Overview and Scope
Skincare refers to a variety of practices or methods to protect skin integrity, improve skin appearance, and treat skin disorders. It is used to maintain skin cell production to maintain healthy skin throughout life.
Sizing and Forecast
The skincare market size has grown strongly in recent years. It will grow from $134.1 billion in 2023 to $143.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to consumer awareness and education, celebrity endorsements and influencer marketing, cultural and social influences, economic factors, health and wellness trends.
The skincare market size is expected to see strong growth in the next few years. It will grow to $181.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to personalized skincare solutions, sustainability and eco-friendly practices, rise of male grooming products, smart skincare devices, wellness integration. Major trends in the forecast period include digitalization of beauty retail, technological advancements, inclusive beauty, holistic beauty, subscription-based models.
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Segmentation & Regional Insights
The skincare market covered in this report is segmented –
1) By Product Type: Creams, Lotions, Powders, Sprays, Other Products
2) By Packaging Type: Tube, Bottle, Jar, Other Packaging
3) By Gender: Men, Women
4) By Distribution channel: Stores, Supermarkets, Online, Other End-Users
Asia-Pacific was the largest region in the skincare market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the skincare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing awareness of personal grooming is expected to propel the growth of the skincare market going forward. Personal grooming is keeping one’s body clean, maintaining hygiene, well-groomed nails and hair, avoiding body odor, and dressing appropriately. Skincare helps with personal grooming as it is essential for maintaining healthy and appealing skin through the use of skincare cosmetics such as serums, moisturizers, exfoliators, body lotions, and eye creams. For instance, in October 2022, a survey of 1000 men and women in the US conducted by the New York Post, a US-based newspaper, about the differences in how both genders take care of their hygiene discovered that while 73% of men and women stated taking care of their hygiene is simple, only one in ten women agreed. The majority of people (90%) favor washing their hands and bodies over brushing their teeth (87%) or using deodorant (84%). Men are more likely to maintain a schedule for trimming their nails (69%) and shaving their faces (74%). In contrast, women are more likely to prioritize bathing their ‘intimate areas’ (85%) and their skincare regimen (84%). Furthermore, in May 2022, according to the International Trade Administration, a US-based intergovernmental organization, In 2021, the Canadian cosmetics business is expected to earn approximately USD 1.24 billion. Revenue in the industry is expected to grow by 1.45% per year to USD 1.8 billion by 2024. Thus, the increasing awareness of personal grooming is driving the skincare market.
Key Industry Players
Major companies operating in the skincare market report are Cardinal Health Inc., Johnson & Johnson, LVMH Moët Hennessy Louis Vuitton S.E., Procter & Gamble Company, Unilever PLC, Betco Corporation, L’Oréal S.A, 3M Company, Amorepacific Group, Henkel AG And Co. KGaA, Colgate-Palmolive Company, Estée Lauder Companies Inc., Chanel Inc, Kao Corporation, Natura & Co., Beiersdorf AG, Shiseido Company Limited, Coty Inc., Neutrogena Corporation, Galderma S.A, Avon Products Inc., Nu Skin Enterprises Inc, Kose Corporation, Revlon Consumer Products Corporation, Sisley Paris, Caudalie, Lancôme, European Wax Center Inc, Mario Badescu Skin Care Inc, Tata Harper Skincare
The skincare market report table of contents includes:
1. Executive Summary
2. Skincare Market Characteristics
3. Skincare Market Trends And Strategies
4. Skincare Market – Macro Economic Scenario
5. Global Skincare Market Size and Growth
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32. Global Skincare Market Competitive Benchmarking
33. Global Skincare Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Skincare Market
35. Skincare Market Future Outlook and Potential Analysis
36. Appendix
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