Global Skincare Market Synopsis

Skincare Market Size Was Valued at USD 142.49 Billion in 2023 and is Projected to Reach USD 220.48 Billion by 2032, Growing at a CAGR of 4.97% From 2024-2032.

Skincare is an essential technique used for maintaining the health condition of the skin available on your face and body. A good skincare routine will allow you to maintain a healthy and bright appearance. From washing the face regularly to applying moisturizer, various proteins need to be included in a regular skincare routine.

• People are more conscious about their health, including having a regular skincare routine. Preventing further damage both from light/sun and the environment to the skin, keeping skin glowing by optimizing hydration, barrier function, and cell turnover, and minimizing irritation, helping to repair past superficial damage to the skin. Sunscreen is the most important step in any skincare routine for every skin type and age.
• Growing consumer inclination toward natural beauty products, the concept of creams, serums, and moisturizers infused with natural ingredients is expected to witness significant demand over the forecast period. Such products are considered more effective and have few or no side effects, which, in turn, is expected to increase their application among consumers. Consumers have become highly selective while purchasing skincare products, owing to health and environmental considerations. There is thus a growing desire for skincare products with claims sustainable or chemical-free. Encouraged by this, manufacturers are launching products that are free from artificial preservatives, natural & organic.
• The Asia-Pacific led the skincare market with China, Japan, and South Korea emerging as the leading revenue-generating economies in the region. Rising disposable income in the Asia-Pacific region is driving sales of skincare products. There is an increasing demand for personalized and specific skin care products owing to different skin types and conditions.

Global Skincare Market Trend Analysis

Growing Health-Promoting Routines and Retention

• The skincare market is growing faster than any other part of the beauty industry. Sales of skincare products grew by 13% last year in the United States, while makeup grew by only 1% in the same period.
• According to Automat Technologies, Inc. in China, the number of daily mask users tripled between 2016 and 2018, when celebrities like Fan Bing and Charmaine Sheh shared daily mask rituals as their secret to beautiful skin. Similar products are driving growth globally.
• Growing desire for health-promoting and self-care products, increasing interest in the power of regimens and routines, inform consumers and, uniquely, the ability of new technology to simplify the unusually complex choices consumers have when they interact with skincare brands. This will help to lead to growth of the skincare market over the forecast period.

Latest Technology Trends in the Skincare Industry

• The skincare industry has been completely transformed with advancements in skin biology, biological genes, skin microbiome, and nanotechnology. The use of technologies like Micro bristle Applicator Systems, skin microecology, biological fermentation, and cell extraction is expected to revolutionize shortly.
• We have been facing daily issues with our skin related from many years about 6 million years. Our skin is affected by fine lines, wrinkles, sagging, dullness, hyperpigmentation, and the acceleration of collagen loss due to skin aging more rapidly.
• These environmental factors have a profound impact on the skin and can cause a range of issues, including premature aging and damage. That's where skin-related technological advancements are making a difference. For instance, Avon has launched a new skincare product named Prolinol in 2021. According to the brand this product is clinically proven to restore both types of collagen found in healthy skin, helping to make-believe the perfect collagen equilibrium found in baby skin.
• As the Skincare market continues to grow at an increasing rate, competition among brands is also becoming increasingly fierce. To stay ahead many brands are leveraging the latest beauty technology trends that are rapidly transforming the beauty industry. Nanotechnology is one such trend that is gaining popularity in the cosmetic industry.

Overuse of chemicals

• The overuse of chemicals is a major problem in the skincare industry. Many products contain ingredients that can be harmful to the skin. These ingredients can cause skin irritation, dryness, and even acne. The use of harmful ingredients is also a major problem in the skincare industry. The lack of regulation is also a major problem in the skincare industry. There are no federal regulations that oversee the production of skincare products. This means that companies are free to use any ingredients they want, without any safety testing. This can be very dangerous for consumers.
• Nowadays people are more conscious about their health, including having a regular skincare routine Increasing overuse of chemicals and harsh ingredients in skincare and makeup products hampered the market of skincare and makeup product market over the forecast period.

Skincare Market Segment Analysis

The Global Skincare Market is segmented into Product, Gender, Ingredient, and Distribution Channels.

• By Product, the Cream segment is anticipated to dominate the Market Over the Forecast period.  The cream segment is expected to drive the growth of the skincare market. Many consumers prefer creams for skin-related problems. A good body cream helps your skin retain moisture and stay hydrated. Dry skin tends to appear more wrinkled and can make look older. Protects and supports skin health.
• The significance of end-to-end experience offered by direct-to-consumer companies is not only playing more directly into consumer desire for routine but also how and commitment with which they select brands in industries like skincare. At the same time, established companies have rapidly developed their experiments with direct-to-consumer approaches, signaling that this trend is only going to accelerate growth across beauty segments going forward. 

Regional Analysis of the Global Skincare Market

Asia Pacific is expected to Dominate the Market over the Forecast period

• Asia Pacific is expected to dominant in the skincare as well as the mass category with anti-aging products and facial moisturizers the most popular product choice. Asia Pacific region reveals increasingly targeted products of specific skin care regimens with BB and CC products. China is one of the countries in the Asia Pacific targeted by the larger global players to increase market share.
• Furthermore, the growing accessibility of popular skincare products provides growth in the skincare market.  key players focus heavily on product change mergers and acquisitions as their primary strategies for combining the market under inspection.
• The increasing population in China and India is another driver for the development of the market. South Korea also plays an important role in the skincare products market of Asia Pacific. These increasing demands for skin care products in the Asia Pacific region drive the market growth over the forecast

Top Key Players of Skincare Market

• 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)
• Unilever PLC/NV (U.K)
• New Avon Company (U.K)
• L'OREAL S.A. (France)
• Kao Group (Japan)
• Colgate-Palmolive Company (New York)
• Shiseido Co., Ltd. (Japan)
• Beiersdorf AG (Germany)
• The Procter & Gamble Company (Ohio)
• Estee Lauder (New York)
• Cosmax (South Korea)

Key Industry of the Skincare Market

• In March 2024, Jergens Natural Glow Skincare celebrates the arrival of spring with Glow Day, highlighting the importance of skin health as we prepare for sunny days ahead. This event emphasizes a UV-free solution for achieving a natural-looking tan, promoting a safe alternative to harmful UV tanning. Embrace radiant skin this season with Jergens Natural Glow for a vibrant.
• In January 2024, Eucerin, with over a century of skincare expertise and dermatologist recommendations, proudly announces the launch of its Immersive Hydration Collection, marking its formal entry into the face care market. Experience intense hydration and rejuvenation for your skin.
• In July 2023, Estée Lauder and Manchester United Announced an Exclusive Partnership as the Club's first-ever skincare Partner. Estée Lauder continues its legacy of disrupting the beauty industry, bringing its high-performing products to new communities of sports fans who demand peak performance in every aspect of life.