Global Skin Care Market Outlook, 2028

Global Skin Care Market Outlook, 2028

Skincare products are used by the general population in order to preserve and enhance the appearance of the face as well as other regions of the body. Skin care is a practise that helps enhance the texture and appearance of the skin. Face masks, creams, lotions, moisturisers, and conditioners are just a few of the items available in the Skin Care collection. These products are helpful in a variety of ways, including conditioning the skin, protecting it from environmental dust, oil, and pollutants, and cleaning the skin of makeup and dirt. Furthermore, the use of skin care products can help to preserve the skin's texture as well as prevent premature ageing, acne, dark spots, and other skin-related issues. The growing awareness of skincare across the globe is the main factor influencing the robust growth of the skincare market. Awareness about skin-friendly beauty products among the global populace and the benefits of skin nourishment products in cosmetics may invite good growth opportunities for the skincare market. Millennials and Generation Z are the lucrative segments in the skincare market. Individuals are concentrating on self-care during the stay-at-home orders implemented by various countries on the grounds of the new coronavirus pandemic. Because of the stay-at-home lifestyle, people are more concerned with skincare than ever before. Furthermore, the demand for organic and herbal skin care has recently emerged. This is due to public awareness of the harmful effects of synthetic chemicals on the skin. Natural ingredients, such as leaf extracts and root extracts, are safe to use on the skin because they have no negative side effects. As a result, firms such as Avon and Garnier use natural ingredients and label their products as 'Avon Naturals' and 'Garnier Organic' to attract customers.

According to the research report, ""Global Skincare (Facial Care, Body Care & Lip Care) Market Outlook, 2028,” published by Bonafide Research, the market was valued at USD 178.21 billion, which is expected to cross USD 254 billion by the end of the forecast period. The market is anticipated to grow at 6.22% CAGR by 2023–28. In the skin care products industry, the growing perception of one’s looks and skin quality, combined with the increasing purchasing power of people worldwide, are major factors driving the market’s growth. In addition to significant investments in R&D to create new products, ambitious marketing initiatives by established players have also contributed to the significant revenue gain. Furthermore, the prevalent contaminated climate, global warming, and active lifestyle that affect skin consistency have increased the use of goods that assist in protecting the skin and avoiding any harm to it. Consumers are starting to use skincare products sooner as they become more aware of skin disorders and treatments, which is assisting the market’s growth. An increasing number of women are opting for anti-ageing products like L’Oreal Revitalift, Avon Anew Sensitive+, Caudalie Premier Cru anti-ageing cream moisturiser with hyaluronic acid, and many more, which make up a significant sector of the skincare products industry. Customers’ proclivity for various skincare products has increased in urban areas as a result of increased disposable income, extensive advertising activities, and the introduction of novel products by manufacturers. Kao Corporation, for example, introduced a new sheet mask dubbed Smile Performer in September 2021. The sheet mask claims to impart brightness and bounce to the skin, giving the appearance of a smile.

The skincare market is majorly segmented into three categories, including face care, body care, and lip care. Among them, the body care segment is leading with more than half of the market share in 2022. With growing awareness about personal health and hygiene, consumers are becoming more inclined towards using body care products to maintain cleanliness, prevent skin diseases, and improve overall well-being. Also, changing lifestyle patterns, an increased focus on self-care and grooming, and growing beauty consciousness among consumers are driving the demand for body care products. Consumers are increasingly adopting body care products as a part of their daily grooming routine to maintain healthy-looking skin and enhance their appearance. Based on the body care sub-segments, the market is categorised into body lotion, body wash (body soap and shower gel), and others. Among them, the body lotion and body wash segments will occupy more than 90% of the market in 2022. They play an influential role in nourishing the skin and preventing sunburns and tanning of the skin, and therefore, they have gained significant usage among users. Face creams and moisturisers, on the other hand, are growing increasingly popular globally as people become more sensitive to their physical appearance while also being concerned about skin problems and skin cancer. Like the overall personal care market, there is a growing demand for natural and organic lip care products. Consumers are increasingly seeking lip care products that are made with natural and organic ingredients, free from harmful chemicals, and eco-friendly. Hydration and nourishment are key trends in lip care products. Lip balms, lip masks, and lip oils that provide deep hydration, nourishment, and miniaturisation to the lips are gaining popularity among consumers, particularly in dry and cold weather conditions or for those with dry lips. Lip care products with tinted and flavoured formulations are also gaining popularity. Flavoured lip balms and lip scrubs with appealing flavours are also gaining popularity among consumers, particularly among younger demographics.

