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The cosmetic serum market size is forecast to increase by USD 1.26 billion, at a CAGR of 3.84% between 2023 and 2028. The market is experiencing momentum due to the increasing demand for male beauty products, the rise of celebrity-owned and endorsed brands, and the surge in sales of luxury beauty items. This surge is fueled by evolving societal norms and preferences, with men showing a growing interest in grooming and self-care. Additionally, the influence of celebrities leveraging their image and status to promote beauty brands has significantly contributed to market growth. Furthermore, the appeal of luxury beauty products continues to expand, driven by consumers' desire for premium quality and prestige. These trends collectively underscore a dynamic shift in the beauty industry, presenting opportunities for brands to innovate and cater to evolving consumer needs and preferences while fostering a more inclusive and diverse market landscape.
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In the thriving landscape of the market, consumers seek tailored solutions for skincare concerns, from acne control serum to anti-aging and hydrating serum. Endorsed by reputable organizations like the American Academy of Dermatology Association, products prioritize efficacy and safety, with a growing demand for natural and organic options and cruelty-free formulations. The market caters to diverse distribution channels, including online retail, pharmacies/drugstores, and department stores, as well as direct selling platforms. Customized serums with ingredients like hyaluronic acid and peptides address specific needs, while anti-pollution and sunscreen serums protect against environmental stressors. With innovations like Modiface enabling virtual try-ons, the global cosmetics serum market continues to flourish within the broader global consumer goods industry, catering to households worldwide.
Key Driver
Rising demand for male beauty products is the key factor driving the market. The market encompasses a broad range of products, including acne control serums, anti-aging serums, and brightening serums, catering to the diverse needs of consumers. The increasing awareness of animal welfare and the demand for cruelty-free products have influenced vendors to produce ethical offerings. In the consumer goods industry, cosmetic serums have gained popularity due to their customized formulations, addressing various scalp, hair, and skin types. Major vendors are launching new and innovative serums, such as anti-pollution and hydrating serums, to cater to the evolving beauty consciousness of consumers.
Further, consumers are seeking hydration and protection for their skin, as well as solutions for specific concerns like acne treatment. The market for cosmetic serums is expected to continue growing, driven by the changing perception of grooming and appearance among various demographics. Counterfeit products remain a concern in the market, with vendors and regulatory bodies working to ensure the authenticity and safety of cosmetic serums. The environment is also a growing concern, with vendors focusing on sustainable and eco-friendly production methods. Overall, the market is poised for continued growth, driven by the evolving needs and preferences of consumers.
The increase in the introduction of organic and natural products is an emerging trend supporting the growth of the market. The health-related problems due to the usage of BPC products have increased the demand for natural products. The regular use of synthetic cosmetic serums can cause various hair-, skin-, and health-related issues, such as skin irritation, skin allergies, nerve damage, chemical burns, and various hormonal disorders.
Moreover, organic cosmetic serums are made from natural and organic ingredients, such as plant extracts and natural oils and the negative effects do not occur. Manufacturers are focusing more on organic cosmetic serums and this expansion of product lines also helps vendors differentiate their offerings. Organic cosmetic serums are free from harmful ingredients, such as sulfates and formaldehyde. These organic serums adhere to the high standards of purity set by various regulatory bodies in different countries. To address the growing demand for organic BPC products, vendors are introducing new lines of cosmetic serums.
The availability of counterfeit products will be a major challenge for the market. Owing to a surge in demand for these cosmetics, the supply of fake products is also increasing. This has also increased due to the growing penetration of e-commerce. Customers face difficulties in distinguishing between genuine and counterfeit products as they appear similar. Further, the low pricing of counterfeit products fuels their demand. Moreover, duplicate products are often contaminated with harmful substances, that may have harmful side effects on consumers. The growing number of counterfeit products will harm the sales and pricing strategies of genuine vendors operating in the global market.
