Global Skincare Market to Experience Noteworthy Growth by 2031 with the Increasing Need for Skincare Products in Urban Areas

Skincare has become extremely important for people in today’s fast-paced society since good skin is essential for overall well-being. Suitable skin care routines aid in maintaining the skin’s natural barrier, preventing premature aging, and protecting against environmental factors like pollution and sun damage. As a result, maintaining a healthy and beautiful appearance requires proper skin care.

Skincare is a technique for promoting skin integrity and treating skin diseases. The skincare market include a wide variety of products aimed at improving the appearance and health of the skin. The term “skincare” refers to the application of cosmetic preparations, antiseptics, lotions, creams, tonics, or other substances to the skin for a variety of purposes, including massage, cleansing, non-invasive hair removal, beautification, or other similar activities. Organic and herbal skincare has become increasingly popular in recent years. This is due to increased public awareness of the harmful effects that synthetic chemicals have on the skin.

Recent Trends in the Skincare Market

The skincare market is continuously evolving with new technologies to develop innovative products. Customers are therefore looking for skincare products that are customized to their requirements and preferences, depending on criteria, such as age, skin type, and lifestyle. In addition, customers are searching for products with numerous advantages, such as sun protection, moisturizing, and anti-ageing features. Furthermore, they are increasingly looking for products that are packed in recyclable, biodegradable, or compostable sustainable materials.

Newest Insights in the Skincare Market

As per a report by Research Dive, the global skincare market is expected to grow at a CAGR of 6.7% and generate revenue of $273.3 billion by 2031. The primary factors driving the growth of the market are increasing interest in the effectiveness of regimens and procedures, rising preference for health-promoting and self-care products, the ability of social media to inspire and inform consumers more quickly, and most notably, the capacity of technological advancements to simplify the extraordinarily tough decisions consumers must make when choosing skincare brands. However, using cosmetics for an extended period can cause skin irritation, burning sensations, redness, discoloration, and accelerated skin cell aging, which is expected to hinder the market growth.

The skincare market in the Asia-Pacific region is expected to remain dominant in the coming years. The region’s high revenue in 2021 was driven by consumers’ increased disposable incomes and rising awareness of personal appearance among people. Moreover, the growing use of items, such as sunscreen lotions & creams, body moisturizing lotions, facial wipes, hair styling gels, face wash, and make-up products for women and men is likely to boost the Asia-Pacific skincare market’s growth.

How are Market Players Responding to the Rising Demand for Skincare?

Market players are responding to the rising demand for skincare products by investing in research and development to create a more advanced and efficient introduction of new skincare brands. However, because of a variety of climatic conditions, rapidly shifting trends in fashion, and the shorter lifespan of cosmetics products, manufacturers must be innovative not only in the manufacturing of products but also in the presentation and marketing of the products.

In addition, market players are increasingly focusing on strategic partnerships and collaborations with other players in the industry to leverage their strengths and expand their reach. Some of the foremost players in the skincare market are Unilever PLC, L’Oréal Professional, Procter & Gamble, Beiersdorf AG, Estée Lauder Inc., Shiseido Co., Ltd., Kao Corporation, Coty Inc., Avon Products Inc., Johnson & Johnson, and others. These players are focused on implementing strategies such as mergers and acquisitions, novel developments, collaborations, and partnerships to reach a leading position in the global market.

For instance: 

• In August 2021, SHISEIDO, a pioneer in Japanese beauty for more than 150 years, offering cutting-edge skincare, sun care, and makeup products, launched ULTIMUNE Power Infusing Concentrate III, an updated version of the renowned serum powered by cutting-edge dermatological research and industry-leading technology, The Lifeblood.
   
• In September 2022, L’Oréal, a Clichy-based French personal care corporation, signed a contract to purchase Skinbetter Science, a physician-dispensed American skincare line that combines patented effective components with luxurious sensory textures and is supported by cutting-edge dermatological science.
   
• In April 2023, Priya Sharma, a skincare enthusiast and software engineer, announced the formal launch of its new D2C skincare line, Good Genes. The brand was born out of Priya's problems with acne and oily skin, as well as the difficulty in finding suitable skincare products in India.

COVID-19 Impact on the Global Skincare Market

The COVID-19 pandemic made a negative impact on the global skincare market. The pandemic had an impact on consumer habits and company practices. As a result, consumer purchase patterns greatly changed. Numerous reasons contributed to this change, including declining revenues, lockdowns, commodity shortages, supply chain problems, and product accessibility. However, the cosmetics industry positively responded by boosting the manufacture of sanitizers and other cleaning supplies while providing free cosmetic services to front-line emergency responders. In this situation, top executives in the sector had to uphold their responsibilities to ensure the survival of their organizations. However, in the post-pandemic period, the global skincare market is expected to observe marvelous growth owing to rising demand for skincare products.