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The cosmetic skin care market is estimated to grow at a CAGR of 8.72% between 2022 and 2027 and the size of the market is forecast to increase by USD 79.37 billion. In 2017 the market size was at USD 25.8 billion.
This report extensively covers market segmentation by product (face skincare products, body skincare products, and others), distribution channel (offline and online), and geography (APAC, Europe, North America, Middle East and Africa, and South America).It also includes an in-depth analysis of drivers, trends, and challenges.
The growth of the cosmetics market is notably driven by the presence of premium brands. The increasing popularity and presence of premium skincare brands have led to market growth, especially among affluent consumers who are willing to invest in luxury and premium brands. To capture this market segment, premium skincare brands are increasing their digital appeal and credibility.In addition, premium brands are expanding their customer base by introducing innovative products such as serums and retinol creams, which effectively address consumers' skin concerns. They are also benefiting from internationalization, as tourists from different countries are buying more and more products sold by premium brands. Companies like L'Oreal and The Estee Lauder Companies are focusing on both facial and anti-ageing skincare products while offering body skincare products and cleansers to increase brand value and sales. Overall, these factors are expected to drive the cosmetics market growth during the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
Trend
An emerging trend in the cosmetics market is the increase in the number of distribution channels. With the growth in internet penetration, more consumers are becoming aware of the option to purchase cosmetic skincare products online. As a result, sales through online channels are steadily increasing, particularly for products such as anti-ageing creams, lotions, and serums. Cosmetic companies are also expanding their reach by selling their products through external distributors, offering consumers in regions without local suppliers greater access to a wider range of products. The growth of digital portals offering cosmetic skincare products has made it easier for consumers around the world to compare prices and product features before making a purchase, further supporting market growth. In addition, manufacturers are also expanding their distribution network by offering their products through their own stores and supermarkets. For instance, Estee Lauder Companies have stores globally that customers can easily access. The availability of skincare products through various distribution channels will positively impact the market growth during the forecast period.
Challenge
Stringent regulations are the major challenges impeding the cosmetics market growth. Cosmetic skin care products are increasingly subject to government guidelines and approvals to avoid health concerns. Companies producing cosmetic skin care products must ensure the safety of their products and conduct the necessary tests to test the safety of their products and ingredients. The US Food, Drug, and Cosmetic Act (FD and C Act) require that every cosmetic and personal care product and its ingredients must be justified to control for prohibited ingredients before they are placed on the skincare market. According to the US Food and Drug Administration (FDA), anti-ageing skin care products that affect the structure or function of the body are considered drugs or medical devices, even if they are not intended to be classified as cosmetic products. For example, if a product is designed to remove wrinkles or increase collagen production in the skin, the product used is sold either as a drug or a medical device. Thus, strict regulations on the approval and marketing of cosmetic skin care products make their production labour-intensive and delay the launch of manufacturers, which hinders the market growth. Such factors will affect the market growth during the forecast period.
Customer Landscape
The 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 Cosmetic Skin Care 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.
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 cosmetics market is divided into two main distribution channels as offline and online. Cosmetic skin care products, including topical gels, creams, and ointments, are primarily sold through offline distribution channels such as supermarkets, hypermarkets, convenience stores, warehouse clubs, and drugstores. These products come in various sizes, packaging, and brands. One of the emerging trends in this market is the growing demand for eco-friendly cosmetic skin care products, which is expected to drive consumer demand for such products. The majority of global cosmetic skin care market revenue is generated through offline retail formats. In addition, many large retailers have begun creating their own private-label brands of cosmetic skin care products. These retailers have established a good reputation, which adds value to their private-label brands. Customers prefer these brands due to their affordability and availability. These factors are likely to drive the growth of the offline segment of the cosmetic skin care market during the forecast period.
The skincare market share growth by the face skincare products segment will be significant during the forecast period. Face skin care products include products such as topical creams, lotions, toners, exfoliators, and serums for the face.
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The face skin care products segment was valued at USD 79.04 billion in 2017 and continued to grow until 2021. Face skin care products are predominantly used as skin care solutions for anti-ageing, skin-whitening, and sun protection. Apart from these, face skin care products are also used to moisten, hydrate, and provide a smooth and blemish-less appearance to the skin. The other factors contributing to the growth of the facial skin care products segment include the increase in the older population and advances in the technology used in manufacturing face skin care products. Various vendors in the global cosmetic skin care products market are offering premium face skin care products that stimulate the natural rejuvenation process of facial skin and improve the complexion and appearance of the skin.
Therefore, product premiumization is expected to drive the demand for cosmetic skin care products among fashion-conscious consumers and high-profile makeup artists during the forecast period. Thus, the increasing demand for cosmetic skin care products as an indispensable part of the skin care regimen of individuals will lead to the growth of this cosmetics market face skin care products segment during the forecast period.
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APAC is estimated to contribute 51% to the growth of the global cosmetics market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the skincare market during the forecast period.
The cosmetic skin care market in APAC is expected to be the fastest-growing geographic segment during the forecast period. Several companies in this region offer cosmetic skincare, which has resulted in the potential growth of the market. People in Asia are increasingly opting for cosmetic skin care products like skin-lightening creams and skin-brightening lotion, as women in the region prefer a lighter skin tone. Several companies are focusing on promotional activities to attract customers through advertisements and fancy packaging, which showcase the positive effect of their products, such as brighter and more even-toned skin. Also, the increase in the number of speciality stores that offer a variety of skin-lightening and whitening products of different brands has led to increased awareness and availability of such products in the region.
The skincare market was negatively affected during the COVID-19 outbreak. However, in 2021, with the uplifts of lockdowns due to mass vaccination drives, the demand for cosmetic skin care products increased during the forecast period. Increased cellular subscription and adoption and use of smartphones globally helped online retailers reach semi-urban and rural areas which positively impact the demand for cosmetic skin care in the APAC. Commercial end-users such as salons and spa service providers that use cosmetic skin care products of various brands, both low-priced and premium products, witnessed a higher repurchase cycle as people visiting salons and spas increased. Overall, the cosmetic skin care market in APAC will witness considerable growth during the forecast period.
The 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.
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Cosmetic Skin Care Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.72% |
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Market growth 2023-2027 |
USD 79.37 billion |
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Market structure |
USD Fragmented |
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YoY growth 2022-2023(%) |
7.35 |
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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 51% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amorepacific Group Inc., Beiersdorf AG, CHANEL Ltd., CLAMAR Cosmetics Inc., Colgate Palmolive Co., Gayatri Herbals Pvt. Ltd., Groupe Clarins, Johnson and Johnson, Kao Corp., LOreal SA, LVMH Moet Hennessy Louis Vuitton SE, Natura and Co Holding SA, Nutriglow Cosmetics Pvt. Ltd., Oriflame Holding AG, Revlon Inc., Shiseido Co. Ltd., The Body Shop International Ltd., The Estee Lauder Co. Inc., The Procter and Gamble Co., and Unilever PLC |
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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 forecast period |
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Customization purview |
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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
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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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