Global Skincare Market Size & Share to Surpass $175.6 Billion by 2030 | Vantage Market Research

WASHINGTON, Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Skincare Market is estimated to be valued at USD 175.6 Billion by 2030 at an exponential growth of 6.6% in the next seven years.   

The demand for Skincare products is increasing due to various factors, including acne, scars, dullness, black spots, and tanning. Younger people are particularly interested in skin-brightening products, toners, and scrubs. On the other hand, older individuals are seeking products that can help with wrinkles or cracked heels. The Skincare market is expected to grow due to changing lifestyles and consumer spending habits on high-quality beauty care items.

The Report Provides Insights on the Following Pointers

1. Market Penetration: Provides comprehensive information on the market offered by the key players,
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets,
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments,
4. Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation,
5. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players,
6. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.

Consumers are now prioritizing their healthcare and are more likely to use environmentally friendly products. Additionally, manufacturers are working towards reducing their carbon footprint by adopting more efficient manufacturing technologies that require less energy and resources. Moreover, due to increasing awareness of animal rights, consumers now prefer vegan ingredients derived solely from plant-based sources. As a result, market players focus on making vegan products to attract customers and increase their profits.

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Factors Affecting the Growth of the Skincare Industry

The development of the Skincare market may be impacted by a number of variables. Some of these factors include:

• With the rise of social media and the internet, consumers are becoming more educated about Skincare and maintaining healthy skin. This has led to a growing demand for Skincare products and treatments.
• Consumers increasingly seek natural and organic Skincare products free from harmful chemicals and synthetic ingredients. This shift in consumer preference has spurred the growth of natural and organic Skincare brands.
• The global population is aging, with a more significant number of people entering their 50s and beyond. As people age, they tend to spend more on anti-aging Skincare products and treatments, increasing the demand for such products.
• The Skincare industry has benefited from technological advancements, such as new ingredient discoveries, innovative formulations, and advanced Skincare devices. These advancements have made Skincare products and treatments more effective and have attracted more consumers.
• The rise of e-commerce has made Skincare products more accessible to consumers. Online sales have allowed smaller brands to reach a wider audience and have provided consumers with more choices. This has contributed to the growth of the Skincare industry.
  
  

Key Highlights

• By Product, the Creams segment is anticipated to have the largest market revenue over the forecast period,
• By Packaging Type, the bottles segment is expected to maintain its position of superiority, securing the highest market share on a global scale,
• The Asia Pacific region is positioned for striking expansion, showcasing a notable market growth,
• North America is expected to witness maximum market growth in the forecast period.

Prominent Players in The Global Skincare Market Report Scope   

• L’Oréal Professional (France)
• Unilever (UK)
• Procter & Gamble (U.S.)
• Estée Lauder Inc. (U.S.)
• Beiersdorf AG (Germany)
• Shiseido Co. Ltd. (Japan)
• Coty Inc. (U.S.)
• Natura & Co. (Brazil)
• Kao Corporation (Japan)
• Johnson & Johnson Services Inc. (U.S.)
• Avon Products Inc. (UK)
  
  

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Key Trends

• One of the top market trends in the Skincare market is the growing demand for natural and organic Skincare products. Consumers are increasingly aware of the adverse impacts of chemicals and synthetic ingredients in Skincare products. This has led to a surge in demand for natural and organic Skincare products, considered safer and more environmentally friendly.
• The rise of e-commerce and online sales is another noteworthy trend. The Skincare market has significantly shifted towards online shopping in recent years. The convenience of online shopping, an extensive range of products, and competitive pricing have led consumers to prefer purchasing Skincare products online rather than in brick-and-mortar stores.
• The increasing popularity of K-beauty and J-beauty products is another major trend in this industry. Korean beauty (K-beauty) and Japanese beauty (J-beauty) products have recently gained global popularity. The Skincare routines and innovative products from these countries, such as sheet masks and essence serums, have captivated consumers worldwide and influenced global Skincare trends.
  
