The global skincare market is estimated to grow at a CAGR of 6.95% to reach a market size of US$310.920 billion in 2027 from US$194.300 billion in 2020.
The global skincare product market is driven by the increasing demand for sun creams, body lotions, face moisturizers, and other skincare products. The demand is increasing due to the rise in disposable income, urbanization in developing countries, changing lifestyles, and advanced skincare products. Skincare products are used for both beauty enhancement and as medicine for skin-related problems.
The market is expected to expand significantly as consumers become more conscious of their appearance and skin quality. People are more sensitive towards using any kind of skincare product, making them choose more accurately what is most suitable for them. The rise in global warming and climate change has increased the use of skin care products due to increasing harsh sunlight and dusty & dry weather, which causes the skin to turn dark, dry, and crack. The increasing pollution levels in cities due to the rising number of industries are also causing harmful effects on the skin, encouraging people to use more skincare products for protection. Thus, the rising awareness regarding the harmful effects of harsh weather conditions coupled with the growing knowledge about different chemicals and compounds to treat certain skin-related problems is significantly fueling the market growth of skincare globally. The rising urbanization in developing countries like India and China is leading to a surge in people’s purchasing power, giving them the liberty to buy what they desire. The government in many countries has banned the use of animals for testing and the use of animal ingredients in personal care and skin care products. This has negatively affected small and medium-scale enterprises, thereby hindering the global skincare market’s growth to some extent.
The global skincare market is segmented by product, distribution channel, and geography. The market segmentation based on products is done as face products and body products. The global skincare market is further segmented by distribution channels into offline and online.
Rising pollution is increasing the demand for skin care products
The market for skin care products is rising due to adverse effects of weather on the skin, like dryness, darkness due to strong sunlight cracks because of roughness, and other skin diseases. The market for skincare products is also rising growing due to the increasing need and importance of grooming and personal hygiene among both men and women. The face product market has a significant share of the global skincare market. The demand is rising due to the growing use of anti-ageing, sunblock, anti-tanning creams, and moisturizers. The growing use of skin brightening creams, the creams that reduce acne scars, pimples, age spots, freckles, etc, is increasing the demand for skincare products. The increase in focus and investment of skincare companies in research and development for making advanced skincare products and better performance products like eco-friendly products that do not cause harm to the environment will further grow the market. The shift in consumer preferences to natural and organic skincare products is creating new opportunities for companies to expand their market share, thus positively impacting the market growth during the forecast period.
Internet and smartphone penetration has increased the online skincare product sales
The growing use of the internet and smartphones is increasing the skin care product market. The increasing penetration of the internet has given rise to a new platform for companies to sell their products. According to World Bank data, the number of people using the internet has grown two-fold in a decade. The increase in the internet user population will further grow the market for skincare products as more companies will sell their products online due to the increase in convenience and low investment. This has also helped companies to provide a variety of products to consumer groups in a particular region or country. The skin care market does have a significant share in the offline segment as well. A lot of people still prefer to buy from physical stores due to more trust. There are still many people who don’t have internet access or don’t buy online because they don’t trust such platforms. As such, the physical market won’t be eliminated with the growth of the online sector.
By geography, North America has a significant share of the market
Regionally, the global skincare market is classified into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. The North American region is expected to have a significant market share in the skincare market due to the early adoption of new products, better technology, rising investment in research and development to expand the product line, and increasing advertising and marketing through social media platforms for increasing the sales going to be a driving factor in the North America region. The growing demand for premium perfumes in the region to further expands the deodorants and fragrances market.
The Asia Pacific region is expected to be the fastest-growing regional skincare market during the forecast period. The changing lifestyle, increase in disposable income, and rising demand for quality skincare products, and premium products are mostly by young people to grow the market in the Asia Pacific region. The rising cosmetics and personal care companies in the Asia Pacific region are expected to further grow the market. The increasing demand for natural and organic cosmetics due to the increasing awareness among people about the use of harmful chemicals in cosmetics and their side effects on the skin has made people opt for natural and organic skincare products.
COVID-19 impacted consumer spending habits and shopping preferences of people. The market growth slowed marginally as a result of numerous governments using various efforts to stop the spread of COVID-19. Some of the fundamental measures used during the epidemic included rules on social isolation, limitations on business hours, and travel restrictions. However, the product's online sales grew, which aided in the market's recovery.
|Market Size Value in 2020||US$194.300 billion|
|Market Size Value in 2027||US$310.920 billion|
|Growth Rate||CAGR of 6.95% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Product, Distribution Channel, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||L'Oréal S.A., Estée Lauder Companies Inc., Avon Products, Inc., Coty Inc., Revlon, Shiseido Co, Ltd, Unilever N.V., Procter & Gamble Company, Beiersdorf AG, Johnson and Johnson|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the skincare market size by 2027?
A1. The global skincare market is estimated to reach a market size of US$310.920 billion in 2027.
Q2. What is the size of the global skincare market?
A2. Skin Care Market was valued at US$194.300 billion in 2020.
Q3. What are the growth prospects for the skin care market?
A3. The skincare market is estimated to grow at a CAGR of 6.95% over the forecast period.
Q4. What factors are anticipated to drive the skincare market growth?
A4. The skincare market is expected to expand significantly as consumers become more conscious of their appearance and skin quality.
Q5. Which region holds the maximum market share of the skincare market?
A5. North America is expected to have a significant share of the skincare market.
Avon Products, Inc.
Shiseido Co, Ltd
Procter & Gamble Company
Johnson and Johnson
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