Furthermore, as more consumers opt for cruelty-free products due to their heightened concern for animal welfare and the environment, the demand for vegan or plant-based ingredient blends in these products has increased. Organic skin care products are considered to be more effective with fewer side effects, which are anticipated to increase their application among end-users. These products are nutrient-dense, skin-friendly, environmentally friendly, long-lasting, and more effective. Organic skincare products utilise substances that fulfil the same criteria as organic food. These products use natural organic ingredients such as honey, aloe vera, coconut oil, and shea butter to soothe, moisturise, nourish, and promote smooth skin. The growing awareness of the benefits of natural products is projected to boost the market for natural skincare products. Natural skin care products are becoming increasingly popular due to their numerous health and therapeutic benefits for human skin. These natural skincare products contain Vitamin C, Vitamin D, Vitamin E, Resveratrol, alpha-hydroxyl acid, and other natural ingredients obtained from plant sources that aid the body’s function and make them simple to use. Furthermore, unlike ordinary skincare products, these products are gentler on the skin because they do not contain chemical compounds and synthetic chemicals such as artificial scents, colours, parabens, sulphates, phthalates, and other petrochemical elements. Furthermore, the shift in consumer preference from regular skin care products to natural skin care products as a result of greater concern for animals hurt during the manufacturing process of normal skin care products has led to increased usage of natural skin care products. As a result, growing consumer awareness of natural goods is likely to drive demand for natural skin care products over the forecast period.

Personalised or customised skin care solutions are new technologies that aim to provide skin care regimens based on individual aesthetic needs. Face cream, moisturising lotion, facial serum, facial cleanser, and other items are examples of personalised skin care. The rapidly evolving skin care sector, as well as the increasing prevalence of skin disorders such as acne and eczema, can be attributed to the rise in personalised goods. The availability of customised skin care routines based on a variety of characteristics, such as age, skin disorders, genetic background, and other factors, is also expected to fuel market expansion. Growing knowledge about the value of anti-ageing personal care regimes, as well as an increase in the number of social media campaigns, are expected to aid in accelerating market expansion over the forecast period. Increased use of artificial intelligence and complex algorithms to determine the formula for personalised products, as well as rapid technical breakthroughs in the realm of skin care regimens, are projected to drive market expansion. Proven Company introduced AI to personalise beauty in 2020 by building machine learning and AI algorithms on top of that data to identify the correlations and interconnections between people’s skin and the products that work best for each individual.

Women accounted for the lion’s share of the skincare goods market. The men’s segment, on the other hand, is expected to increase at the fastest CAGR during the forecast period. The female population’s growing awareness of the many skincare products available for varied objectives and skin types is fuelling product demand. Furthermore, rising skin concerns and an increasing willingness to spend on high-quality skincare products for improved appearance are expected to drive demand for skincare products among women. Furthermore, the expanding female population’s concern about beauty is likely to fuel the skincare products market during the projection period. However, rising male knowledge of personal skincare, hygiene, and grooming has driven global demand for men’s skincare products. The growth of the men’s skincare products market is being influenced by macro factors such as rising disposable income among consumers and expanding distribution channels. Furthermore, the growing population of men’s skincare solutions made from sustainable materials is a major driver of market growth. In response to the increased demand for organic components, prominent brands in the sector are increasingly focusing on green formulations. Brickell Men’s Product and Organic OM4 businesses, for example, develop, manufacture, and sell a comprehensive range of natural and organic skincare and grooming products for men. The ordinary modern male is getting more interested in skin care, prompting several skincare product makers to enter the men’s market. With skin that is harder, oilier, and thicker than women’s, males confront a unique set of issues when it comes to skin health. As a result, rising male skincare awareness creates opportunities for skincare market companies. These companies are capitalising on it by developing products for men of all skin types.

Based on the distribution channel, the market is segmented into specialist retail stores, supermarkets and hypermarkets, convenience stores, online retail channels, and other distribution channels. Specialist retail stores will take the lead, backed by the availability of customised kits. Cosmetic stores are specialty stores where all the cosmetic products are made available and where employees facilitate customers checking the product details physically. These stores offer customised kits containing a number of cosmetic products packed together for consumers, and the kits are provided at a discounted price to attract customers. In comparison to hypermarkets and supermarkets, cosmetic stores have a greater availability of newly launched and latest products. Additionally, attendants in cosmetic stores are trained so they can guide the customer to buy specific products as per their requirements. Therefore, these factors are expected to boost the growth of the specialty retail store segment. Because of the large availability of numerous categories of personal care items under a single roof, supermarkets and hypermarkets are expected to contribute a significant portion of the market. The simplicity and convenience of purchasing such products from supermarkets or hypermarkets is projected to boost sector growth. However, due to the widespread availability of branded skin care products on websites such as Myntra, Amazon, and Flipkart, online channels play an important role in contributing to the segment’s growth. The products are widely available at discounted prices on different purchasing platforms, and they are subject to cash-back and easy return policies, which support the segment’s growth.