  

Key Strategies in the Skincare Market

The competitive landscape in the global Skincare market is dynamic, with players constantly striving to differentiate themselves through product innovation, marketing strategies, and sustainability practices. Here are crucial insights into key competitors and success strategies in the industry:

• Skincare brands invest in research and development to create innovative products and incorporate cutting-edge technologies, such as AI diagnostics or personalized Skincare apps, which help differentiate themselves in the market.
• With the rise of e-commerce, Skincare brands have a robust online presence and influential digital marketing strategies. Engaging customers through social media, influencer collaborations, and targeted digital advertisements significantly increases brand visibility and sales.
• Brands prioritize natural and clean ingredients, such as plant-based extracts and organic compounds, and tend to gain a competitive edge. Also, brands prioritize packaging made from recycled materials, cruelty-free testing, and reduced carbon footprint.
• Brands offer personalized Skincare solutions, such as tailored Skincare routines or products that meet specific needs, helping to attract and retain more customers.
• Companies collaborate with other brands, influencers, or Skincare professionals to generate buzz and reach new audiences. This enhances a brand's credibility and expertise.
  
  

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Recent Development of the Global Skincare Market

• In January 2022, L'Oreal and Verily announced that they will be collaborating exclusively on cosmetic projects to promote skin health. Two projects will be part of the innovative partnership between L'Oréal and the beauty industry. The first will focus on improving the definition and comprehension of skin and hair aging mechanisms, as well as providing direction for the company's precision beauty tech strategy and product development.
• In January 2022, Procter & Gamble purchased the upscale Skincare line Tula. Superfoods and probiotic extracts fuel a clean Skincare brand, Tula. The goals of Tula's products are to nourish skin to increase moisture, balance, soothe, and quiet skin irritation. P&G Beauty will help the Tula team to drive brand growth and support expansion and innovation as part of the acquisition agreement.

Global Skincare Market Segmentation

By Product

• Creams
• Lotions
• Powders
• Sprays
• Other Products
  
  

By Packaging Type

• Tube
• Bottle
• Jar
• Other Packaging Types

By Gender

• Men
• Women

By Distribution Channel

• Cosmetic Stores
• Supermarkets/Hypermarkets
• Online Channel
• Other Distribution Channels

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  
  

Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Skincare Market Forecast Report (2023-2030).                         

Highlights From Segments

Product Analysis

• Creams segment accounted for the most substantial market growth in 2022.
• Demand for creams is rising due to their effectiveness in treating various skin concerns such as aging, dryness, and acne. Innovation in formulations and the introducing of organic and natural ingredients have further boosted the segment.
• Skin brightening and anti-aging creams are popular among consumers, leading to extensive market growth.
  
  

Packaging Type Analysis

• The bottles category in the global Skincare market plays a crucial role in providing packaging solutions for various Skincare products. With the increasing demand for Skincare products, there is a growing need for attractive and convenient packaging options. Innovation in bottle designs and materials is driving this segment's growth, catering to consumers' diverse preferences worldwide.
• The tubes segment in the global Skincare market is gaining significant traction. The convenience and ease of tubes make them a preferred choice among consumers.

Gender Analysis

• The women's segment in the global Skincare market is growing significantly.
• With the increasing awareness about Skincare and the desire for flawless and youthful skin, women have become the primary consumers of Skincare products.

Distribution Channel Analysis

• Online Distribution Channel is anticipated to have maximum market growth during the projected timeframe.
• With the advent of e-commerce platforms and increased internet penetration, consumers can conveniently purchase Skincare products online. This channel offers various products from various brands, allowing consumers to compare prices and read reviews.

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Scope of the Report:    

Regional Analysis

• The Asia Pacific Skincare market is witnessing significant growth in 2022 due to several factors, such as increasing disposable income, growing awareness about Skincare, and rising demand for natural and organic Skincare products.
• Consumers are becoming increasingly conscious of the contents they use on their skin and opting for products free from harmful chemicals and artificial additives. This has led to the emergence of local and international brands offering natural and organic Skincare solutions.
• The region encompasses countries like China, Japan, India, South Korea, and Australia, with a large consumer base and a strong inclination towards Skincare products.
  
  

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