Additionally, to meet such challenges, global players are compelled to price their products at lower rates, which reduces their profit margins and also the value sales proportion of the global market. Furthermore, another reason for the low price of counterfeit products is that a significant amount of costs is saved on the production and transportation of these products as their manufacturers usually operate in regional or local markets. This makes counterfeit products cheaper than their genuine counterparts. Therefore, these factors will hinder the market growth during the forecast period.
The cosmetic serum market segmentation by distribution channel consists of offline and online. The market share growth by the offline segment will be significant during the forecast period. The segment comprises departmental stores, supermarkets, hypermarkets, pharmacies, and convenience stores. These retail formats help in generating significant revenue in the global cosmetic serum market.
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The offline segment was valued at USD 4.25 billion in 2018. Vendors in the organized retail sector operate based on factors such as geographical presence, ease of production and inventory management, and transportation of goods. They invest significantly in brick-and-mortar organized retail stores to increase their regional and global presence and share in the market. With mainstream consumers gradually shifting to the adoption of these products, vendors are generating higher revenue from launching products at retail stores. Thus, frequent product innovation and launches are expected to positively impact the growth of the segment during the forecast period.
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APAC is estimated to contribute 61% to the growth of the global market research and growth during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The cosmetic serums market in APAC is expected to grow at the fastest rate when compared with the other regions. The major contributing countries in APAC are China, Japan, and South Korea. Moreover, vendors are also advertising their products by showcasing them on social media and promoting their products through different celebrity endorsements. The high fashion consciousness among the millennial, generation X, and baby boomer populations also contributed to the significant growth of the market during the last five years, which will further drive the regional market. Additionally, other factors influencing regional growth are rapid urbanization and a rise in disposable income. Hence, these factors will fuel the growth in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, which are forecasted to enhance their presence in the market report.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Customer Landscape
The market growth analysis report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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In the dynamic market, addressing diverse skin concerns remains paramount, from acne treatment serum to anti-aging and anti-pollution serums. As consumers prioritize natural and organic products, brands like PHILOSOPHY, INC leverage plant-based ingredients and vegan blends in their formulations. The market spans various product types, including brightening and eye serums, catering to both men and women across age groups. Influencers and YouTube channels play a pivotal role in product promotion, while beauty salons and specialty stores offer personalized recommendations. Despite supply chain disruptions during lockdowns, production activities adapt to meet demand, ensuring availability in hypermarkets/supermarkets and online retail platforms. With a focus on efficacy and innovation, the global cosmetics face serum market continues to thrive amidst evolving consumer preferences and lifestyle trends.
Further, the market caters to diverse skincare needs, offering a range of products such as anti-aging serums, anti-pollution serums, and brightening serums. Enriched with retinol and vitamin-infused blends, these serums target specific concerns like skin brightening and moisturization. Designed for both men and women in the middle-aged segment, these products align with modern self-grooming trends and the demand for natural/organic ingredients certified by organizations like the Soil Association. Available in various formulations including eye serums and face moisturizer serums, they cater to different preferences and lifestyles, ensuring availability in supermarkets/hypermarkets. Despite challenges like lockdowns, the LAMEA region witnesses steady growth in skincare products, reflecting the influence of Western lifestyle and the rising popularity of vegan and plant-based options.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.84% |
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Market Growth 2024-2028 |
USD 1.26 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.65 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 61% |
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Key countries |
US, Japan, China, India, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amka Products Pty Ltd., Amway Corp., The Avon Co., Beiersdorf AG, Chanel Ltd., Groupe Clarins, Coty Inc., Edgewell Personal Care Co., Henkel AG and Co. KGaA, Johnson and Johnson Services Inc., Kao Corp., LOreal SA, LVMH Moet Hennessy Louis Vuitton SE, Markwins Beauty Brands Inc., Mary Kay Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., The Procter and Gamble Co., Unilever PLC, and ZYMO Cosmetics |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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