Moreover, Korean skincare, commonly known as K-beauty, has gained immense popularity, with many consumers eager to try Korean products for their beneficial effects on skin health and youthful complexion. The emphasis given to hydration in K-beauty has led to a variety of nourishing & moisturizing products, like sheet masks, sleeping masks, & pressed serums. To deal with the rising demand for K-beauty products, various brands have unveiled skincare items inspired by the beauty products of Korea.
Manufacturers are investing more in R&D, focusing on natural substances or ingredients in skincare products, leading to the introduction of new & innovative offerings. For example, Hale Cosmeceuticals, a prominent player in the United States., launched two products with natural substances - Date Palm Deep Moisturizer & Natural AZA Cleanser - for the market of the United States in 2021. Globally, face creams & moisturizers are gaining huge popularity & major acceptance, driven by an increasing consciousness about physical looks and concerns about disorders related to skin. Moreover, Due to awareness regarding environment and animal safety, firms that offer vegan or plant-derived products are in trend and leading to further growth in such kinds of items worldwide leading to increased demand for vegan or plant-based ingredient blends in skincare products.
Research Scope and Analysis
By Gender
The Segment of female dominates the skin care product market with a maximum share in 2023, and it is anticipated to hold its leading position throughout the 2023-2032 period. The increasing focus on self-grooming among women to boost confidence & enhance appearance is a significant driver of segment growth. Moreover, the rising importance of self-care has led women to adopt intricate skincare routines at home, seeking items with several substances that offer healing & nourishing characteristics, such as lotions, creams, repair creams, masks, peels, serums, scrubs, and powders.
On the other hand, the segment of males is anticipated to witness the fastest compound annual growth rate by 2032. Factors contributing to the growth of the men's skincare market include growing awareness regarding self-grooming & hygienic skincare routines, a rise in the production of products and their distribution, & increasing disposable income. Men's interest in skincare products has expanded nowadays with major distribution of items like razors & deodorants to more particular kinds of skincare solutions, such as sun protection & anti-aging lotions. The desire for such creams and lotions is anticipated to observe a significant rise in the upcoming years.
By Product
The face creams & moisturizers segment dominate the skin care product market with the maximum share and they are anticipated to exhibit their leading position for the period of 2023-2032. These products are highly popular and frequently used due to their numerous benefits, including reduced breakouts, instant hydration, & glowing skin. Moisturizers are particularly favored for their easy utility, smooth application, & quick effectiveness in fighting rough skin. Moreover, the rising consumer preference for cruelty-free skincare products has driven the demand for vegan or plant-based ingredient blends in skincare items, further contributing to the growth potential of the face creams and moisturizers segment in the upcoming years.
On the other hand, the segment of shaving lotions & creams is projected to experience a high compound annual growth rate by 2032. The growth is primarily attributed to the growing number of individuals becoming part of the private sector & placing greater importance on self-caring. This market’s growth is expected to be fueled by higher spending as consumers seek effective shaving solutions for facial hair removal. The growing awareness of self-caring, aided by increasing income, is anticipated to have a positive impact on market growth. Additionally, increased know-how via social media blogs, advertisements, influencers & YouTube channels, and is further driving the demand for shaving lotions and creams in the coming years.
By Distribution Channel
The offline segment dominates with Hypermarkets & Supermarkets leading the offline segment. These retail outlets offer various advantages to customers including a wide range of products, competitive prices, & easy accessibility of global brands, making them a preferred platform for all kinds of consumers. Article released in the 2021, Entrepreneur Handbook, supermarkets such as Sainsbury's, Tesco, Morrisons & Asda, marked 63% of sales in the United Kingdom, highlighting their significant market presence. Supermarkets & hypermarkets cater to various skincare product needs, providing convenience & accessibility to a diverse consumer base.
On the other hand, the C-stores channel is expected to attain a high compound annual growth rate by 2032. These stores are preferred by customers due to easy purchase options, widespread network, & the convenience of purchasing the same products regularly. With growing consumer preference for beauty products, C-Stores are expanding their range to meet these demands. Some popular C-Stores include; Sainsbury's Local, Londis & Krystals Express, etc.
