Skincare Market

Global Skincare Market Size (2024 to 2029)

The size of the global skincare market is expected to be valued at USD 264.5 billion by 2029 from USD 178.3 billion in 2024, growing at a CAGR of 8.21% from 2024 to 2029.

Creams, lotions, and powders are types of skincare products that improve the quality and health of the skin while also providing sustenance. Many women and men use these products regularly for a variety of reasons, including moisturizing, hydrating, and cleansing. Organic and herbal skincare has been increasingly popular in recent years. This is because people are aware of synthetic chemicals' negative effects on the skin. Ingredients originating from natural sources, such as leaf and root extracts, are safe to use on the skin because they have no negative effects. 

MARKET DRIVERS

The growing demand for face creams, sunscreens, and body lotions and the rising e-commerce sector worldwide are majorly driving the global skincare market growth.

Technological and product advancements further boost the growth of the skincare market. The need for skin nutrition solutions has grown because of increased concerns about skin nourishment brought on by several disorders such as acne, black spots, scars, dullness, and tanning. The younger generation is more interested in skin-brightening treatments, toners, and scrubs, while the older generation is more interested in wrinkle creams and cracked heels. Consumer buying habits for high-end cosmetic products are projected to shift, bolstering the market's overall growth. Furthermore, as people become increasingly aware of the detrimental effects of prolonged sun exposure, demand for sunscreen lotions and creams is increasing.

Furthermore, increased consumer knowledge of skincare products has been boosted by increased awareness of grooming goods for men, significant advertising campaigns by manufacturers, and the digitization trend. As a result of these circumstances, male end customers have raised their desire for products like fairness creams and aftershave creams.

Consumers are now putting more emphasis on their health by using skin-nourishing products, and they are also more inclined to utilize environmentally friendly products. Furthermore, firms are concentrating on lowering their carbon footprint by implementing new production technologies that consume less energy and resources. Furthermore, innovative and eco-friendly, recyclable, or refillable product packaging is in high demand. Furthermore, as public awareness of animal rights grows, consumers' preferences are shifting toward vegan components made completely of plant-based goods. As a result, market participants are working on developing vegan products to attract more customers and enhance income.

MARKET RESTRAINTS

Side effects associated with the usage of cosmetic products are hampering the growth of the global skincare market.

The regular use of cosmetic products for an extended period can harm the skin, causing irritation, redness, burning sensations, discoloration, and skin cell aging. Some skin-nourishing products are tailored to skin types, such as dry or oily skin. Consumers, on the other hand, tend to buy products based on the brand name and neglect other product features, which can harm their skin. Furthermore, due to specific components that are not good for the individual, a few products might cause allergic responses and the development of pimples. Excessive use can potentially lead to serious problems, such as skin cancer and melanoma. As a result, these are some of the most significant stumbling blocks to market expansion.

Impact Of COVID-19 On the Global Skincare Market

Due to shutdown restrictions in numerous countries throughout the world, businesses are having problems physically visiting their channel partners and finalizing business arrangements. As a result, the companies' product revenues are being harmed. Furthermore, difficulties such as the closure of beauty retail outlets and cosmetic firms, as well as a scarcity of raw material supply because of the stringent limitations, may considerably slow global product consumption. People, on the other hand, prefer to stay inside to avoid becoming infected with the coronavirus. This will result in a shift in consumer behavior toward personal care, well-being, and attractiveness in interior surroundings, leading to an increase in skincare demand among residential customers.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Skincare Market Analysis By Product

The creams segment is projected to account for a significant share of the global skincare market during the forecast period.

Creams are used for moisturizing, brightening, tan removal, acne treatment, oil reduction, dark circle removal, sleep cream, and sun protection and have become an essential item to many in their regular life. The powders segment is expected to capture a considerable share of the global skincare market in the coming years. Consumers make considerable use of powders. Powders are available in a variety of forms, depending on the type of skin condition you have, such as rashes or allergies. Due to its use for skin treatment to remove blackheads and acne and play a functional role in removing skin irritation, the powder segment is expected to hold a notable share.

The lotions segment is expected to register a healthy CAGR in the global market during the forecast period. Lotions also serve an important function in nourishing the skin and preventing sunburns and tanning, and as a result, they have grown in popularity among consumers.

Global Skincare Market Analysis By Packaging

The tubes segment is anticipated to hold the largest share of the global market during the forecast period.

Tubes are easy to handle and use, and because they are compact, they are predicted to have a large market share. They are portable because they are light, take up less space than bottles, and allow for easier product application than jars and bottles. When the lid of a jar is opened, the contents of the jar are regularly exposed to air and light, which can lead to contamination or degradation of active chemicals utilized in the product, which is not the case with tubes. Bottles are best used for liquid items like toners, oils, and serums. Whereas the tube can be utilized for many items and it is more hygienic and safer to use the tube for products.

The bottling segment is expected to witness a healthy CAGR during the forecast period. The bottle packaging sector is expected to earn a significant market share in the skincare market. The makers put a lot of effort into creating unique, appealing lotion and serum bottles that are biodegradable and recyclable. The bottle packaging is durable, which extends the shelf life of the product being stored.

