Skincare Market size was valued at USD 130.5 billion in 2019 and is poised to grow from USD 136.5 billion in 2023 to USD 204.61 billion by 2031, growing at a CAGR of 4.6% in the forecast period (2024-2031).
The global skincare sector is witnessing a crucial pivot from using synthetics to natural and organic products. The trend is attributed to increasing consumer awareness regarding hazardous effects caused by the use of synthetic ingredients. In addition, there is an increased interest in health and sustainability among the younger generation. Natural and organic skincare products suit the millennials and generation Z as they are considered safe to use, ethical and environmentally friendly. They are formulated without harmful chemicals and artificial substances, such as parabens, sulfates, and artificial colors. The growing popularity of organic and natural skin, beauty, and hair care also results from enhanced transparency and education provided by the brands regarding ingredients’ sources and properties. This is especially true given the significance of social media platforms and influencer endorsements, which promote the said products and highlight their quality, effectiveness, and environmental safety.
The global trend toward sustainability and the leading zero-waste lifestyle dictates the demand for packaging characterized by its recyclability or biodegradability, both of which relate to the list of the previously discussed trends. The widespread use and acceptance of face creams and moisturizers is growing worldwide due to a rise in both image consciousness and concerns about skin diseases and malignancies. Also, an increasing number of consumers prefer using cruelty-free products due to higher awareness about animals and environment, this is why demand for vegan or blends of plant-based ingredients is skyrocketing.
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Implementation of Technology for Skincare Application to Augment Demand
Beauty products provide benefits such as smoothening the skin and rejuvenating the cells and aids in promoting a natural appearance. Increase in technology advancements and innovations in the beauty & personal care market is expected to drive product demand, which in turn is expected to boost the industry growth. For instance, L’Oréal has launched a new device known as ‘Perso’ in January 2021, which is the first 3-in-1 device. This new device operates with the help of artificial intelligence, and it analyses skin pattern of the user. After analysing the product, the appropriate amount of lotion, serum, or cream is dispensed. Additionally, technology enthusiasts are inclined to adopt new devices, which further contributes to market growth.
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Growing Acceptance of Skincare Products across Demographic to Propel Demand
Growing concerns regarding skin nourishment, such as acne, black spots, scars, dullness, and tanning, on account of multiple reasons, stimulates the demand for skin nourishment products. Among younger consumers, there has been strong demand for skin brightening products, toners, and scrubs. In contrast, older individuals have shown high demand for products addressing wrinkles and cracked heels. The shift in lifestyles and rising spending on premium beauty products are expected to drive market growth. Additionally, consumer awareness about the ingredients of the skincare in relation to skin condition and health has been increasing. awareness regarding the beneficial effects of antioxidants, hyaluronic acid, and retinol for skin care, drives demand for products made up of those ingredients.
- In January 2021, L’Oreal and Verily announced an exclusive-to-beauty strategic partnership with the aim to advance skin health. This first-of its-kind collaboration in the beauty sector will involve two initiatives. The beauty industry first will participate in the initiatives, which are expected to better define and understand the skin and hair aging mechanism.
- Procter & Gamble has acquired a luxury skincare brand, Tula in January 2022. Tula is a clean skincare brand with probiotic extracts and superfoods thus helping to improve skin balance, soothe skin, calm skin irritation and nourish skin to improve hydration.
- In December 2021, L’Oréal S.A. signed an agreement to acquire the skincare company, ‘Youth to the People’. This company is a California based skincare company and develops and sells potent skincare products that are regarded as premium vegan blends of superfood extracts and science.
This Market covers the Following Segments:
Material
- Face Creams & Moisturizers
- Cleansers & Face Wash
- Sunscreen
- Body Creams & Moisturizers
Packaging
- Glass
- Plastic
Gender
- Men
- Women
Sales Channel
- Online
- Offline
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Key Players Operating in the Skincare Market
- L’Oréal Professional
- Shiseido Co., Ltd.
- Kao Corporation
- Unilever N.V.
- The Estée Lauder Companies Inc.
- Colgate-Palmolive Company
- Johnson & Johnson Services, Inc.
- Procter & Gamble Co.
- Avon Products, Inc.
- Beiersdorf AG
- Revlon, Inc.
- Amorepacific Corporation
- Natura & Co.
Growing Willingness to Buy Sustainable Skincare Product is Expected to Drive Skincare Market Growth
Consumers now focus on their skincare with nourishment products that are environmentally friendly. For instance, exfoliating personal care products contain plastic beads, a significant concern for plastic pollution. Therefore, consumers are inclined towards using products that do not contain plastic beads. Now, manufacturers are focusing on reducing the carbon footprint by adopting improved manufacturing technologies where low energy and resources are required for making sustainable exfoliating products. Furthermore, innovative and eco-friendly product packaging, which is recyclable or refillable, is also in high demand. Also, due to rising awareness regarding animal rights, consumer preference has shifted towards vegan ingredients, entirely derived from only plant-based products. Therefore, players operating in the market focus on developing vegan products to attract more customers and increase their revenue.
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