According to a new report published by Introspective Market Research, titled, “Skincare Market by Product Type, Packaging Type, Ingredient, Distribution Channel, End Users: Global Opportunity Analysis and Industry Forecast, 2024–2032, Skincare Market Size Was Valued at USD 142.76 Billion in 2022 and is Projected to Reach USD 223.37 Billion by 2032, Growing at a CAGR of 4.9% From 2024-2032.
Skincare is an important technique used to maintain the health of the skin on the face and body. With a good skincare routine, you can maintain a healthy and glowing appearance. From washing your face regularly to applying moisturizer, various proteins should be included in your regular skincare routine.
People are more aware of their health, including regular skin care. Prevents further skin damage from both light/sun and environment, keeps skin glowing by optimizing moisture, barrier, and cell turnover and minimizing irritation to help repair previous skin damage. Sunscreen is the most important step in a skincare routine for every skin type and age.
Growing consumer inclination towards the concept of natural beauty products, creams, serums, and moisturizers with natural ingredients is expected to be significant during the forecast period. Such products are considered more effective and have little or no side effects, which in turn increases their use among consumers. Consumers have become very selective when purchasing skin care products due to health and environmental concerns. Thus, there is a growing need for skin care products that claim to be sustainable or chemical-free. Encouraged by this, manufacturers are launching products that do not contain artificial preservatives or natural and organic products.
Asia Pacific leads the skincare market, with China, Japan, and South Korea emerging as the top revenue economies in the region. Growth in disposable income in the Asia-Pacific region is boosting skin care sales. Due to different skin types and conditions, the demand for personalized and specialized skin care products is increasing.
A growing desire for health-promoting and self-care products, growing interest in the power of treatments and routines, consumer education, and the unique ability of new technology to simplify unusually complex consumer choices when interacting with skincare brands. This will contribute to the growth of the skincare market during the forecast period.
The skin care industry has been completely transformed by advances in skin biology, biological genes, the skin microbiome, and nanotechnology. The use of technologies such as micro-hair application systems, skin microecology, biological fermentation, and cell extraction is expected.
Global Skincare Market, Segmentation
The Skincare market is segmented based on Product Type, Packaging Type, Ingredient, Distribution Channel, End Users, and region.
Product:
The Cream segment is anticipated to dominate the Market Over the Forecast period.
Many consumers prefer creams for skin problems. A good body lotion helps the skin retain moisture and stay hydrated. Dry skin looks more wrinkled and can look older. Protects and supports skin health.
The importance of the holistic experience offered by direct-to-consumer companies is not only related to the routine of consumers but also how and with what commitment they choose brands in areas such as skincare. At the same time, established companies quickly developed experiments with direct-to-consumers, indicating that this trend will only accelerate the growth of the beauty sector in the future.
Region:
Asia Pacific is expected to Dominate the Market over the Forecast period.
Asia Pacific is expected to dominate the skincare and mass category, with anti-aging products and facial moisturizers being the most popular product lines. Asia Pacific introduces even more targeted products for specific skin care programs with BB and CC products. China is one of the countries in the Asia-Pacific region that the world's largest players have targeted to increase their market share.
Furthermore, the increasing availability of popular skin care products is driving the growth of the skincare products market. key players are focusing heavily on product changes, mergers, and acquisitions as their main strategies to consolidate the markets under consideration.
Population growth in China and India is another factor driving the development of the market. South Korea also plays an important role in the Asia-Pacific skincare market. These growing demands for skin care products in Asia Pacific will drive the market growth beyond the forecast.
Some of The Leading/Active Market Players Are-
- PK Chem Industries Ltd. (Canada)
- Pravada Private Label Naples (U.S)
- OraTech (U.S)
- Stepan Co. (U.S)
- Innovative Body Science (U.S)
- Scot Derma (India)
- Biophar Lifesciences (India)
- VLCC Personal Care (India)
- Cipla Limited (India)
- Johnson & Johnson Services, Inc. (U.S) and Other Active Players
Key Industry Developments
- In January 2024, VLCC Revolutionizes Skincare with the Launch of India’s First Serum Facewash Range. VLCC launches a revolutionary serum facewash range with the dual benefit of powerful serums and facewash in one. Business Wire India VLCC, the pioneer in the beauty and wellness industry and India’s facial expert, introduces India’s 1st ever-serum facewash range with 8 unique variants powered with Salicylic Acid Serum, Vitamin C Serum & Hyaluronic Acid Serum.
- In May 2024, VLCC Plans to Launch Over 100 Beauty & Wellness Clinics in the Nation. Beauty & wellness brand VLCC is all set to launch over 100 beauty and wellness clinics nationwide to expand its retail presence.
Key Findings of the Study
- Asia Pacific leads the skincare market with significant contributions from China, Japan, and South Korea due to disposable income and demand for personal skin care products.
- The cream segment is expected to dominate the market due to its ability to retain moisture and support skin health.
- Technical advances in skin biology, skin microbiome, and nanotechnology are transforming the skin care industry and leading to innovations such as microhair application systems and biological fermentation.
