Market Overview –
Forecasts put the value of the global skin care products market at $196.20 billion by the year 2030. From 2022 to 2030, it is predicter to grow at a CAGR of 4.6%. The skincare sector is booming due to the increasing awareness of skin issues. Face creams, body lotions, shaving lotions and creams, and facial sunscreens are all examples of general skincare items that are seeing increase demand due to the rise in the number of people seeking solutions to specific skincare problems.
Over the past several years, there has been an uptick in the market for skincare products due to the increase public knowledge of those benefits. In addition, there is a clear preference for organic and natural skincare products, which has helper to propel this business to the forefront of the beauty and wellness market. Unlike conventionally produce goods, organic items are made entirely from organic materials and have no artificial preservatives or flavors.
In 2021, the female gender segment generate the most income, and this trend is anticipate to continue throughout the forecast period. To boost their self-esteem and their appearance, more and more women are including personal grooming products in their everyday routines. The market is likely to benefit from the rising demand for skin care products including face creams, sunscreens, and body lotions around the world.
In 2021, grocery stores and other grocery-relate establishments generate the most income. Due to the convenience and variety offers, many people choose shopping for skincare items at grocery shops and big-box retailers. The expansion of the channel may be attribute in large part to the fact that customers can now check the legitimacy of these products in person with the help of trainer professionals. Consolidation characterizes the market, which is dominate by a small number of worldwide companies.
COVID-19 Impact –
Many people’s buying habits and interests were alters by the COVID-19 pandemic. As a result of multiple nations taking different measures to halt the spread of COVID-19, the market growth slower slightly. Social isolation regulations, business hour limits, and travel bans were among the most essential measures taken throughout the outbreak. However, internet sales of the product increase, which contribute to the market’s recovery.
Scope of the Report –
Skincare refers to a wide variety of remedies for a variety of skin issues. These are use to prevent wrinkles, acne, and discoloration by applying a thin layer to the skin. The skincare supplies is broken down into numerous submarkets base on product category, distribution channel, and region. The global market is divide into (facial care: cleansers, moisturizers, creams and lotions, serums and essence, toners, face masks and packs, and other facial care products; lip care; body care: body wash and body lotions).
The skin care market is broken down into two distinct subsets: high-end and mass-market products. The market is broken down into various subsegments base on the various retail outlets that sell the products. These include specialty shops, grocery stores, drug stores, convenience stores, online retailers, and others. North America, Europe, Asia/Pacific, South America, and the Middle East/Africa all have their own sections of the market, each of which highlights the most prominent regional trends. Estimates and projections of market size and growth have been calculate in terms of revenue for each submarket (in USD billion).
Recent Developments –
In July of 2022, Tula Skincare, a clinical skincare brand power by probiotic extracts and superfoods, will join the Australian and New Zealand markets through a partnership with the prominent beauty shop Mecca.
In 2022, KVD beauty, a division of LVMH, release a new product: New Good Apple Lightweight Full-Coverage Concealer. The ultra-concentrate Interlaced Pigments in the concealer blend in naturally with the skin to provide long-lasting, highly pigment coverage that is resistant to creasing.
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In June of 2022, Shiseido, a Japanese cosmetics manufacturer, release a new skincare brand aim only at males caller Sidekick. Four goods and eight stock items make up the line, which is design with the Asian market in mind. The Sidekick cosmetics range improves the skin’s moisture barrier function and promotes a more resilient skin environment in addition to treating problems like dry or oily skin. The set includes a washcloth, a lotion, a moisturizer, and a fabric mask to help you clean and rejuvenate your face.
In April of 2022, Belviso will bring its high-end skin care products to the Indian market. To name just a few, the first offerings include the Belviso Vitamin C Serum, Belviso Niacinamide Serum, Belviso Total Nano Gel, Belviso Multi-Acid Serum, and Belviso Transformation Cream.
Market Size and Forecast –
The market can be broken down into two sections—facial and body—with face expects to increase at a faster rate than its counterpart. This is because there is more interest in facial skin care than there is in general body care. The market is broken down into subsets base on the various points of sale that sell the products. As more consumers opt to shop online instead of in physical stores, the online retailers subsegment is expects to expand at a faster rate than any other throughout the projection period.
Competitive Landscape –
Top international and domestic competitors in the skincare products industry compete aggressively for market share. Market leaders in skincare products include P&G, Beiersdorf AG, Estee Lauder Companies Inc., Unilever, and L’Oreal. Mergers and acquisitions are being pursue by the major firms as a means of consolidating their position in the market.
Key Players –
Estée Lauder Companies Inc.
Johnson & Johnson Services, Inc.
New Avon Company
Procter & Gamble
By Type –
By Applications –
By Regions –
Middle East & Africa