Wilmington, Delaware, United States, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The skin care products market stood at US$ 156 billion in 2021 and the global market is projected to reach US$ 269.2 billion in 2031. The skin care products market is anticipated to expand at a CAGR of 5.6% between 2021 and 2031.
The skin care products market shows flourishing revenue opportunities due to consistent consumer demand. People are more aware about the skin care products used from harsh chemicals, irritants such as parabens, synthetic dyes, etc. Environment-friendly packaging and vegan-certified products are widely preferred by consumers from well-established countries. Several brands operating in domestic and international market players are manufacturing the skin care products from natural ingredients such organic chamomile oil, coconut-based cleansers, and organic olive oil.
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The increasing sales of skin care products through various distribution channels is driving the market's growth. The rising number of specialty stores, mega retail stores, and other stores boosts sales worldwide. There is an increasing trend and popularity of purchasing skin care products from online distribution channels. Online stores, eCommerce websites, and company-owned websites are top-rated in digital age consumers. The rising competition between local and international brands drives the skin care products business. However, the growing usage of harmful ingredients in the manufacturing process of such products is affecting the expansion of the global skin care products market.
Key Takeaways of Market Report
- Global skin care products market to generate absolute dollar opportunity worth US$ 269.2 billion until 2031.
- Global skin care products market is valued at US$ 148.3 billion in 2020.
- The global skincare products market management market value from 2021 to 2031 is 5.6%.
Skin Care Products Market: Growth Drivers Top of Form
- Improved living standards due to rapid urbanization and increased working population made people more aware of personal care products. Owing to rising disposable incomes and the spending capacity of consumers, many people are more likely to use skincare and body care products. Skin care products such as face wash, cleansers, moisturizers, lotions, mask, serum, sunscreen, gel, body care products are popular among consumers.
- The increasing awareness to protect your skin from harmful UV radiations, pollution, etc. is driving the skin care products industry. Natural and organic products are popular due to growing cases of skin diseases, allergies, rashes, etc. Consumers are highly conscious about the product they use to maintain their health and hygiene.
Skin Care Products Market: Regional Landscape
- Rising awareness among consumers and increasing income levels cater to the demand for skin care products in Asia Pacific. Furthermore, urbanization, penetration of international brands, and expansion of eCommerce platforms and offline channels such as hypermarket specializing in the retailing of skin care products are estimated to further boost the market in the region during the forecast period.
- Presently, consumers are highly aware about the level of skincare they need. This awareness, rise in standard of living, and improved environmental consciousness, collectively, implies that skin care brands would have to implement more sustainable manufacturing processes and ingredient formulations to achieve brand loyalty and thrive in the competitive industry.
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Skin Care Products Market: Key Players
- In June 2021, Procter & Gamble Company launched new skin care product under its GoodSkin MD brand. The new product is hypoallergenic without common irritants including parabens, synthetic dyes, fragrance, etc.
- In September 2020, Johnson & Johnson has featured its new cleansing product line ‘Neutrogena Skin Balancing’, which is made with 100% plant-based, home-compostable fibers.
Skin Care Products Market: Segmentation
- Product
- Facial Care
- Face Wash
- Facial Scrubs
- Facial Oil, Balm, Cream & Gel
- Mud, Mask, Peel & Exfoliate
- Moisturizer & Sunscreen
- Facial Cleanser & Toners
- Serum
- Shaving Care Products
- Others
- Body Care
- Body Talc
- Body Balms, Creams & Gels
- Body Scrubs
- Body Lotion
- Hand & Body Wash
- Sanitizer
- Others
- Bath & Shower
- Body Cleanser, Gels & Wash
- Bath Salts
- Bath Soap & Bomb
- Others
- Fragrance
- Deodorant
- Body Spray/Mist & Roll On
- Perfumes
- Facial Care
- Product Category
- Conventional
- Natural
- Organic
- Skin Type
- Oily Skin
- Dry Skin
- Sensitive Skin
- Combination Skin
- Normal Skin
- Pricing
- Low (Below US$ 70)
- Medium (US$ 70 – US$ 200)
- High (Above US$ 200)
- Age
- Below 15 Years
- 15-30 Years
- 35-50 Years
- 50-65 Years
- Above 65 Years
- End-user
- Male
- Female
- Kids
- Distribution Channel
- Online
- E-commerce Websites
- Company Owned Websites
- Offline
- Specialty Stores
- Mega Retail Stores
- Others
- Online
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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