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 | Industry Share By Product Type, Demographic, Age Group, Sales Channel, And Region.
Skin Care Products Market
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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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.
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.
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.
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.
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.
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.
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.
|Report Attributes||Report Details|
|Report Name||Skin Care Products Market Research Report|
|Market Size in 2021||USD 914.1 Million|
|Market Forecast in 2028||USD 1,719.1 Million|
|Compound Annual Growth Rate||CAGR of 11.1%|
|Number of Pages||210|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||Innovega Inc, Novartis AG, Samsung Electronics Co., Ltd., Google Inc., Sensimed AG, Sony Corporation, Liner Technologies, EP Global Communications, Inc., Analog Devices, Knowles, InvenSense, NXP Semiconductor, Rockwell Automation, Banner Engineering, Atmel, Murata Manufacturing, Nanomix, Hitachi, TOWA, STMicroelectronics, and Texas Instruments.|
|Segments Covered||By Product Type, By Demographic, By Age Group, By Sales Channel, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
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.
Some of the main competitors dominating the global skin care products market include -
Rising awareness regarding the benefits of skincare and self-care among consumers has increased the adoption of organic skin care products in Global. 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.
According to the report, the global skin care products market size was worth about 914.1 million in 2021 and is predicted to grow to around 1,719.1 million by 2028, with a compound annual growth rate (CAGR) of around 11.1 percent.
The Asia Pacific is the leading market in 2021 and accounts for a major share of global sales. South Korea holds the largest share of skin care products exports to Global, with a major market share in the global skin care products market. Korean brands are consistently expanding in terms of the number of consumers, predominantly in the skin care products segments.
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, and Marico.