According to Fortune Business Insights, the global skincare market size is expected to gain momentum by reaching USD 145.82 billion by 2028 from USD 100.13 billion in 2021, while exhibiting a CAGR of 5.52% between 2021 to 2028. In its report titled, “Skincare Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 98.83 billion in 2020.
In recent times, skincare has become one of the important rituals in everyone’s life. This is because these products improve the quality and health of the skin and provide nourishment. Men & women both use it on a daily basis for purposes such as cleansing, moisturizing, and hydrating. Additionally, awareness toward natural and herbal skincare is also generating traction. For instance, ingredients such as aloe Vera, various root and leaf extracts have replaced chemicals in these personal care products since people are now aware of the adverse effects of synthetic chemicals on the skin. Therefore, major skincare companies are labeling their products to be natural. For example, key companies such as Avon and Garnier have launched their natural and herbal range as ‘Avon Naturals’ and ‘Garnier Organic’ to attract customers.
The pandemic crippled the global economy. The manufacturing facilities saw a decline in their production capacity due to lockdown and stringent regulations imposed by governments amid the pandemic to curb the spread of the virus. This is impacting the companies’ product revenues. Additionally, factors such as the closure of beauty retail stores and cosmetic businesses and the shortage of raw material supplies due to the lockdown restrictions hampered the product consumption rate. However, the market is expected to revive during the forecast period, as there is a shift in the consumer behavior towards personal care, wellness and beauty increased while they were indoors, amid lockdown.
By Product, By Packaging Type, By Gender, By Distribution Channel, By Region
Skincare Market Growth Drivers
Increasing Awareness Regarding Personal Grooming to Drive Market Growth
Increasing Awareness of Personal Grooming among All Age Groups to Drive Demand
Fortune Business Insights™ lists out all the skincare market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
L’Oréal Professional (Clichy, France)
Unilever (London, England)
Procter & Gamble (Cincinnati, Ohio, U.S.)
Estée Lauder Inc. (New York, U.S.)
Beiersdorf AG (Hamburg, Germany)
Shiseido Co., Ltd. (Chuo City, Tokyo, Japan)
Coty Inc. (New York, U.S.)
Natura & Co. (Sao Paulo, Brazil)
Kao Corporation (Chuo City, Tokyo, Japan)
Johnson & Johnson Services, Inc. (New Brunswick, U.S.)
Avon Products Inc. (London, U.K)
What does the Report Provide?
The market report for these products provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
Increasing Awareness Regarding Personal Grooming to Drive Market Growth
The rising trend of skin nourishment products by the young population to treat their skin problems such as acne, black spots, scars, dullness, and tanning is expected to drive skincare market growth. Products such as toners, scrubs, and sunscreen are highly in demand from the younger population, whereas products that treat wrinkles, cracked heels are demanded from the aged population. Moreover, incessantly changing lifestyle, increasing disposable income, and spending patterns of consumers on beauty care products is expected to boost the market in upcoming years.
Furthermore, the increasing demand for men’s grooming products, strong advertising initiatives by manufacturers, and the digitalization trend that have enhanced consumer awareness about personal care products are also promoting market growth. For instance, as per ‘Prima & Prep’s Men Grooming survey 2019’, around 89.5% of the men are concerned about skin issues, of which 35.8% of men use skincare and anti-aging products on a daily basis.
By product type, the market is divided into creams, lotions, powders, sprays, and others. By packaging type, the market is segmented into tubes, bottles, jars, and others. On the basis of gender, the market is bifurcated into men and women. By distribution channel, the market is segmented into cosmetic stores, supermarkets/ hypermarkets, online channels, and others.
Based on type, the creams segment held a market share of 33.41% in 2020. This is attributable to
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Asia Pacific to Dominate Backed by Increasing Working Population
Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to the increasing employed population and rising disposable income in the region. For instance, a report by India Brand Equity Foundation on FMCG published in May 2018 states that in India, total consumption expenditure was USD 1,595 billion in 2016, which is projected to reach about USD 3,600 billion by 2020. The region’s market stood at USD 51.31 billion in 2020.
Europe is expected to showcase significant skincare market share in upcoming years, owing to the increasing demand for skin nourishment products by both male and female population. Additionally, the greater spending power of the populace in the region, coupled with the strong presence of key players operating in the market, is promoting the regional market.
Rеаѕоnѕ to Get thіѕ Rероrt:
A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
Data on market value for each section and sub-segment
Indicates the region and market segment that is likely to expand the fastest and dominate the market.
The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
The competitive landscape includes the top players’ market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
Key Players to Focus on New Launches & Acquisitions to Strengthen Their Presence
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects.
Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
Market Analysis and Insights (in Relation with COVID-19)
Impact of COVID-19 on the Market
Supply Chain Challenges due to the Pandemic
Potential Opportunities to Support the Market during the Global Crisis
Global SkinCare Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Size Estimates and Forecast
By Product (Value)
By Packaging Type (Value)
By Gender (Value)
By Distribution Channel (Value)
By Region (Value)
Middle East & Africa
Below is the industry development:
December 2019: A subsidiary of Kao Corporation, e’quipe, LTD., launched its new brand named ‘athletia’ in February 2020. The brand offers skin nourishment products, such as ‘tune & charge,’ the ‘active & go’ and ‘breathe & sleep’ range.
January 2020: Procter & Gamble acquired a women’s body care company named Billie Inc. Through this acquisition, the company is expected to strengthen its product range as Billie is primarily involved in supplying female beauty as well as grooming products.
Frequently Asked Questions (FAQs):
1.How big is the skincare market?
Answer: Skincare Market is projected to reach USD 145.82 Billion by 2028, exhibiting a CAGR of 5.52% between 2021 and 2028.
2. What are the skincare market drivers?
Answer: Increasing Awareness Regarding Personal Grooming to Drive Market Growth
3. Who is leading the market in skincare?
Answer: Some of the leading companies that are operating in the market are Unilever, Procter & Gamble, LOreal Professional, and Estée Lauder Inc. are few of the key players in the market.
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