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The Global Skin Care Product Market Expected to Grow by $180 Billion by 2026, According to Brandessence Market Research

May 8, 2023
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 Key Takeaways

  • Skin care products market is anticipated to amplify with a CAGR of +5% over the assessment timeline.
  • Increased awareness about the benefits of skin care products and growing disposable income are major factors boosting the market growth.
  • Asia Pacific followed by North America and Europe is anticipated to lead the market in terms of revenue share.
  • The major companies operating in this market are going for strategic mergers & acquisitions, new launches, and partnerships to stay ahead in the competition.

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Global Skin Care Products Market Outlook (2022-2029)

The global skin care products market is expected to reach ~$180 billion by 2026, growing at a CAGR of +5% during the forecast period (2021-2026).

Competitive Hierarchy

Major players in the global skin care products market are AVON PRODUCTS INC., BEIERSDORF AG, COLGATE-PALMOLIVE COMPANY, JOHNSON & JOHNSON SERVICES INC., KAO CORPORATION, L’ORÉAL S.A., PROCTER & GAMBLE, SHISEIDO COMPANY, THE ESTÉE LAUDER COMPANIES INC., and UNILEVER PLC.

Segmental Outlook

  • Based on Product, the global skin care products market is segmented as Face Creams & Moisturizers, Cleansers & Face Wash, Sunscreen, Body Creams & Moisturizers, Shaving Lotions & Creams,
  • Others), By Gender Male and Female, By Distribution Channel Supermarkets & Hypermarkets, Convenience Stores, Pharmacy & drugstore, Online, and Others

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Region-Wise Outlook 

Asia-Pacific

Asia-Pacific is the largest market for skin care products, accounting for over 40% of the global market share, followed by North America and Europe. The market is highly competitive, with several large and small players operating in the industry. The skincare product market in Asia Pacific is expected to benefit from the expansion of the chemical industry in India and China, which are both supported by regulatory measures that ensure consistent access to raw materials for manufacturers. China is a major contributor to the growth of the global cosmetics and skincare products market, both in terms of consumption and production. Additionally, various government policies in China are promoting the demand for skincare products in the country.

North America

In North America, particularly in the United States and Canada, consumers are willing to pay a premium for brightening, anti-aging, and glowing skincare products. This has led to an increase in demand for personalized beauty solutions, driven by a growing awareness of specific ingredients

Elaborating The Key Trends and Dynamics of This Industry 

The skin care products market is influenced by several trends and drivers. One of the major trends is the growing demand for natural and organic skin care products. Consumers are becoming more conscious about the ingredients used in skin care products and are opting for products that are free from harmful chemicals. Another trend is the rising popularity of anti-aging products, as consumers are looking for products that can help them maintain youthful and healthy skin.

Major Growth Drivers

Increased awareness of benefits of skin care products: The skin care products market has seen significant growth in recent years due to increased awareness about the benefits of skin care products, growing disposable income, and changing consumer preferences. The market includes a wide range of products such as creams, lotions, serums, masks, and sunscreens, among others.

Growing consumer disposable income: The key drivers of the market include increasing awareness about the benefits of skin care products, growing disposable income, and changing consumer preferences. Consumers are willing to spend more on high-quality skin care products, which has led to the growth of premium and luxury skin care product segments.

Challenges

High cost and availability of counterfeit products: Availability of counterfeit products and the high cost of premium and luxury skin care products. Moreover, the COVID-19 pandemic has had a negative impact on the market, as consumers have cut back on discretionary spending due to economic uncertainty.

Regulatory and legal issues: The skin care products market is subject to several regulatory and legal issues. For instance, in the United States, the Food and Drug Administration (FDA) regulates the labeling and safety of cosmetics and personal care products. In Europe, the European Union (EU) has established regulations for the registration, evaluation, and authorization of chemicals used in cosmetics. Manufacturers also need to comply with local laws and regulations in the countries they operate in.

Opportunities

The skin care products market presents several opportunities and threats for players operating in the industry. One of the major opportunities is the growing demand for skin care products in emerging markets such as India, China, and Brazil. The increasing adoption of western lifestyles and rising disposable income in these markets is expected to drive demand for skin care products.

Restraints

Various regulatory and legal issues: The skin care products market is subject to several regulatory and legal issues. For instance, in the United States, the Food and Drug Administration (FDA) regulates the labeling and safety of cosmetics and personal care products. In Europe, the European Union (EU) has established regulations for the registration, evaluation, and authorization of chemicals used in cosmetics. Manufacturers also need to comply with local laws and regulations in the countries they operate in.

On Special Requirement Skin Care Products Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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Major Developments

Acquisitions

In January 2022, Procter & Gamble announced its acquisition of Tula, a luxury skincare brand that focuses on clean beauty and incorporates probiotic extracts and superfoods in its products. Tula’s line of skincare products aims to enhance skin balance, soothe irritation, and improve hydration. As part of the acquisition, P&G Beauty will work closely with the Tula team to support the brand’s growth and expand its product offerings.

Partnerships

In January 2022, L’Oreal and Verily entered into a partnership in the beauty industry to improve skin health. This innovative collaboration aims to develop a better understanding of skin and hair aging mechanisms through two initiatives. The partnership will also guide L’Oreal’s precision beauty technology strategy and product development, enabling the company to stay ahead of the competition in the skincare market.

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