NEW YORK, Aug. 9, 2022 /PRNewswire/ -- As per Zion Market Research study, The global skin care products market size was worth around USD 914.1 million in 2021 and is estimated to grow to about USD 1,719.1 million by 2028, with a compound annual growth rate (CAGR) of approximately 11.1 percent over the forecast period.
Skin Care Products Market: Overview
Skin care products refer to products that relieve skin conditions and improve skin integrity, thereby enhancing the appearance. Different skin care products are available in the market, including masks, creams, serums, and lotions. These products are produced using medicinal herbs, natural ingredients, and chemical compounds. Rising awareness regarding the benefits of skincare and self-care among consumers has increased the adoption of organic skin care products. An increase in purchasing power of end consumers and the rise in the young population are the major factors that will drive the growth of the global skin care products market.
Moreover, the increase in smartphone and internet penetration has positively impacted the sales of skin care products by offering multiple benefits to consumers, such as easy price comparisons, heavy discounts, doorstep delivery, and availability of more variety. These factors collectively have increased the demand for skin care products among consumers.
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Key Industry Insights & Findings of the Skin Care Products Market Reports:
- As per the analysis shared by our research analyst, the Skin Care Products Market is expected to grow annually at a CAGR of around 11.1 % (2022-2028).
- Through the primary research, it was established that the Skin Care Products Market was valued at approximately USD 914.1 million in 2021 and is projected to reach roughly USD 1719.1 million by 2028.
- Skin care products have experienced significant adoption among these consumers, as Gen Z is most easily influenced by online advertising.
- An increase in preference toward advanced beauty treatments such as laser skin rejuvenation, laser resurfacing, microdermabrasion, Thermae, and acne blue light therapy will threaten the growth of skin care products market.
- South Korea holds the largest share of skin care product exports, with a major market share in the global market.
- Around 90% of the cosmetics products are imported from foreign brands in the Asia Pacific, such as Shiseido, Fendi, Esteé Lauder, Lancome, L'Oreal, and Clarins.
Zion Market Research published the latest report titled "Global Skin Care Products Market By Product Type (Cream, Lotions, Others), By Demographic (Male, Female), By Age Group (Generation X, Millennial, Generation Z), By Sales Channel (Supermarket/Hypermarket, Specialty Stores, Department Stores, Beauty Stores, Pharma and Drug Stores, Online Sales Channel), and By Region - Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 - 2028." into their research database.
Industry Dynamics:
Skin Care Products Market: Growth Drivers
- Rise in young population to drive market growth.
The rise in the young population is the major factor that will drive the global skin care products market growth. Gen Z accounts for a major share of 39.1% of the total population. These consumers prefer brands that reflect their attitudes and values. Skin care products have experienced significant adoption among these consumers, as Gen Z is most easily influenced by online advertising.
Skin Care Products Market: Restraints
- The presence of advanced beauty treatments hinders the market growth.
An increase in preference toward advanced beauty treatments such as laser skin rejuvenation, laser resurfacing, microdermabrasion, Thermae, and acne blue light therapy will threaten the growth of skin care products market.
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Global Skin Care Products Market: Opportunities
- The development of organic skin care products presents market opportunities.
Consumers prefer organic skin care products as they do not contain any side effects and only natural ingredients. At the same time, synthetic products might contain certain chemicals which are not good for the skin. Many key players also focus on developing organic skin care products to gain a competitive advantage.
Global Skin Care Products Market: Challenges
- The rise in counterfeit products hinders the market growth.
Many regional players are developing counterfeit skin care products that are cost-effective and challenge original skin care products and manufacturers in the market.
Global Skin Care Products Market: Segmentation
- The global skin care products market is segregated based on product type, demographic, age group, sales channel, and region.
The market is divided into cream, lotions, and others based on product type. Among these, the cream segment dominated the market in 2021, accounting for a major share of total sales. Due to their frequent application, creams are among the most popular products. In addition to providing fast hydration, reducing breakouts, and refreshing the skin, they are a simple, hassle-free, and quick way to treat dry skin. Additionally, as more customers choose cruelty-free skincare products because of their heightened concern for animal welfare and the environment, the demand for vegan or skincare products that combine plant-based components has grown.