According to the report, the market is segmented into mass and premium price ranges for skincare products. Among them, the mass price range includes affordable skincare products that are widely available in mass retail channels, such as supermarkets, drugstores, and online platforms. These products are typically targeted at price-conscious consumers who are looking for affordable skincare solutions. Mass-market skincare products often have lower price points and simple formulations, targeting basic skincare needs such as cleansers, moisturisers, and sunscreens. They also include body care products like body lotions, body washes, and hand creams. Packaging for mass-market skincare products is usually simple and functional, with a focus on cost-effective production. However, the premium price range includes high-end skincare products that are positioned as luxury or prestige skincare. These products are typically sold in high-end department stores, specialty beauty retailers, luxury beauty boutiques, and online platforms. Premium skincare products are priced at a premium and target consumers who are willing to invest in high-quality skincare with premium ingredients, packaging, and performance. Premium skincare products often include advanced formulations, specialised treatments, anti-ageing products, and luxurious packaging. They may also offer unique sensorial experiences and premium brand experiences, with a focus on brand reputation, exclusivity, and efficacy.

Recent Developments:
• In September 2022, L’Oréal signed an agreement to acquire Skinbetter Science, a physician-dispensed American skincare brand backed by cutting-edge dermatological science that combines patented efficacious ingredients with luxurious sensorial textures.
• Kim Kardashian launched SKKN BY KIM, a new range of high-performance skincare, in June 2022 in collaboration with Coty.
• In February 2022, the microbiome-friendly skincare company Haeckels received a modest investment from The Estée Lauder Companies. It enabled Haeckels to broaden the scope of its recently released skincare line, boost manufacturing to meet demand, and enter new foreign markets.
• l.f. Cosmetics declared its commitment to 100% clean beauty in January 2022, which means that all of the brand's products—cosmetics and skin care—will adhere to the European Union Cosmetics Regulation (EUCR) and FDA guidelines.
• For instance, in January 2022, Galderma, the world's largest dermatology company, completed the acquisition of Alastin Skincare Inc., a specialty Aesthetics Company dedicated to developing innovative and clinically-tested physician-dispensed skincare products.

Covid-19 Impacts:
The pandemic crippled the global economy. Manufacturing capacity was reduced as a result of the lockdown and severe rules implemented by governments during the pandemic to prevent the virus from spreading. This has an effect on the companies' product revenues. Additionally, factors such as the closure of beauty retail stores and cosmetic businesses and the shortage of raw material supplies due to the lockdown restrictions hampered the product consumption rate. However, the market is expected to revive during the forecast period, as there was a shift in consumer behaviour towards personal care, wellness, and beauty while they were indoors, amid lockdown.

Major Companies present in the market:
L'Oreal S.A, Unilever Public Limited Company, Beiersdorf AG, The Estee Lauder Companies Inc., Johnson & Johnson , Natura&Co, Shiseido Company Limited, Procter & Gamble, Revlon, Inc., Clarins Group, Oriflame Cosmetics AG, Amorepacific Corporation , Kao Corporation, Coty Inc., Colgate-Palmolive Company , Chanel S.A. corporation, Mot Hennessy Louis Vuitton SA (LVMH), Gabriel Cosmetics Inc., Billy Jealousy LLC, MuLondon Organic Ltd

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Skincare market with its value and forecast along with its segments
• Region-wise Skincare market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

By Category
• Facial care
• Body Care
• Lip Care

By Facial care
• Face cream
• Face Wash and Cleanser
• Sun Care (Sunscreen (SPF) Products)
• Facial Masks (sheet mask, Leave in & wash off)
• Toners
• Serums
• Shaving Lotions & Creams
• Others (Exfoliators, Eye Creams, scrub, bleach)

By Body care
• Body Lotions
• Body wash
• Others (Body Oil, Body Powder)

By Lip care
• Lip Balms
• Lip Scrubs
• Lip Masks
• Lip oil
• Others

By Pricing Range
• Mass
• Premium

By End User
• Men
• Women
• Unisex

By Distribution channel
• Specialist Retail Stores
• Supermarkets/Hypermarkets
• Convenience Stores
• Online Retail Channels
• Other Distribution Channel

By Ingredients
• Chemical
• Natural/Organic
• Vegan

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Skincare industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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