Westford, USA, Nov. 18, 2022 (GLOBE NEWSWIRE) -- The global skincare market is expected to grow at a CAGR of 5.4%. In this report, SkyQuest provides an overview of the market, including market size and segmentation, product types and applications, key players, supply channels, and future trends. Skincare is an important category for retail sales. Asia Pacific will continue to be the dominant region with a share estimated at over 38% in the years to come. The demand for skincare product is expected to be higher in South Korea, India, and Japan, among others. North America is expected to grow at a faster rate than other regions due to increasing awareness about good skin health and aging populations.
SkyQuest forecasts that the number of global consumers using skincare products will rise from 2.4 billion in 2020 to 3.8 billion by 2024. The top five countries driving skincare market growth are China, India, the United States, Japan, and South Korea. These five countries account for more than two-thirds of the total global skincare market.
Skincare remains a highly personal category with consumers tending to prefer those products that cater to their individual needs and characteristics. Consequently, many of the new product launches over the next couple years will focus on addressing specific customer needs such as acne treatment or anti-aging creams. In addition to new product launches, we also expect hospitals and clinics to start offering more extensive skincare services in order to meet consumer demand for personalized care.
Anti-aging products will be the fastest-growing segment of the skincare market, with CAGR of 8.1% from 2022 to 2028. This is because consumers are becoming more interested in preventing and treating signs of aging such as wrinkles and age spots. Acne products will also experience significant growth over this period due to growing awareness about the need to treat acne effectively. Sun protection products will continue to be one of the most popular types of skincare products, with sales forecast to grow by 6.4% each year from 2022 to 2028. This is because many people are becoming more conscious about the risks associated with unprotected sun exposure such as skin cancer.
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Social Media and Desire to Look Good to Keep Agitating Global Skincare Market
Today, there are countless products available on the market that claim to beautify and improve the appearance of skin. Some of these products are traditional skincare items such as moisturizers, toners, and masks, while others are completely new to the market and consist of topical applications such as injections and patches. According to SkyQuest latest report on the skincare category, growth in this sector is driven by a desire on part of consumers to look good and feel good about themselves. This demand is being fueled by social media platforms, which allow for easy comparisons among users and an increased focus on personal appearance.
The growth of skincare market– both in terms of sales volume and market share – is directly related to the social media-fueled desire for people to look good. Specifically, the report found that 88% of women globally use social media platforms such as Facebook, Instagram and Pinterest to research products before making a purchase, while 66% said they're more likely to buy skincare products if they see friends or celebrities using them.
The trend is driven by women's increasing demand for self-care, which is being fueled by constant messaging about beauty standards and how individuals should present themselves," said Swarnima Aeri, Research head at SkyQuest's healthcare practice in the UK. " Brands need to tap into this by creating content that speaks to woman's needs and motivations in the global skincare market."
Interestingly enough, although skincare products are mainly purchased by women, almost half (49%) of men who use social media say they take into account product recommendations from friends when buying skin care items. This suggests that men are also benefiting from the trend towards social skincare consumption – albeit in a less overt way.
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Favorable Impact of Working Women Population on Global Skincare Market
The global working women population in corporate world is projected to reach 1.8 billion by 2025, representing a compound annual growth rate (CAGR) of nearly 3%. Women are now the world’s largest and fastest growing professional category, and they will account for three-quarters of the workforce by 2025.
Skincare is a key sector that continues to drive women’s work-life balance priorities. Women spend more time on skincare related tasks than any other category of personal care products, according to a study conducted by SkyQuest in 2021. Additionally, skincare products are one of the most affordable personal care categories, making them an ideal choice for those seeking to reduce their spending on discretionary items.
Indeed, with skincare products accounting for 66% of all personal care purchases across Europe and Asia Pacific skincare market, the demand from female professionals is anticipated to grow significantly in the next decade. We expect skincare product demand from working women to exceed $63 billion by 2025.
This increase in demand for skincare market by working women is supported by an increased awareness about the importance of taking care of one's skin and the associated benefits, such as improved appearance and reduced wrinkles. Moreover, worksite policies that promote skincare use among employees can also help drive this market growth.
However, there are some challenges that must be overcome if companies intending to participate in this growing market are to succeed. For example, many working women lack access to quality skincare products that meet their needs, due to financial constraints or inconvenient locations where they can purchase these products. Additionally, many women do not have proper knowledge about how to optimize their skincare regimen using specific products and tools.
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Top Players in Global Skincare Market
- L’Oréal Professional (France)
- Unilever (England)
- Procter & Gamble (US)
- Estée Lauder Inc. (US)
- Beiersdorf AG (Germany)
- Shiseido Co., Ltd. (Japan)
- Coty Inc. (US)
- Natura & Co. (Brazil)
- Kao Corporation (Japan)
- Johnson & Johnson Services, Inc. (US)
- Avon Products Inc. (UK)
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