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The Facial Care Products Market size is projected to increase by USD 32.86 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 5.74% between 2022 and 2027. In 2017 the market size was valued at USD 86.94 billion.
This facial care products market research report extensively covers market segmentation by product (creams and moisturizers, cleansers, sunscreen and sun protection products, facial wipes, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.
Facial care products include topical creams, lotions, toners, exfoliators, and serums for the face. They are predominantly used as facial care solutions for anti-aging, face-whitening, and sun protection. In addition, facial care products are used to moisten, hydrate, and provide a smooth and blemish-less appearance to the face. These products are popular as they protect, hydrate, tighten, and replenish facial skin and fight wrinkles to keep the skin radiant and healthy-looking.
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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.
The pursuit of a youthful and aesthetically pleasing look has gained significant importance in the US, particularly among younger men and women. They are embracing lifestyle changes to uphold clear and youthful skin. Consumers now prioritize minimizing wrinkles and fine lines, enhancing skin texture, safeguarding against UV rays and pollution, increasing collagen, maintaining skin hydration, and enhancing skin vitality.
Social media platforms like Instagram and YouTube feature a multitude of beauty bloggers. These influencers impact individuals of various age groups, inspiring them to adopt beauty routines for a vibrant appearance and healthy facial skin. By trying diverse facial care products and suggesting suitable options according to individual skin types, these influencers raise awareness about effective beauty practices. Numerous brands promote their products through these platforms, significantly propelling the skin care products market in recent times.
The global facial care products market is witnessing a notable surge in e-commerce adoption. Vendors employ discounts as a strategic tool to amplify sales and expand their online market presence. Local businesses effectively tap into premium customer segments by embracing online platforms, achieving nationwide reach. Internet penetration enhances consumer awareness of online facial care product options.
Online channels offer diverse product ranges, supported by informative descriptions, streamlining purchase decisions. E-commerce platforms extend personalized shopping assistance and recommendations, becoming favored avenues for facial care product procurement. Review and rating features facilitate comparison and feedback. Notably, platforms like Nykaa, Sephora, Amazon.com Inc., and brand websites drive substantial e-commerce growth. This online expansion is anticipated to fuel the global skin care products market in the foreseeable future.
Counterfeit products, particularly through e-commerce, are increasingly prevalent and affecting sales of established facial care product vendors which are hindering the skin care products market growth. Low production cost motivates the production of fake products, which can be harmful due to petrochemicals and other chemicals used during production. Consumers are deceived by fake packaging and branding, particularly in APAC and Middle Eastern countries. Counterfeits negatively impact vendors' profits and overall market growth.
The market share growth by the cream and moisturizers segment will be significant during the forecast period. Creams and moisturizers include moisturizing creams and lotions, night creams, beauty balms (BB) and color correcting (CC) creams, tinted moisturizers, eye creams, neck creams, lip balms, and moisturizers, face serums, and anti-aging creams. Moisturizers are available according to the skin type, such as dry skin, normal skin, and oily skin.
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The creams and moisturizers segment was valued at USD 29.24 billion in 2017 and continued to grow until 2021. The increasing aging population across the world and the rising need for maintaining healthy and younger-looking skin are driving the sales of anti-aging products.
The demand for premium anti-aging products is also increasing, which will add to the growth of the market during the forecast period. Creams and gels include all non-wipe formats of cleansing products. They help reduce acne, whiten skin, reduce dark circles, hydrate skin, and provide nourishment to the skin. Furthermore, customized skin care products are also attracting customers. Some companies provide customized products according to the skin type and skin problems a person is facing. Therefore, these trends will drive the growth of the market during the forecast period.
Facial care products are mostly sold through the offline distribution channel, which includes retail formats such as specialty stores and hypermarkets, supermarkets, convenience stores, and warehouse clubs. The rising popularity of beauty and personal care specialty retail stores is driving the growth of this segment. Factors such as business expansions and a rise in the number of hypermarkets, supermarkets, convenience stores, and warehouse clubs of major retailers add to the sales growth of these retail formats and significantly contribute to the growth of the global facial care products market.
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APAC is estimated to contribute 48% to the growth of the global skin care products 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 dominates the global market. The demand for these products will witness a surge in APAC during the forecast period. The reason for the growth of the market in this region is rapid urbanization and rising disposable income in developing countries such as China and India. The dense population in the region, coupled with the rising demand for personal grooming products among both male and female consumers, will also likely drive the market in APAC over the next five years.
The COVID-19 pandemic adversely impacted the skin care products market in APAC in 2020. However, to survive in this situation, vendors promoted online sales through third-party e-commerce players, such as Amazon.com Inc. and eBay Inc. Moreover, since people in developing countries, such as India and China, faced job losses and salary cuts, they preferred to procure low-cost facial care products, such as private-label facial care products. Hence, the market in APAC will witness considerable growth during the forecast period.
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 skin care products 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 report forecasts skin care products market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
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Facial Care Products Market Scope |
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Report Coverage |
Details |
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Page number |
175 |
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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 5.74% |
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Market growth 2023-2027 |
USD 32.86 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.44 |
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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, 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 Corp., Amway Corp., Beiersdorf AG, CHANEL Ltd., Colgate Palmolive Co., Conair Corp., Coty Inc., Groupe Clarins, Himalaya Global Holdings Ltd., Kao Corp., LOreal SA, Lotus Herbals Pvt. Ltd., Mary Kay Inc., Nature Republic OC, Oriflame Holding AG, Shiseido Co. Ltd., The Estee Lauder Co. Inc., The Procter and Gamble Co., Unilever PLC, and Johnson and Johnson |
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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 |
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
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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