Enjoy complimentary customisation on priority with our Enterprise License!
The cosmetic skin care market size is forecast to increase by USD 83.6 billion, at a CAGR of 8.58% between 2023 and 2028. The market is influenced by several key factors, including the growing population within the age group of 30-50 years. This demographic segment represents a significant consumer base with specific preferences and purchasing power. Rapid urbanization further drives market growth, leading to increased demand for various products and services. Additionally, the presence of premium brands in the market adds to its dynamism, offering consumers a range of high-quality options. These factors collectively shape the market landscape, creating opportunities for businesses to cater to the diverse needs and preferences of consumers in this age group.
To learn more about this report, Download Report Sample
The market is experiencing a surge in demand for self-caring products like creams, lotions, and powders, available at renowned outlets such as Avon and beauty retail stores. With a focus on skin nourishment and combating acne, consumers are turning to a variety of offerings, including face creams, sunscreens, and body lotions. This trend is driving growth in the beauty and cosmetics industry, with brands like Naturium and Hale Cosmeceuticals offering innovative solutions like the Purple Ginseng Cleansing Balm. Retailers like Space NK cater to urban areas, where customers exhibit a strong propensity for skincare products, influenced by strategic advertising activities and a desire for radiance and bounce in their skin. From sheet mask to smile performers, the market continues to evolve with a focus on delivering innovative products to meet evolving consumer needs. Our researchers analyzed the data with 2023 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. Cosmetic businesses rely on steady raw material supplies to produce items like Shaving lotions and creams, sheet masks, and Smile Performer.
The market is experiencing significant growth, driven by the presence of premium brands like Avon, Naturium, and Hale Cosmeceuticals. The increasing popularity of these brands, especially among affluent consumers, is fueling market expansion, with consumers showing a propensity to invest in luxury and premium skincare products. These brands are leveraging innovative products such as serums and retinol creams to address diverse skin concerns, catering to the evolving needs of customers.
Additionally, they are capitalizing on digital platforms and advertising activities to enhance their market presence. Moreover, internationalization efforts are boosting sales, with tourists contributing to increased demand for premium skincare offerings. With a focus on both facial and anti-aging skincare, these brands are set to drive growth in the cosmetics market, offering products that promote skin nourishment, radiance, and bounce. Such factors will increase the market growth during the forecast period.
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.
Moreover, 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.
Stringent regulations are the major challenges impeding the cosmetics market growth. These products are increasingly subject to government guidelines and approvals to avoid health concerns. Companies producing these 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 the products make their production labor-intensive and delay the launch of manufacturers, which hinders the market growth. Such factors will affect the market growth during the forecast period.
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 products, which is expected to drive consumer demand for such products. The majority of global market revenue is generated through offline retail formats.
In addition, many large retailers have begun creating their own private-label brands of 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 market during the forecast period.
The 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.
For a detailed summary of the market segments Request for Sample Report
The face skin care products segment was valued at USD 83 billion in 2018. 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 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 the products among fashion-conscious consumers and high-profile makeup artists during the forecast period. Thus, the increasing demand for products as an indispensable part of the skin care regimen of individuals will lead to the growth of this market segment during the forecast period.
Get a glance at the market share of various regions View PDF Sample
APAC is estimated to contribute 53% to the growth of the global market research and growth during the forecast period. Technavio's analysts have provided an extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The 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 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.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, which are forecasts 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 10 market 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 research 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.
You may also interested in below market reports:
The market is thriving amidst increasing concerns over skin issues such as acne, black spots, and dullness, driving demand for beauty and cosmetics products. Consumers are seeking solutions from beauty retail stores and cosmetic stores for self-caring products like face creams, moisturizers, and scrubs to address various skin concerns. With a focus on skin nourishment and hydration, brands like Avon and Naturium offer a range of products infused with hyaluronic acid, vitamin C serums, and organic ingredients. However, concerns over plastic pollution and the harmful effects of synthetic products prompt the market's shift towards vegan ingredients and organic labeling. As urbanization rises, so does the demand for sunscreen lotions and anti-pollution serums to shield against UV rays and environmental pollutants. With a plethora of anti-aging and skin brightening products available, consumers are spoilt for choice, seeking affordable skincare solutions while embracing natural and environmentally-friendly options.
Moreover, the market is a dynamic sector within the beauty and cosmetics industry, catering to a diverse range of needs and preferences. From body lotions to face creams and moisturizers, consumers seek products that offer hydration, protection, and anti-aging benefits. Brands like Biologi and Rituals emphasize the use of organic ingredients and wild-harvested extracts, meeting the growing demand for natural skincare options. With concerns over environmental conditions and blue light exposure, products containing anti-pollution serum and vitamins C, E, collagen gain popularity, offering protection against external aggressors. Advertising activities play a crucial role in promoting the market, showcasing the efficacy of anti-wrinkle creams and sheet masks in achieving radiance and smoothing skin texture. As rapid urbanization continues, the market witnesses a rise in affordable skincare products and the proliferation of beauty salons in urban areas, catering to the needs of a rising population seeking treatments for skin concerns like scars, skin peeling, and skin rashes.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
177 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.58% |
|
Market growth 2024-2028 |
USD 83.6 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
7.74 |
|
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 53% |
|
Key countries |
US, China, Japan, India, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Amorepacific Corp., Beiersdorf AG, Chanel Ltd., Clamar Cosmetics, Colgate Palmolive Co., Gayatri Herbals Pvt. Ltd., Groupe Clarins, Johnson and Johnson Services Inc., Kao Corp., LOreal SA, LVMH Moet Hennessy Louis Vuitton SE, Natura and Co Holding SA, Nutriglow Cosmetics Pvt. Ltd., Oriflame Cosmetics S.A., Revlon Inc., Shiseido Co. Ltd., The Body Shop International Ltd., The Estee Lauder Companies Inc., The Procter and Gamble Co., and Unilever PLC |
|
Market dynamics |
Parent market analysis, Market forecasting 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 the forecast period |
|
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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.