The Skin Care Products Market Report is segmented on the basis of the following:
By Gender
By Product
- Cleansers & Facewash
- Body Creams & Moisturizers
- Face Cream & Moisturizers
- Shaving Lotions & Creams
- Sunscreen
- Others
By Distribution Channel
- Online
- Offline
- Hypermarkets & Supermarkets
- Pharmacy & Drugstore
- Convenience Store
Regional Analysis
Asia Pacific leads the region in the skincare product market, with a maximum share of 41.2% in 2023. The growth of the chemical sector in countries like China & India, backed by favorable regulatory policies & measures, ensures a continuous supply of raw materials to self-care product producers, contributing to the market's growth in the region. China, in the Asia-Pacific region, plays a significant role in the global skincare product market in both, consumption & production. The country's government policies also promote the demand for skincare products, further driving market growth in Asia Pacific.
On the other hand, North America is anticipated to witness a steady Compound annual growth rate by 2032. Customers in this region’s economies, including Canada & United States, show a willingness to invest in skincare solutions for achieving a young look and flawless skin. The growing demand for particular skincare products and growing awareness about ingredient-specific formulations are anticipated to fuel the market’s growth.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The Skin Care Products Market is characterized by the presence of established players and new entrants. Companies are continuously expanding their product portfolios by introducing new and innovative skincare products to attract a wider consumer base. For example, in July 2021, Shiseido Co. Ltd. announced the launch of ULTIMUNE Power Infusing Concentrate III in Japan, a renewed version of their iconic serum ULTIMUNE Power Infusing Concentrate N. The product was made available in approximately 380 stores nationwide and on their beauty website, Watashi+.
Similarly, in June 2021, Beiersdorf AG's NX NIVEA Accelerator expanded its presence in China and selected the top five startups for a new program in Shanghai. The brand established a partnership with China's leading e-commerce platform, Tmall, focusing on collaborating with beauty startups specializing in indie brands, beauty technology, personalization, and platform business models with a high level of digitalization. Additionally, in June 2021, P&G's Good Skin MD was launched in CVS Pharmacy's offline and online stores. The brand introduced six products, including sunscreen, vitamin C, and vitamin B serums, a night cream, a rescue cream, and a cleanser, catering to diverse skincare needs and preferences of consumers. These initiatives reflect the dynamic nature of the skincare market, with companies actively innovating and expanding their product offerings to cater to the evolving demands of consumers.
Some of the prominent players in the Global Skin Care Products Market are:
- Avon Products, Inc.
- Beiersdorf AG
- Unilever
- Coty Inc.
- Revlon
- Johnson & Johnson Inc.
- L’Oréal S.A.
- Colgate-Palmolive Company
- Procter & Gamble (P&G)
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Skin Care Products Market:
The Global Skin Care Products Market experienced a significant impact from the COVID-19 pandemic and the ensuing recession. During the pandemic, there was a shift in consumer priorities, with many people focusing on essential items and cutting back on discretionary spending, including skincare products. Lockdowns and social distancing measures also led to reduced consumer footfall in retail stores, affecting sales. Moreover, disruptions in supply chains and production facilities resulted in challenges for manufacturers and distributors. However, the skincare market also witnessed certain positive effects, as consumers increasingly sought products for at-home self-care and wellness routines. With more people spending time indoors, there was a growing interest in skincare solutions to address concerns like dry skin due to frequent handwashing and mask-related skin issues. Online sales channels, including e-commerce platforms, gained prominence during the pandemic, as consumers turned to digital shopping to meet their skincare needs. As economies recover from the recession and restrictions ease, the skincare market is expected to regain momentum with a renewed focus on wellness and personal care.
| Report Characteristics |
| Market Size (2023) |
USD 150.1 Bn |
| Forecast Value (2032) |
USD 234.6 Bn |
| CAGR (2023-2032) |
5.1% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Gender (Female, and Male), By Product (Cleansers
& facewash, Body Creams & Moisturizers, Face
Cream & Moisturizers, Shaving Lotions & Creams,
Sunscreen, Others), By Distribution Channel (Online,
Offline). |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Avon Products, Inc., Beiersdorf AG, Unilever, Coty
Inc., Revlon, Johnson & Johson Inc., L’Oréal S.A.,
Colgate-Palmolive Company, Procter & Gamble
(P&G), and Other Key Players. |
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