Pune, India, Jan. 25, 2022 (GLOBE NEWSWIRE) -- 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, Forecast 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 daily for purposes such as cleansing, moisturizing, and hydrating. Additionally, awareness toward natural and herbal skin care 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.
COVID-19 Impact
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.
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List of Key Players Profiled in the Skincare 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)
COVID-19 Impact-
The swift outspread of the coronavirus pandemic has affected various markets and industries globally. The shutdowns of production plants and manufacturing facilities due to lockdowns and curfews for indefinite time periods have declined the market growth. The disruptions in exploration and detection, cartography surveillance and scheduled mapping, precision agriculture application operations, and others due to the temporary shutdowns have negatively impacted the growth of the market. However, the market is expected to recover swiftly once the market returns to pre-pandemic levels.
Market Segmentation:
By product type the market is divided into
- Creams
- lotions
- powders
- sprays
By packaging type, the market is segmented into
- tubes
- bottles
- jars
On the basis of gender, the market is bifurcated into
- men
- women
By distribution channel, the market is segmented into
- cosmetic stores
- supermarkets/ hypermarkets,
- online channels
based on region, the market is categorized into
- North America
- Europe
- Asia Pacific
- South America
- Middle East
- Africa
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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.
Driving Factors
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.
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Regional Insights
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.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- 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)
- Creams
- Lotions
- Powders
- Others
- By Packaging Type (Value)
- Tube
- Bottle
- Jar
- Others
- By Gender (Value)
- Men
- Women
- By Distribution Channel (Value)
- Cosmetic Stores
- Supermarkets/Hypermarkets
- Online/e-commerce Channels
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product (Value)
- North America SkinCare Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value)
- Creams
- Lotions
- Powders
- Others
- By Packaging Type (Value)
- Tube
- Bottle
- Jar
- Others
- By Gender (Value)
- Men
- Women
- By Distribution Channel (Value)
- Cosmetic Stores
- Supermarkets/Hypermarkets
- Online/e-commerce Channels
- Others
- By Country (Value)
- U.S
- By Product (Value)
- Creams
- Lotions
- Powders
- Others
- By Product (Value)
- Canada
- By Product (Value)
- Creams
- Lotions
- Powders
- Others
- By Product (Value)
- Mexico
- By Product (Value)
- Creams
- Lotions
- Powders
- Others
- By Product (Value)
- U.S
- By Product (Value)
TOC Continued…!
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Competitive Landscape
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.
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.
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