Pune, India, Jan. 19, 2023 (GLOBE NEWSWIRE) -- As per a report published by Fortune Business Insights, the global skincare market size is set to rise at a 5.52% CAGR and is anticipated to generate a revenue of $145.82 billion by 2028 from $100.13 billion in 2021. In its report titled, “Skincare Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at $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, and 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.
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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:
- 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)
- L’Oréal Professional (Clichy, France)
- Unilever (London, England)
- Procter & Gamble (Cincinnati, Ohio, U.S.)
- Estée Lauder Inc. (New York, U.S.)
Skincare Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.52% |
| 2028 Value Projection | USD 145.82 Billion |
| Base Year | 2020 |
| Skincare Market Size in 2020 | USD 98.83 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 155 |
| Segments Covered | By Product, By Packaging Type, By Gender, By Distribution Channel, By Region |
| Skincare Market Growth Drivers | Increasing Demand for Sustainable Products is Expected to Fuel Market Growth |
| Increasing Awareness of Personal Grooming among All Age Groups to Drive Demand |
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.
Market Segmentation:
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.
Increasing demand for skincare oils, shampoos, and creams made of moisturizing and hydrating ingredients such as shea butter, argon oil, glycerin, and others is scaling the worldwide skincare products market growth. In addition, rising demand for makeup-infused skincare products to get a natural glow and a perfect makeup finish on facial skin is accelerating the demand for such products.
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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)
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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:
- 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.
Check out more Related Insights by Fortune Business Insights:
Hair Care Market to Hit USD 112.97 Billion by 2028 | Industry to Generate 5.6% CAGR during (2021-2028)
Cosmetics Market Size to Reach $415.29 Billion by 2028 | Industry to Generate 5.0% CAGR during (2021-2028)
Anti-aging Cosmetics Market Assessment (2019-2026) | 5.8% CAGR to Garner USD 60.26 Billion by 2026
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