New York, USA, April 19, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global skincare market is predicted to rise at a tremendous CAGR of 6.7%, thereby garnering a revenue of $273.3 billion in the 2022-2031 timeframe. This integrated report presents a brief outlook of the current framework of the skincare market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Growing preference for health-promoting & self-care products from people across the globe is anticipated to be the primary growth driver of the skincare market in the forecast period. Along with these, growing use of cosmetics products for skincare is expected to push the market forward.
Opportunities: Increasing demand for skincare products, especially in urban areas, is estimated to provide numerous growth opportunities to the skincare market in the forecast period. Additionally, an increased interest in the strength of regimens & procedures is predicted to propel the growth of the market.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to the harmful effects associated with overuse of skincare products which might prove to be a restraint for the skincare market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. Surprisingly, however, the skincare market faced a positive impact of the pandemic. The cosmetics industry adapted quickly to the pandemic situation by increasing the production of sanitizers and cleaning products which helped the market to continue its hold over its customers. This, ultimately, increased the growth rate of the skincare market in the pandemic period.
Segments of the Market
The report has divided the skincare market into certain segments based on products, distribution channel, gender, packaging, and region.
Products: Creams and Moisturizers Sub-segment to be the Most Profitable
The creams and moisturizers sub-segment is expected to be the most dominant by 2031. The growing popularity of creams and moisturizers to maintain the skin's equilibrium is further expected to boost the growth of this sub-segment.
Distribution Channel: Online Sub-segment to be the Most Dominant
The online sub-segment is expected to be the fastest growing sub-segment by 2031. The rising trend among businesses and dealers to adopt e-commerce models is further expected to boost the growth of this sub-segment.
Gender: Female Sub-segment to be Highly Lucrative
The female sub-segment is expected to garner significant revenue by 2031. The growing utilization of highly specialized skincare products by females across the world is further expected to boost the growth of this sub-segment.
Packaging: Tubes Sub-segment to Have a Huge Market Share
The tubes sub-segment is expected to be highly profitable by 2031. A rapid growth of the personal care industry is expected to drive demand for cosmetic packaging tubes, which is expected to boost the growth of this sub-segment.
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Market in the Asia-Pacific Region to Have the Highest Market Share
The skincare market in Asia-Pacific region is predicted to be the most lucrative by 2031. Rising usage of skincare items such as body moisturizing lotions, sunscreen lotions, face wash, and make-up products for men & women is expected to boost the growth of this market in the forecast period.
Prominent Market Players
Some of the prominent players of the skincare market are
- L’Oréal Professional
- Beiersdorf AG
- Kao Corporation
- Unilever PLC
- Shiseido Co. Ltd.
- Johnson & Johnson
- Procter & Gamble
- M Coty Inc.
- Avon Products Inc.
- Estée Lauder Inc.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
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For instance, in April 2023, L'Oréal, a French personal care products giant, announced the acquisition of Aēsop, an Australian skin and hair products company. This acquisition is touted to be the biggest deal ever signed by L'Oréal and is expected to increase its market share massively in the next few years.
Finally, the report also summarizes many crucial aspects of the skincare market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Skincare Market:
- The Future of Skincare: Trends & Predictions
- Global Skincare Market to Experience Noteworthy Growth by 2031 with the Increasing Need for Skincare Products in Urban Areas
