Skincare market size is USD 106.8 billion in 2023 and will grow at a CAGR of 6.50% from 2023-2030: Cognitive Market Research
Introduction of Skincare Market
Skin care is the method of keeping skin health and improving skin quality. On a wide scale, various sorts of substances are utilized to improve skin health. Growth fuelled by the increasing due to the rising awareness of the adverse effects of continuous exposure to the sun.
November 2022 - Avon partnered with Perfect Corp., a leading Al-based beauty tech solutions provider, to improve the virtual makeup technology system and help consumers choose suitable product types.
Key Insights from Skincare Market Report
The Global Skincare market size is USD 106.8 billion in 2023 and will grow at a CAGR of 6.50% from 2023 to 2030.
Rising Consumer Awareness and Education to Provide Viable Market Output
One key driver propelling the skincare market is the increasing awareness and education among consumers regarding skincare and the importance of a consistent skincare routine. Consumers are becoming more informed about the benefits of skincare products, including preventive measures against aging, protection from environmental pollutants, and maintenance of overall skin health. This heightened awareness, often fuelled by social media, beauty influencers, and readily available information, is driving the demand for a diverse range of skincare products catering to various skin types and concerns.
November 2022 - kao Corporation Collaborated with Daiichi Sankyo, a leading healthcare company, to develop new products and improve their skincare business revenue.
Another crucial driver in the skincare market is the continuous innovation in skincare formulations and the integration of cutting-edge ingredients. Research and development in skincare have led to the introduction of advanced formulations, incorporating ingredients with proven efficacy in addressing specific skin issues. This includes the use of antioxidants, hyaluronic acid, retinoids, and natural extracts, among others. The market's responsiveness to scientific advancements and the development of products tailored to evolving consumer preferences contribute significantly to the growth and dynamism of the skincare industry.
July 2022 - Johnson & Johnson launched a new range of new skincare brands, 'VIVVI & BLOOM', for kids. This can be suitable for the skin as well as hair.
Market Dynamics of Skincare
A significant restraint in the skincare market stems from regulatory challenges and the imposition of stringent standards on skincare product formulations. The need to comply with diverse and evolving regulations, particularly regarding the use of certain ingredients and claims, poses hurdles for skincare manufacturers. Stricter standards may lead to reformulations, increased testing requirements, and potential limitations on marketing claims, impacting the speed and cost of bringing products to market. Negotiating this complex regulatory landscape requires substantial investments in research, testing, and compliance, presenting a challenge for skincare companies, especially smaller ones.
Impact of COVID–19 on the Skincare?Market
The skincare market underwent notable transformations in the wake of the COVID-19 pandemic. With widespread lockdowns, changes in consumer behavior, and heightened awareness of hygiene, the skincare industry experienced shifts in demand and product preferences. The market saw a surge in demand for skincare products focused on health and wellness, including products with immune-boosting ingredients and those addressing specific skin concerns arising from increased mask usage. E-commerce channels became more prominent as consumers turned to online platforms for their skincare needs, reflecting a preference for contactless shopping. On the other hand, the closure of brick-and-mortar stores and disruptions in the supply chain posed challenges. Overall, the skincare market adapted to the changing landscape, emphasizing health-centric products and digital avenues to meet evolving consumer expectations.
We have various report editions of Skincare Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access .
Competitive Landscape of the Skincare Market
In the highly competitive skincare market, key players engage in fierce competition to capture a significant share of the burgeoning industry. Established brands and emerging players’ alike focus on innovation, introducing novel formulations and sustainable practices to meet the evolving demand of the consumers.
Top Companies Market Share in Skincare Industry:
Skincare Market Analysis
Type Segment Analysis:
According to Cognitive Market Research, face skincare products stand out as the dominant category. The face is often considered the focal point of skincare routines, leading to a higher demand for specialized products tailored to facial care. Consumers prioritize facial skincare due to its direct impact on appearance, addressing concerns such as aging, acne, and overall complexion. This dominant category includes a diverse range of products, such as cleansers, moisturizers, serums, and anti-aging treatments, reflecting the evolving preferences and needs of consumers who prioritize maintaining healthy and radiant facial skin.
The fastest-growing category in the skincare market is body care products. There is a noticeable shift in consumer awareness towards holistic skincare, extending beyond facial care to encompass the entire body. Body care products, including moisturizers, body washes, and specialty treatments, are experiencing increased demand as consumers recognize the importance of maintaining skin health across all body areas. This trend is driven by a growing emphasis on self-care and wellness, encouraging individuals to adopt comprehensive skincare routines that address the diverse needs of their skin. The fastest growth in body care products reflects a broader approach to skincare, highlighting the industry's adaptability to evolving consumer preferences
Application Segment Analysis:
Asia-Pacific dominates the skincare market with a commanding 36% market share, amounting to a substantial USD 38.45 billion in 2023.
According to Cognitive Market Research, Asia-Pacific dominates the skincare market with a commanding 36% market share, amounting to a substantial USD 38.45 billion in 2023. This leadership position is underpinned by cultural practices that prioritize skincare, making it an integral part of daily life. The region's diverse population contributes to a varied demand for skincare products, catering to a wide spectrum of preferences. One notable segment driving this market is specialty stores, offering a curated selection and personalized shopping experiences. These stores, with their emphasis on premium and niche brands, attract consumers seeking unique formulations and expert advice. The skincare market in Asia-Pacific is characterized by a dynamic landscape, fuelled by a rising middle class, growing disposable income, and an increasing awareness of global skincare trends. This region stands as a powerhouse in the skincare industry, promising sustained growth and continuous innovation.
领英推荐
North-Pacific emerges as the fastest-growing region in the skincare market, commanding an impressive 30% market share, with a market size reaching USD 32.04 billion in 2023. The region's skincare boom can be attributed to a blend of cultural emphasis on personal grooming, increasing awareness of skincare benefits, and a surge in demand for natural and organic products. One prominent segment driving this growth is online stores, providing consumers with convenient access to a wide array of skincare products and information. The North-Pacific skincare market thrives on innovation, with consumers actively seeking cutting-edge formulations and technology-driven solutions. As a hub for beauty trends and influencers, the region's skincare landscape is characterized by dynamic consumer preferences and a robust market infrastructure, fostering continuous expansion and evolution.
Frequently Asked Questions (FAQs)
What is the market size for the skincare market in 2023?
What is the growth rate for the skincare market over the forecast period?
Which is the leading region of the market for skincare?
Which region is projected to detect the fastest growth in the skincare market over the forecast period?
Which country is leading in the skincare market in 2023?
What are the key drivers for the growth of the skincare market?
Which is the significant skincare market segment by types?
Which is the significant segment in the skincare market by application?
Contact Us
Nicolas Shaw
Cognitive Market Research
20 N State Street, Chicago,
Illinois, 60602
United States
USA: +1 312-376-8303
Europe and UK: (+44) 20-8144-9523
Asia Pacific: (+852) 81930785
Email: [email protected]
About Cognitive Market Research Company:
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and helps them to build business strategies accordingly.