality (AR) and Artificial Intelligence (AI) have been instrumental in creating new category experiences that integrate digital and physical components. Australian brands like Go-To, Sand and Sky, Frank Body, and Mecca Cosmetika are creating a buzz online, while generating revenue. Furthermore, the Australian government has continued to invest in strengthening fundamental frameworks and providing tailored support for digital growth objectives in the 2021–2022 budget.

Australia Skincare Products Market- Opportunities

Increasing research and development for skincare products

Increasing investments in the research & development of skin care products is expected to provide potential growth opportunities for the market players. For instance, the Australia-based firm Renovatio Bioscience Renovatio is highly focusing on R&D towards therapeutic skin care products. For instance, in February 2021, Procter & Gamble introduced four new products in the Australian market based on trending skincare ingredients such as Niacinamide + Vitamin C, and tapped into the accelerating serum segment.

Australia Skincare Products Market- Restraints

Use of multiple products on the skin

The proliferation of products has caused confusion among consumers, leading to a shift to different brands for various products. The use of multiple products can have a detrimental effect on the skin, leading to skin rashes, acne and pimples. Furthermore, the use of grooming kits and daily skin care practices can lead to a slow growth of cells, resulting in the skin that appears dull and dry.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/australia-skincare-products-market-5079

Key Takeaways:

On the basis of product type, the face care product segment held a dominant position in Australia skincare products market in 2020. Increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

On the basis of category, the mass skincare products segment dominated Australia skincare products market in terms of revenue in 2022, followed by premium/prestige skincare products.

Australia Skincare Products Market- Trends

Increasing demand for natural and organic products

Growing trend of using natural ingredient-based skincare products is expected to support the market growth. The increasing awareness of the adverse effects of skincare chemicals on the skin, resulting in conditions such as skin irritations, sensitivities, and dullness, has been a driving force behind the emergence of natural and organic skin care products in Australia. For instance, in May 2021, Sukin, a marketer in skincare in the natural channel in Australia, announced the launch of its newest facial skincare product range, the Purely Ageless line. The range harnesses powerful natural active ingredients such as Pure Ribose, Paracress Extract, Crambe Oil, White Hibiscus, and Baobab coupled with the latest research and technologies, to help increase hydration and reduce wrinkles, as well as firm and smooth the skin.

Australia Skincare Products Market - Impact of Coronavirus (Covid-19) Pandemic

The world has faced health, social, and economic challenges of the COVID-19 pandemic. However, Australia has experienced lower infection and death rates in comparison to OECD countries, with just 27,912 confirmed cases and 908 deaths as of December 2020. The impact on the personal care products segment was varied. With months of lockdowns, international travel bans, and retail businesses shuttered, purchase and usage behavior changed dramatically across the beauty and personal care space.

Australia Skincare Products Market-Competitive Section