The global skin care products market size is expected to reach USD 196.20 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.6% from 2022 to 2030. The rising concerns over skin problems are driving the skincare products industry. The growing demand for concern-specific skincare products such as face creams, body lotions, shaving lotions and creams, and face sunscreens is likely to fuel the overall demand.
Skin Care Products Market Report Highlights
- Asia Pacific held the largest revenue share in 2021 owing to the increasing consumption of skincare and cosmetic products in the emerging markets of China and India. A rise in the number of product launches, growing concerns over skin health, and skin conditions are likely to positively influence the market growth
- By product, the face creams and moisturizers segment captured the largest revenue share in 2021 owing to the increasing popularity of these products globally, as people are becoming more conscious of their physical appearance along with being concerned about skin disorders and malignancies of the skin
- The male gender segment is anticipated to expand at the fastest CAGR of 5.0% over the forecast period owing to the significant growth in awareness regarding skincare among the global male population
- The supermarkets and hypermarkets distribution channel segment held the largest revenue share in 2021 owing to a shift in consumer shopping behavior. Due to the increasing demand for cosmetic products and rising shelf space, many of these stores have trained professionals in the cosmetics and beauty aisles to provide customers with expert guidance and recommendations
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Rising awareness regarding the various benefits of using skincare products has resulted in a rise in their demand over the last few years. Moreover, an inclination toward natural and organic skincare products is observed, making it a major sector in the cosmetics and wellness industry. Organic products are derived from natural resources and are free from harmful chemicals.
The female gender segment accounted for the largest revenue share in 2021 and is expected to maintain its lead over the forecast period. Women are increasingly adding personal grooming products to their daily routines to enhance their confidence and appearance. The increased demand for face creams, sunscreens, and body lotions across the globe is expected to have a positive impact on the market.
The supermarkets and hypermarkets segment held the largest revenue share in 2021. A large number of consumers prefer buying skincare products from hypermarkets and supermarkets due to the shopping experience offered by these stores. The ability to physically verify these products, along with expert assistance, is significantly contributing to the channel’s growth. The market is consolidated in nature with the presence of a large number of international players and few regional players.
Skin Care Products Market Insights By Geographical Region
Asia Pacific held the largest revenue share of over 35.0%. The expansion of the chemical industry in India and China, both of which are backed by regulatory support, is expected to ensure continuous raw material access to skincare product manufacturers and thus, be a positive factor for the market in Asia Pacific over the forecast period. North America is expected to register a CAGR of 4.3% from 2022 to 2030. Consumers in North American countries such as the U.S. and Canada are willing to pay a high price for a more youthful appearance, along with brighter and glowing skin. The presence of well-established product manufacturers in North America, such as Procter & Gamble and Unilever, along with the growing infrastructure facilities for retailers, is expected to support the demand for skin care products.
Industry Share Analysis By Major Companies
The market is characterized by the presence of a few established players and new entrants. Companies have been expanding their product portfolios by incorporating new and innovative skin care products to widen their consumer base. The brand are be offering six products: sunscreen, vitamin C and vitamin B serums, a night cream, a rescue cream, and a cleanser. Some prominent players in the global skin care products market include:
- L’Oréal S.A.
- Beiersdorf AG
- Shiseido Co., Ltd.
- Procter & Gamble (P&G)
- Unilever
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Skin Care Products Market Segmentation
Grand View Research has segmented the global skin care products market on the basis of gender, product, distribution channel, and region:
- Skin Care Products Gender Outlook (Revenue, USD Million, 2017 – 2030)
- Skin Care Products Outlook (Revenue, USD Million, 2017 – 2030)
- Skin Care Products Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
- Skin Care Products Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Skin Care Products Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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