Wilmington, Delaware, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Facial Care Market by Product Type (Skin-Whitening and Anti-Aging, Facial Creams, Face Wash, Cleansing Wipes, Serums & Masks and Others), Gender (Men, Women and Unisex), and Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Pharmacies, Online Sales Channels and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the facial care market was valued at $98.2 billion in 2023, and is estimated to reach $166.9 billion by 2033, growing at a CAGR of 5.6% from 2024 to 2033.
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Prime determinants of growth
The global facial care market is experiencing growth due to rise in consumer awareness and demand for skincare and technological advancements and innovation. However, the high cost of premium products and environmental concerns and sustainability issues hinder the market growth to some extent. Moreover, the rise in demand for natural and organic products offer remunerative opportunities for the growth of the global facial care market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $98.2 billion |
| Market Size in 2033 | $166.9 billion |
| CAGR | 5.6% |
| No. of Pages in Report | 235 |
| Segments Covered | Product Type, Gender, Distribution Channel, and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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Segment Highlights
The skin-whitening & anti-aging segment is expected to grow faster throughout the forecast period.
Based on product type, the skin-whitening & anti-aging segment held the highest market share in 2023, accounting for more than one-third of the global facial care market revenue and is likely to retain its dominance throughout the forecast period. Skin-whitening & anti-aging products are especially popular in regions like Asia-Pacific, where cultural preferences for fairer skin and the strong emphasis on anti-aging drive significant demand. The increasing awareness of skin aging and the availability of advanced formulations with active ingredients like retinoids, vitamin C, and hyaluronic acid have further boosted the popularity of these products.
The women segment is expected to grow faster throughout the forecast period.
Based on gender, the women segment held the highest market share in 2023, accounting for more than half of the global facial care market revenue and is likely to retain its dominance throughout the forecast period. The wide variety of products specifically formulated for women, including anti-aging creams, moisturizers, serums, and face masks, caters to diverse skincare needs and preferences. Women are also more likely to follow comprehensive skincare routines, further fueling demand for multiple facial care products.
The specialty stores segment is expected to grow faster throughout the forecast period.
Based on distribution channel, the specialty stores segment held the highest market share in 2023, accounting for two-fifths of the global facial care market revenue and is likely to retain its dominance throughout the forecast period. Specialty stores have traditionally been dominant in the facial care market due to their accessibility, wide product range, and the ability for consumers to physically experience products before purchasing.
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Regional Outlook
Asia-Pacific to maintain its dominance by 2033.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for more than one-third of the global facial care market revenue and is expected to dominate throughout the forecast period. Asia-Pacific dominates the facial care market, driven by strong consumer demand, especially in countries like China, Japan, and South Korea. The region's cultural emphasis on skincare, coupled with the popularity of beauty routines such as K-beauty and J-beauty, has fueled the growth of facial care products. Additionally, the rising middle class, increased disposable income, and the proliferation of local and international brands catering to diverse skin concerns have further strengthened Asia-Pacific's leadership in the market.
Players: -
- Shiseido Company, Limited
- Kao Corporation
- Beiersdorf AG
- L’Oréal S.A.
- The Estee Lauder Companies Inc.
- Procter & Gamble Company
- Edgewell Personal Care
- Amway Corporation
- Johnson & Johnson Services, Inc.
- Unilever plc
The report provides a detailed analysis of these key players in the global facial care market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Developments:
- In March 2024, L'Oréal S.A. has created a new product named Melasy. The products are specifically created to address the growing skin acne problem and pigmentations. It strengthens the organization's competitive position, and the expanded product horizons boost the scope of investments in the face serum brand.
- In August 2023, Natura introduced the Chronos Intensive Antioxidant Serum to address anti-aging issues. The product contains antioxidant extracts from the Amazon, which include açaí fruit, cacao, and ingá.
- In 2021, Beiersdorf launched its own AI-powered vegan skincare brand named "O.W.N", which offers personalized skincare solutions.
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