According to Fortune Business Insights, the skincare market size was valued at USD 104.24 billion in 2022 and is projected to reach a valuation of USD 109.71 billion in 2023. The market is expected to reach USD 167.22 billion by 2030 with a CAGR of 6.21% during the forecast period. Skincare products improve the quality and health of the skin and provide nourishment.
Information Source:
Key Companies Covered in Skin Care Market:
- 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.)
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Segmentation
Creams To Dictate Due To Various Applications
On the basis of product, the market is segmented into creams, lotions, powders, and sprays. Creams have the largest part in the market as they are used for various applications such as moisturizing, brightening, tan removal, acne removal, oil reduction, dark circle removal, night cream, and sun protection.
Face Segment to Govern Due to Increasing Usage
Based on packaging, the market is categorized into tubes, jars, bottles, and others. The face segment is anticipated to dominate the market as consumers generally apply creams and powders on the face compared to other body parts. Major companies have been developing sustainable face products that are safe for the environment.
Female Segment To Lead Due To Rising Awareness Regarding Personal Grooming
On the basis of gender, the market is categorized into male and female. Females hold the majority part due to rising awareness regarding grooming, skin maintenance, and willingness to look better have led to the development and launch of new products.
Cosmetic Stores to Lead As They Specialize in Selling Cosmetic Products
On the basis of distribution channels, the market is categorized into cosmetic stores, supermarkets/ hypermarkets, online channels, and others. Cosmetic stores are set to lead as they specialize in selling cosmetic products and they make cosmetic products available and facilitate the customers available with product details.
Based on geography, the market is studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints
Growing Awareness Regarding Skin Nourishment To Augment The Market Growth
Growing awareness regarding skin nourishment is anticipated to drive skincare market growth. Rising concerns about skin nourishment owing to acne, black spots, scars, dullness, and tanning have increased the demand for skin nourishment products. Skin brightening products, toners, and scrubs are witnessing higher demand from the younger population. Products that provide solutions for wrinkles or cracked heels are gaining significant traction owing to their increasing demand from the aged population.
COVID-19 Impact:
Closure Of Cosmetic Businesses And Shortage Of Raw Material Supplies Affected Market Growth
The COVID-19 pandemic posed various challenges affecting the revenues of the companies. Additionally, the closure of beauty retail stores and cosmetic businesses and the shortage of raw material supplies due to the lockdown restrictions may largely impact the consumption rate among the population worldwide. However, people preferred to spend their time indoors to avoid getting infected by the coronavirus. This will shift consumer behavior towards personal care, wellness, and beauty at indoor places, fueling the demand for the products amongst residential consumers.
Key Industry Development
- November 2022- Avon partnered with Perfect Corp. to improve the virtual makeup technology system and assist consumers in choosing suitable product types.
