Skin Care Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Skin Care Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Skin Care Market

The Skin Care Market size was valued at USD 109.71 billion in 2023, and the market is now projected to grow from USD 115.65 billion in 2024 to USD 194.05 billion by 2032, exhibiting a CAGR of 6.68% during the forecast period of 2024-2032.

The COVID-19 has made the world shut for long period of time, many companies were facing challenges to meet their general profit and sales, as the face-to-face meeting were not allowed the companies were facing loss in business as they are not able to finalise deals. Repercussion from lockdown measure can be seen all around companies specially with their product revenues. With strict restriction and economic downfall, the closed beauty retail stores and cosmetic businesses faced shortage in supplies and decline in consumption, at global level in 2020 impacting the overall Skin Care Market Growth.

The demand for skin care products for many skin issues such as acne, scars, and dullness have increased and with expanding market the Skin Care Market Share is rising as well. With growing trends and skincare routines, people specially younger consumers are shifting towards brightening products, toners, and scrubs, while old people are wanting product for their wrinkles and cracked heels. The growing spending habits and lifestyle changes, consumers are loving premium beauty products, leading to market growth. Beauty conscious consumers are getting themselves more educated about skincare ingredients such as antioxidants and hyaluronic acid, rising the preference for products with specific benefits. According to the report by Unilever, a survey revealed that 74% of respondents prioritising the beauty and personal care industry for improving well-being.

To give fresh look to their customers, beauty products are offering advantages such as softening the skin and revitalising cells. The market is filled with customisation and beauty industry is driving their innovation as well. With advanced technologies in the industry, such as development of artificial intelligence (AI) and IoT based devices that offer personalised skin nourishment solutions to consumers, is boosting the product demand.In January 2021, L’Oréal made one its product’s entry in themarket. The new 3-in-1 device, ‘Perso’, will use AI to analyse the user’s skin pattern. After the analysing process it will dispense the customised amount of lotion, serum or cream accordingly. This interesting device is gaining the attention specially the techno-savvy consumers and driving the overall market demand.

Comprehensive Analysis of Skin Care Market

The Skin Care Market and Consumer Goods industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the skin care benefit management industry. These segmentations are methodically segregated By Product Analysis, By Packaging Type Analysis, By Gender Analysis,and By Distribution Channel Analysis. The types of product include, Creams, Lotions, Powders, Sprays, & Others, the type of packaging includes Tube, Bottle, Jar, & Others, the type of gender includesMen, & Women, the type of distribution channel includes Cosmetic stores, Supermarkets/Hypermarkets, Online Channel, & Others.

Asia Pacific is dominating the global skin care market, with owing to the rising standard of living, increasing working-class population come along with the rising spending power of the huge number of population present in the region. Countries such as China, India, and Japan, witnessing changing lifestyle and growing disposable income of the population is rising the usage and supply for the well-being and personal care products. In December 2022, Kao Corporation Launched a cosmetic for Men from GenZ segment, named ‘UNLICS’, catering specially to them.

The top players in the market play a crucial role in the Consumer Goods industry assuring industrial prospectus growth and setting market standards. These players include,L’Oréal Professional (France), Unilever (U.K.), Procter & Gamble (U.S.), Estée Lauder Inc. (U.S.), Beiersdorf AG (Germany), Shiseido Co., Ltd. (Japan), Coty Inc. (U.S.), Natura & Co. (Brazil), Kao Corporation (Japan), Johnson & Johnson Services, Inc. (U.S.), Avon Products Inc. (U.K.), these market players provide a level-playing competitive landscape.

November 2022 - Avon partnered with Perfect Corp., a leading AI-based beauty tech solutions provider, to improve the virtual makeup technology system and help consumers choose suitable product types.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.68% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Product

Creams

Lotions

Powders

Sprays

Others

By Packaging Type

Tube

Bottle

Jar

Others

By Gender

Men

Women

By Distribution Channel

Cosmetic stores

Supermarkets/Hypermarkets

Online Channel

Others

Geography

North America (By Product, Packaging Type, Gender, Distribution Channel, and Country)

- The U.S. (By Product)

- Canada (By Product)

- Mexico (By Product)

Europe (By Product, Packaging Type, Gender, Distribution Channel, and Country)

- Germany (By Product)

- France (By Product)

- Italy (By Product)

- Spain (By Product)

- The U.K. (By Product)

- Rest of Europe (By Product)

Asia Pacific (By Product, Packaging Type, Gender, Distribution Channel, and Country)

- China (By Product)

- India (By Product)

- Japan (By Product)

- Australia (By Product)

- Rest of Asia Pacific (By Product)

South America (By Product, Packaging Type, Gender, Distribution Channel, and Country)

- Brazil (By Product)

- Argentina (By Product)

- Rest of South America (By Product)

The Middle East and Africa (By Product, Packaging Type, Gender, Distribution Channel, and Country)

- South Africa (By Product)

- UAE (By Product)

- UAE (By Product)

- Rest of the Middle East and Africa (By Product)


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