Skincare Market Growth Trajectory Through 2024-2033

The Skincare Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Skincare Global Market Report 2024, 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.

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.

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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

Product innovation is a key trend gaining popularity in the skincare market. Companies operating in the skincare market are adopting innovative products to sustain their position in the market. For instance, in April 2023, AW Faber-Castell Cosmetics GmbH, a Germany-based cosmetics manufacturer, launched a mechanical makeup pencil that can be recharged. It is an innovative design for a refillable pencil for cosmetic formulas and a part of their new Protopia line of cosmetic and skincare pencils. The rechargeable pencil offers two distinct vegan and clean textures for lips, eyes, and brows. Cosmetics company described it as a breakthrough in sustainability and environmental friendliness.

The skincare market report table of contents includes:

1. Executive Summary
2. Skincare Market Characteristics
3.Skincare Market Trends And Strategies
4. Skincare Market analysis
5. Skincare Market Size And Growth
6. Skincare Segmentation
7.Skincare Regional And Country Analysis
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27. Skincare Competitive Landscape And Company Profiles
28.Skincare Key Mergers And Acquisitions
29.Skincare Future Outlook and Potential Analysis

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