Global Skincare Market Analysis By Gender

The female segment dominated the global skincare market in 2022 and the domination of the female segment is likely to continue throughout the forecast period.

The female population is more aware of the market's available products for various uses, which majorly drives the growth of the female segment. However, reasons such as shifting consumer trends, increased knowledge of grooming and skincare, and the desire to improve one's appearance among males have led to the creation and launch of new products.

The male segment is projected to hold a substantial share of the global market in the coming years, owing to the growing awareness of personal grooming and health care. As a result of the rising interest in facial cosmetics, the market for such things has developed. This is because physical appearance has become increasingly significant in the lives of modern males. As a result, the Skincare business now has more chances for expansion.

Global Skincare Market Analysis By Distribution Channel

The cosmetic stores segment led the market in 2023 and is expected to witness a noteworthy share of the worldwide market during the forecast period.

Cosmetic stores are specialty stores where all cosmetic products are available, and clients may physically inspect product specifics. These establishments supply customers with personalized kits featuring a variety of cosmetic products that are packaged together and sold at a discounted price to attract customers. Cosmetic boutiques, as opposed to hypermarkets and supermarkets, have greater availability of newly introduced and latest products. Additionally, attendants in cosmetic stores are taught to assist customers in purchasing specific goods based on their needs. As a result, these factors are predicted to boost the growth of the cosmetic stores segment in the worldwide market.

The online channels segment is expected to hold a considerable share of the global market during the forecast period. Online channels play a crucial role in the segment's growth because of the extensive availability of branded skin support goods on online shopping sites such as Myntra, Amazon, Flipkart, and others. The products are widely available at reduced costs on a range of buying platforms, and they are subject to cashback and easy return policies, which are helping to drive the segment's growth.

REGIONAL ANALYSIS

The Asia Pacific is anticipated to hold a significant share of the worldwide market during the forecast period due to rising living standards, a growing working-class population and increased spending power of the population. Changing lifestyles and rising disposable income in countries such as China, India, Japan, and others have led to increased spending on well-being and personal care goods, boosting demand for skincare products and contributing to the growth of the APAC skincare market. Furthermore, growing awareness of skin-nourishing products due to the increased access to a varied range of brands is expected to propel the Asia Pacific skincare sector to new heights.

In the global market, Europe is predicted to account for a prominent share of the global market during the forecast period. Men and women in Europe are more concerned with their appearance and hence devote more time and effort to improving their skin's overall quality. Furthermore, the region's population has more purchasing power, which, combined with the strong presence of important market competitors, is encouraging the European market growth. North America is estimated to hold a substantial share of the global market during the forecast period.

KEY PLAYERS IN THE GLOBAL SKINCARE MARKET

Unilever (England), Avon Products Inc (England), P&G (US), Estee Lauder Inc (US), Johnson & Johnson (US), Beiersdorf AG (Germany), Shiseido Co Ltd (Japan), Natura & Co (Brazil), Lakme (India) and VLCC (India) are some of the major players in the global skincare market.

RECENT HAPPENINGS IN THE MARKET

• The Luxe Division of L'Oréal New Zealand has entrusted its portfolio of luxury brands to the creative agency FEDERATION. Among the companies interested in the acquisition are Lancôme and Kiehl's. Yves Saint Laurent, Georgio Armani, Urban Decay, Viktor & Rolf, Valentino, Diesel, Prada, and many others have all been represented by the independent agency since 1851. The appointment of FEDERATION to the Consumer Products Division brands of L'Oréal Paris, Maybelline New York, Garnier, and Essie adds significantly to FEDERATION's appointment to the Consumer Products Division brands of L'Oréal Paris, Maybelline New York, Garnier, and Essie. Unilever Plc has agreed to sell its global tea business to CVC Capital Partners for 4.5 billion euros ($5.1 billion), capping a two-year evaluation and spin-off process. Ekaterina, the company being sold, has 34 tea brands under its umbrella, including Lipton, PG Tips, Pukka Herbs, and TAZO, and is estimated to earn 2 billion euros in revenue by 2020.
• Procter & Gamble is issuing a voluntary recall of select aerosol spray antiperspirants after the detection of the cancer-causing ingredient Benzene in certain formulations. The recall includes Old Spice and Secret aerosol spray antiperspirants, as well as Old Spice Below Deck aerosol spray products with expiration dates until September 2023.

DETAILED SEGMENTATION OF THE GLOBAL SKINCARE MARKET INCLUDED IN THIS REPORT

This research report on the global skincare market has been segmented and sub-segmented based on product, packaging, gender, and region.

By Product

• Creams
• Lotions
• Powders
• Sprays
• Others

By Packaging

• Tube
• Bottle
• Jar
• Others

By Gender

• Female
• Male

By Distribution Channel

• Online Channels
• Cosmetic Stores
• Others

By Region:

• North America
• Europe 
• Asia Pacific
• Latin America 
• The Middle East and Africa