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

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.

Global Skincare Market Size, by Products, 2021

Source: Research Dive Analysis

The Creams and Moisturizers sub-segment accounted for the highest market share in 2021. The use of creams and moisturizers maintains the skin's equilibrium. Skin problems happen when the skin is either overly oily or too dry. Acne, inflammation, and rashes may result from omitting this basic step in routine. Cream may always change moisture levels to meet the needs of the skin. If skin is oily, lotion can be used instead of a moisturizer. To replace moisture after drying, any lotion with a creamy texture consistency can be applied. A moisturizing lotion can be used by someone with dry to normal skin, which lock in moisture and keep the skin hydrated for 24 hours.

The Cleansers and Face Wash sub-segment is anticipated to show the fastest growth during the forecast period. The step on the cleansing, toning and moisturizing ladder is purification. The use of cleansers and facewash aids in the removal of filth, contaminants, and grime that water cannot. A decent face cleanser helps help to control excessive sebum production on the skin. According to skincare experts, utilizing face wash for morning and night way of handling (or AM and PM routines) to remove dust and dirt in a hassle-free manner is recommended.

Global Skincare Market, by Distribution Channel

Based on distribution channel, the market has been divided into online and offline. Among these, the online sub-segment accounted for highest revenue share in 2021.

Global Skincare Market Share, by Distribution Channel, 2021

Source: Research Dive Analysis

The online sub-segment is anticipated to show the fastest growth during the forecast period. A recent obvious growth in the skincare products market is the increasing use of online platforms to reach a larger customer base. To increase revenue, many businesses and dealers are increasingly resorting to e-commerce. Another noteworthy change in the global skincare products business is the rising predominance of organic skin products that do not contain synthetically created additives. To pique client interest, brands occasionally launch new skincare products made with natural or organic components.

Global Skincare Market, by Gender

By gender, the market has been divided into male and female. Among these, female sub-segment accounted for the highest revenue share in 2021.

Global Skincare Market Growth, by Gender, 2021

Source: Research Dive Analysis

The Female sub-segment accounted for the dominant market size in 2021 and is anticipated to grow at a significant CAGR during the forecast period. According to the Research, 67% of female respondents prefer to utilize highly specialized skincare products that may cure specific skin-issues. With the rise of fine living and skincare knowledge, female consumers are becoming increasingly concerned with the efficacy of skincare products. While developing skincare product experience and knowledge, "full effect" goods that solve numerous problems at once are often difficult to earn their trust and specialized products that address a specific problem are more appealing to the customers.

Global Skincare Market, by Packaging

By packaging, the market has been divided into tubes, bottles and jars, and others. Among these, the tubes segment accounted for highest revenue share in 2021.

Global Skincare Market Analysis, by Packaging, 2021

Source: Research Dive Analysis

The Tubes sub-segment accounted for the highest market size in 2021. Cosmetic tubes are one of the innovative packaging choices for cosmetic products. Tubes are used to deliver, hold, and store cosmetic items. In cosmetics, product tubes are typically utilized as primary packaging. The rapid growth of the personal care industry is expected to drive demand for cosmetic packaging tubes. Cosmetic tube sales are projected to be driven by increased demand for lightweight and portable packaging solutions in the cosmetics and skincare industries during the forecast period.

Global Skincare Market, Regional Insights

The Skincare market has been analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Global Skincare Market Size & Forecast, by Region, 2021-2031 ($Billion)

Source: Research Dive Analysis

The Market for Skincare in Asia-Pacific is Expected to be the Most Dominant

Asia-Pacific is a vital market for the beauty and skincare products. While China is undoubtedly the world's largest skincare market, beauty firms and investors should pay special attention to other Asian regions as well. Across the continent, there is a growing interest in and access to mass and prestige cosmetic goods. The increased usage of items such as body moisturizing lotions, sunscreen lotions & creams, facial wipes, face wash, hair styling gels, and make-up products for men & women drives the Asia-Pacific cosmetics industry growth. Individuals' increasing awareness of personal appearance and rising disposable incomes drive industry expansion. Furthermore, demand for natural and organic cosmetics augments industry growth. Skin and sun care products are widely utilized and provide the maximum revenue for the Asia-Pacific cosmetics market. In the skincare and sun care category, China has the biggest market share, followed by Japan. Cosmetics are mostly sold in two ways, retail and online. Customers currently prefer supermarkets, brand outlets, and other retail outlets to acquire cosmetic products, thus the percentage share of retail sales is relatively large. The use of internet media is expected to increase during the forecast period.

Competitive Scenario in the Global Skincare Market

Product development, mergers, and acquisition are common strategies followed by major market players. For instance, in on March 15, 2022, TULA Skincare, the leading clinical premium skincare brand driven by probiotic extracts and superfoods, announced the launch of its relationship with Sephora in the U.S.

Source: Research Dive Analysis

Some of the leading Skincare market players are L’Oréal Professional, Unilever PLC, Procter & Gamble, Estée Lauder Inc., Beiersdorf AG, Shiseido Co., Ltd., Coty Inc., Kao Corporation, Johnson & Johnson, and Avon Products Inc.