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The skincare products market size is forecast to increase by USD 43.9 billion, at a CAGR of 5.54% between 2023 and 2028. Market growth hinges on various factors, notably the burgeoning embrace of home salons and spa services, escalating demand for multifunctional skincare commodities, and the prevalence of premium brands. The convenience and personalized experience offered by home services allures consumers, while multifunctional skincare products and anti-aging products, cater to their diverse needs efficiently. Moreover, the allure of premium brands extends beyond mere product quality, encompassing status and exclusivity. This confluence of factors not only drives market expansion but also fosters innovation as companies strive to meet evolving consumer preferences. As these trends continue to gain momentum, the market landscape is poised for further growth and transformation, promising ample opportunities for businesses to thrive in the beauty and wellness sector.
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In the market, where the pace of life is fast and pollution levels are high, consumers are increasingly turning to skincare products to combat the effects of environmental aggressors. Among the myriad offerings, sheet masks and cream moisturizers are gaining popularity for their convenience and efficacy in nourishing and hydrating the skin. Moreover, the market for anti-wrinkle creams and eye creams is thriving as consumers seek products enriched with Vitamins C and E to combat signs of aging and improve skin quality. Cleansers and toners infused with ingredients like retinol, alpha-hydroxy acids, and beta-hydroxy acids are in high demand for their ability to rejuvenate aging skin cells and improve overall complexion. As consumers become more conscious of the ingredients they apply, the demand for organic skincare products and herbal skincare products is on the rise, driven by concerns over the potential harmful effects of synthetic chemicals commonly found in traditional skincare formulations. In this dynamic market, brands that highlight moisturizing, hydrating, and nourishing properties while steering clear of harmful chemicals stand to capture the attention of discerning consumers seeking to improve quality while safeguarding their skin against urban stressors.
The growing adoption of home salons and spa services is notably driving market growth. There are several home salon and spa service providers in the market. Companies offer homely salon services such as make-up and spa services. The company also offers a range of care and luxury packages for increased frequency of services. Such offers from makeup service providers increase the consumption such as herbal body lotions and face creams. The company also offers make-up courses and service packages. Home care services are expanding and in high demand due to their low service fees and high convenience. Therefore, the availability of such personalized home salon and spa services is expected to drive the market growth in terms of consumption during the forecast period.
The growing demand for cannabidiol (CBD) skincare products is the major trend shaping the market. Cannabidiol (CBD) is the non-addictive component of hemp or marijuana. CBD's many benefits for the skin have made it a popular ingredient in many skin-care products, such as oils, creams, lotions, balms, and serums. Consumers around the world are becoming increasingly aware of CBD's various skincare benefits, which is leading to its increased demand. Various companies offer CBD skin care in the market. CBD is one of the most commonly used active ingredients in various skin care derivatives due to its numerous health-promoting properties. CBD's anti-inflammatory properties make it a suitable ingredient for skin care products for acne-prone skin.
Also, CBD reduces excess sebum production, which can help control acne. CBD has antioxidant properties, which can help reduce visible signs of aging such as wrinkles and dull skin. CBD's soothing and skin-normalizing properties make it ideal for sensitive skin, addressing issues related to skin sensitivities such as rashes.CBD is also considered a natural remedy for treating psoriasis, a chronic autoimmune disease that causes skin cells to grow faster. As such, CBD is a popular ingredient in many skin care items due to its many benefits for skin care. As a result, demand for CBD-infused skin care has increased from consumers around the world. Such factors drive the growth of the market during the forecast period.
The availability of counterfeit skincare products may impede the growth of the market. Counterfeit beauty and personal care products are alleged to be harmful to users' health. With the advent of e-commerce, sales of counterfeit goods have flooded around the world. Consumers find it difficult to distinguish between counterfeit and genuine products. Another attractive factor of counterfeits is their price. They are offered at relatively low prices. The presence of such counterfeits adversely affects the sales and pricing strategies of major players in the market.
Further, counterfeits are often contaminated with petrochemicals, bacteria, and other harmful chemicals. Long-established skincare makers are considering entering developing countries where counterfeit product are rampant, such as India and China. Affordability due to counterfeits has become a pricing challenge for existing skincare suppliers. Therefore, the availability of counterfeit skin care products is expected to hamper the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, 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 forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
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 share growth by the offline segment will be significant during the forecast period. In 2022, offline sales channels captured the highest share of the market. The offline sales segment is considered to be the most effective and significant sales method as it provides consumers with a tactile experience.
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The offline segment was valued at USD 76.40 billion in 2018. Specialty stores, hypermarkets and supermarkets, convenience stores, and drug stores are the major offline channels contributing significantly to the global skin care products market during the forecast period. The specialty store format boasts the highest revenue of any kind of retail format in the global skincare market. The growing popularity of beauty and personal care specialty stores is driving growth in this segment. Manufacturers rely on such retailers when planning budgets for marketing, advertising, and promotional activities to increase product and brand awareness among consumers.
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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The region has seen an increase in social media campaigns and celebrity endorsements for skin care products, especially natural skin care products. The continuous release of promotional videos and advertisements by celebrities on social media platforms such as YouTube, Instagram, and Facebook has influenced the purchasing behavior of consumers, especially millennials. The burgeoning e-commerce industry, which offers discounts on almost all purchases in emerging markets such as China and India, is expected to boost online sales of skin care products during the forecast period. Additionally, there has been an increase in acceptance of home makeup services such as HouseJoy, which offers home and personal services in India and is expected to encourage the use of branded skincare products in the region as well. I'm here. The rising rate of urbanization and high population density, and increasing demand of male and female consumers for personal care products drive the growth of the regional market during the forecast period.
The market growth analysis report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market, particularly in urban areas, is experiencing a wave in demand driven by various factors including the rise of online distribution channels like Amazon, as well as the popularity of premium brands. Amidst concerns over skin health and appearance, consumers are seeking solutions targeting specific issues such as fine lines, age spots, and dry and damaged skin. This has led to a proliferation of anti-aging products and moisturizers enriched with ingredients like collagen and Vitamin E. However, the market also faces challenges such as counterfeiting and NGO exposés revealing harmful substances like mercury in certain skin-lightening products. As consumers prioritize clean-label and free-from claims, brands emphasizing cruelty-free and vegan skincare products sourced from natural and organic ingredients stand to gain brand loyalty. With the rise of online shopping and the shift towards plant-based and functional skincare, the industry is poised for continued growth despite obstacles like nationwide lockdowns and supply chain disruptions. Sheet mask, cream moisturizer, and powders are popular beauty products that nourish the skin, offering a variety of benefits.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
203 |
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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 5.54% |
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Market Growth 2024-2028 |
USD 43.9 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.01 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 48% |
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Key countries |
US, China, Japan, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alchimie Forever LLC, Amorepacific Corp., Amway Corp., Bare Necessities Zero Waste Solutions Pvt. Ltd, Beiersdorf AG, Belviso Co., Botanic Organic Products LLC, Chanel Ltd., Colgate Palmolive Co., Coty Inc., Emami Ltd, Himalaya Global Holdings Ltd., Johnson and Johnson Services Inc., Kao Corp., Lancer Skincare LLC, LOreal SA, LVMH Group, Natura and Co Holding SA, Patanjali Ayurved Ltd., Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Co. Inc., The Procter and Gamble Co., Unilever PLC, VLCC Health Care Ltd., and Weleda Group |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the 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. |
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 Market Segmentation by Product Specification
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
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