Based on demographic, the market is classified into male and female. Over the forecast period, the female segment is expected to dominate the market. Women are increasingly incorporating personal grooming items into their daily routines to boost their self-confidence and looks, significantly boosting the segment's growth. Furthermore, in recent years, women have been inspired by the significance of self-care to intentionally design calming self-care experiences through elaborate skincare routines at home.
Based on age group, the market is classified into generation X, millennials, and generation Z. The millennial segment dominated the market in 2021, accounting for a major share of the revenue. Millennials constitute a major portion of the global population, and consumption of skin care products is also high among millennials.
Based on sales channels, the market is segmented as supermarket/hypermarket, specialty stores, department stores, beauty stores, pharma and drug stores, and online sales channels. The supermarket/hypermarket segment held a major share of around 29% in the global skin care products market based on the sales channel in 2021. Supermarkets and hypermarkets are ideal venues for all types of customers since they provide important benefits to customers like choice, reduced pricing, and high visibility of worldwide brands. Supermarkets and hypermarkets are great places to buy skincare items for all sorts of clients since they provide important benefits to customers like freedom of choice, lower pricing, and high visibility of international brands.
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List of Key Players in Skin Care Products Market:
- L'Oréal Group
- Procter & Gamble Company
- Unilever PLC
- Bejesdorf AG
- Estee Lauder Companies Inc
- Shiseido Company Limited
- Saigon Cosmetics Corporation
- Marico.
Key questions answered in this report:
- What are the growth rate forecast and market size for Skin Care Products Market?
- What are the key driving factors propelling the Skin Care Products Market forward?
- What are the most important companies in the Skin Care Products Market Industry?
- What segments does the Skin Care Products Market cover?
- How can I receive a free copy of the Skin Care Products Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 914.1 Million |
Revenue forecast in 2028 | USD 1719.1 Million |
Growth Rate | CAGR of almost 11.1 % 2022-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 2028 |
Segments Covered | By Product Type, By Application, And By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | L'Oréal Group, Procter & Gamble Company, Unilever PLC, Bejesdorf AG, Estee Lauder Companies Inc, and Shiseido Company Limited, Saigon Cosmetics Corporation, and Marico. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Recent Developments
- July 2022: Caudalie, a French beauty product brand, announced an investment in the Asia Pacific region to expand its market in the Asia Pacific.
- July 2022: Azelis and Green Mountain Biotech signed a distribution agreement to strengthen their presence in Southeast Asian countries like Vietnam, Thailand, and Singapore.
Regional Dominance:
- The Asia Pacific dominated the global skin care products market in 2021.
The Asia Pacific is the leading market in 2021 and accounts for a major share of global sales. South Korea holds the largest share of skin care product exports, with a major market share in the global market. Korean brands are consistently expanding in terms of the number of consumers, predominantly in the skin care products segments. Around 90% of the cosmetics products are imported from foreign brands in the Asia Pacific, such as Shiseido, Fendi, Esteé Lauder, Lancome, L'Oreal, and Clarins. Moreover, local cosmetics brands such as Lana, Thorakao, Biona, and Sao Thái Duonga are focusing on strengthening their position in the market.
Global Skin Care Products Market is segmented as follows:
Skin Care Products Market: By Product Type Outlook (2022-2028)
- Cream
- Lotions
Skin Care Products Market: By Demographic Outlook (2022-2028)
- Male
- Female
Skin Care Products Market: By Age Group Outlook (2022-2028)
- Generation X
- Millennial
- Generation Z
Skin Care Products Market: By Sales Channel Outlook (2022-2028)
- Supermarket/Hypermarket
- Specialty Stores
- Department Stores
- Beauty Stores
- Pharma and Drug Stores
- Online Sales Channel
Skin Care Products Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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