Skincare Market by Products (Creams and Moisturizers, Powder, Cleansers and Face Wash and Others), Distribution Channel (Online, and Offline), Gender (Male and Female) Packaging (Tubes, Bottles and Jars and Others) and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031

Personal care and cosmetic

CO23028637

Pages: 270

Feb 2023

Reports Overview

Global Skincare Market Analysis

The Global Skincare Market Size was $146.7 billion in 2021 and is predicted to grow with a CAGR of 6.7%, by generating a revenue of $273.3 billion by 2031.

Global Skincare Market Synopsis

Skincare market growth can be attributed to a number of trends, including an increasing preference for health-promoting & self-care products, an increased interest in the strength of regimens & procedures, the capacity of social media to more rapidly inspire & inform consumers, and, distinctively, the ability of technological advances to simplify the exceptionally complex choices consumers face when choosing skincare brands.

Glycerin is a type of sugar alcohol that body cannot fully digest, taking too much of it either alone or in foods can cause flatulence and diarrhea. In terms of skincare, application of vegetable glycerin straight to skin, may experience an allergic reaction, individuals may experience headaches, dizziness, nausea, vomiting, and increased thirst after consuming vegetable glycerin.

Cosmetic stores are specialty stores where all cosmetics are available for purchase and clients may physically inspect the product specifics. These retailers sell customized kits containing a variety of cosmetic products packaged together for customers, and the kit is supplied at a discounted price to entice customers. In comparison to hypermarkets and supermarkets, cosmetic stores have a greater availability of recently introduced and latest products.

According to regional analysis, the Asia-Pacific skincare market accounted for highest market size in 2021 and it is estimated to grow at a significant CAGR during the forecast period. This is due to the fact that in China, the use of Skincare products is high owing to growing beauty consciousness which is promoting market expansion.

Skincare is the use of cosmetic preparations, lotions, antiseptics, tonics, creams, or other substances on a person's body for various purposes, such as massaging, washing, performing non-invasive hair removal, beautifying, or other similar activity. Skincare is also known as a technique that promotes skin integrity and treats skin disorders.

COVID-19 Impact on Global Skincare Market

Consumer lifestyles and business procedures have been touched by the COVID-19 pandemic. As a result, consumer purchasing habits have changed. Many factors, including declining incomes, lockdowns, poor availability of commodities, supply chain breakdowns, and accessibility of products contributed to this development. The cosmetics sector has responded favorably by increasing the production of sanitizers and other cleaning products by offering free cosmetic treatments to front-line emergency responders. In this situation, the industry's top executives must uphold their duty to ensure the survival of their organizations. The positive or negative response a buyer has to a product, which is impacted by both internal and external factors, is referred to as their purchase behavior. These variables include the consumer's level of income, the cost, packaging, and components of the product, as well as their preferences for particular brands. The use of social media platforms, advertisements, and other content to promote the product has an even greater impact on purchasing behavior during the pandemic.

Growing Demand for Skincare Products in Urban Areas Drive the Market Expansion

Consumer proclivity toward using various skincare products has increased in urban areas due to surge in disposable money, extensive advertising activities, and the introduction of new products by manufacturers. Consumers are using skincare products as they have become more aware of skin ailments and treatments, which is assisting the market's growth. Anti-aging products are becoming increasingly popular among women, accounting for a sizable portion of the skincare goods market. Consumers throughout the market are gravitating toward organic skincare products as the demand for organic ingredients grows, which is projected to drive market expansion during the forecast period. Furthermore, increased awareness about the hazardous impacts of chemicals and synthetic items is a factor boosting skincare market growth.

Use of Cosmetic Products is Harmful for Skin Which is Expected to Restrain the Market Growth

Using cosmetic items for an extended period of time can cause skin irritation, redness, burning sensation, discoloration, and accelerated ageing of skin cells. Moreover, there has been a marketing push to sell cosmetics free of contentious substances, particularly those made from petroleum, Sodium Lauryl Sulphate (SLS) and Paraben. Numerous reports have raised concerns about the safety of a few surfactants.

Use of Cosmetics Product in Skincare to Provide Excellent Opportunities

Skincare Cosmetics is one of the world's fastest-growing retail areas and the thriving skincare cosmetics business offers exciting potential for both domestic and foreign firms. Within the last two decades, the cosmetics business, which was traditionally dominated by a few major players, has seen a surge in international entrants and the introduction of new brands. The cosmetics sector is vibrant, profitable, inventive, and fast-paced. Manufacturers must be innovative not only in the creation of products, but also in the presentation and marketing of the products due to the shorter life cycle of cosmetics items, varied climatic circumstances, and fast-changing features of fashion.

Global Skincare Market, by Products

By products, the market has been divided into creams and moisturizers, powder, cleansers and face wash, and others. Among these, the creams and moisturizers sub-segment accounted for the highest market share in 2021 whereas the cleansers and face wash sub-segment is estimated to show the fastest growth during the forecast period.