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The professional skincare market size is estimated to grow at a CAGR of 5.88% between 2022 and 2027. The size of the market is forecast to increase by USD 4,521.26 million. The growth of the market depends on several factors, including product innovation and product line extension leading to product premiumization, growing concern about skin-related problems, and increased demand for multifunctional products.In order to cater to customers' changing requirements, vendors frequently introduce new products and expand their offerings that can tackle multiple skin issues in a shorter duration of time.
This report extensively covers market segmentation by product type (face skin care products and body skincare products), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing concern about skin-related problems is notably driving the market growth, although factors such as similar benefits from low-priced consumer category products may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Professional Skincare Market Driver
Professional skincare product vendors are constantly innovating their product range and investing in R&D to meet the evolving needs of customers who demand innovative and multifunctional products that provide optimal usage. Moreover, as customers' purchasing power and disposable income increase, spending on skincare products is also on the rise, leading to an increasing demand for premium skincare products. The skincare industry is also focused on differentiating itself from pharmaceutical companies by investing in ingredients and technologies to enhance the health and appearance of customers' skin. The emergence of various skin-related issues due to unhealthy lifestyles and environmental conditions has further driven the need for high-quality skincare products, which has resulted in product-premiumization and product line extension. This trend is expected to drive the value sales of the global professional skincare market in the forecast period.
Over the years, the quality of lifestyle and environmental conditions has deteriorated due to air pollution and hectic schedules, leading to various skin-related concerns. Air pollution is a significant issue across the globe, causing wrinkles, premature skin aging, and spots. This has led to a higher demand for professional skincare products that can offset the harmful effects of air pollution on the skin. Toxic fumes, a severe form of air pollution, also have adverse effects on the skin, which are noticeable in highly polluted cities. The ill effects of air pollution on the skin have prompted the skincare industry to focus on developing solutions to counter the damage caused by pollutants.
Significant Professional Skincare Market Trend
The increased demand for organic skin care products is another factor supporting the market share growth. Increasing awareness about skin-related problems caused by synthetic skincare products has pushed up demand for natural and organic skincare products across the world. Regular synthetic skin care products can cause skin-related issues such as skin irritation, skin allergies, nerve damage, and dark marks.
Organic skincare products are made of natural and organic ingredients such as plant extracts, natural oils, and other natural ingredients. Skincare product manufacturers have begun emphasizing more organic skincare product offerings. This product line extension by vendors in the market also helps them in differentiating their offerings from other competitors.
Major Professional Skincare Market Challenge
The similar benefit of low-priced consumer category products will be a major challenge for the market during the forecast period. Consumers, especially in developing countries, still prefer normal skincare products and traditional homemade remedies to professional skin care products for their skin-related concerns. This limited adoption of professional skincare products is further hampered by the stunted reach of organized retail in developing nations.
Most consumers in developing countries prefer normal and traditional skincare remedies rather than visiting a professional. Then there are many small and domestic vendors operating in their respective regions and offering skincare products at much lower rates than the big brands available in the market, whose professional skincare products mostly come under the premium category.
Key Professional Skincare Market Customer Landscape
The market 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 growth strategies.
Global Professional Skincare Market Customer Landscape
Vendors 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.
Beiersdorf AG - The company's professional skincare products under the brand names such as La Prairie, Nivea, Eucerin, and Coppertone. The segment focuses on skin and body care products under the brands such as Nivea, Eucerin, Hansaplast, and La Prairie.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the face skincare products segment will be significant during the forecast period. This is particularly due to the growing awareness of the benefits associated with professional skin care products. The growth in the world's aging population is fueling the demand for anti-aging professional skincare products. Signs of anti-aging include wrinkles, dark spots, dark circles, hyperpigmentation, and uneven skin tones. To address this growing demand, manufacturers have started developing specific solutions in line with growing trends which will drive market growth during the forecast period.
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The face skincare products segment was valued at USD 9.019.42 million in 2017 and continued to grow until 2021. The face skincare product segment is primarily driven by the rapidly growing cosmetics industry. The rising demand for face skincare products is also apt to fuel industry growth during the forecast period. In recent years, the marketing of skin care products has increased. Growing awareness of skin care products, product innovations, and increasing investments in developing countries are also factors driving the growth of the industry.
The body skincare products segment holds the second-largest market share in the global professional skincare market. Women consider body care as an essential aspect of their fashion routine, which has contributed to the rapid growth of this segment in the cosmetics industry. Pigmentation products, particularly those for hyperpigmentation problems, are in high demand. Hyperpigmentation occurs when melanocyte concentration increases, resulting in dark patches on the skin due to excessive exposure to UV rays or physical stress. Today, hyperpigmentation has become a common skin concern, primarily due to factors such as acne, UV ray exposure, and cosmetic surgeries. To cater to this growing demand, vendors are introducing various creams, serums, and peel formulas in the global professional skincare market. Moreover, the market for hydroquinone-free products, which are considered safer for skin lightening compared to hydroquinone-containing products, is rapidly growing.
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APAC is estimated to contribute 59% 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.
APAC is the highest contributing region of the professional skin care products market and is expected to continue domination by growing at a decent rate during the forecast period. The major contributing countries in APAC are China, Japan, South Korea, Australia, and India. The large market share and dominance accrue from consistent offerings of high-quality products, more established brands, constant innovation and product launches, and effective marketing.
A growing middle-class population is further driving the market for BPC products that include professional skincare products. People's disposable income and yearly household expenditures in APAC are also growing. An increasing middle-class population, growing disposable income, and higher yearly household expenditure have created a huge opportunity for professional skin care products in APAC.
The COVID-19 pandemic has impacted the sales of professional skincare products through organized retail stores in APAC. However, to survive in the competition, vendors are promoting online sales through third-party e-commerce players, such as Amazon.com and eBay Inc. As people in developing countries, such as India and China, are facing job layoffs and salary cuts, they prefer low-priced professional skincare products. Thus, the market in APAC will witness considerable growth during the forecast period.
The professional skincare market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Professional Skincare Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.88% |
Market growth 2023-2027 |
USD 4,521.26 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.78 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 59% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bausch Health Co Inc., AbbVie Inc., Beiersdorf AG, CHANEL Ltd., Coty Inc., Eminence Organic Skin Care, Episciences Inc., Fountain Of Youth Skincare, Groupe Clarins, Lancer Skincare LLC, Loccitane International SA, LOreal SA, Natura and Co Holding SA, Obagi Cosmeceuticals LLC, Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Co. Inc., The Procter and Gamble Co., Unilever PLC, and Guinot SAS |
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, and Market condition analysis for the forecast period. |
Customization purview |
If our 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 Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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