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The professional skincare market size is forecast to increase by USD 4.22 billion at a CAGR of 5.31% between 2023 and 2028. The skincare market's expansion hinges on various elements, such as product innovation and line extension resulting in premiumization. There is a heightened concern among consumers regarding skin-related concerns, leading vendors to introduce new multifunctional products that address multiple issues efficiently. Skin health issues continue to be a significant focus, necessitating the development of advanced skincare solutions. Vendors prioritize catering to evolving customer needs by frequently launching new products and expanding their offerings.
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The market caters to the diverse needs of individuals with various skin types and conditions. Skin issues such as burns, scars, patchy skin, itchy skin, and dry skin are common concerns addressed by this market. UV rays and skin problems are significant factors driving the demand for skincare solutions. Personal grooming routines for women and men include cleansing, moisturizing, and the use of lotions, serums, and creams to soften and revitalize cells, providing a fresh look. Cosmetic businesses thrive on offering an array of beauty products designed to address specific skin concerns and promote skin health awareness. Hydration is a crucial aspect of maintaining healthy skin, making it a key focus in the skincare industry. Our researchers analyzed the market research and growth data with 2023 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.
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.
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.
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.
The market forecasting 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 forecasting strategies.
Market 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 15 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.
Collaborations with skincare experts, dermatologists, and influencers help build trust and credibility among consumers. Packaging and presentation are essential aspects of professional skincare marketing. Brands invest in premium, eco-friendly packaging to create an unforgettable user experience and appeal to environmentally-conscious consumers. Skincare brands also prioritize customer service and personalization to build long-term relationships with their clients.
By Product Type
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 the largest segment and valued at USD 9.37 billion in 2018. 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.
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APAC is estimated to contribute 63% 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 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.
The skincare market is a significant sector in the beauty industry, with a strong focus on delivering high-quality products and effective solutions. Skincare brands prioritize innovation, sustainability, and consumer education to cater to diverse demographics and preferences. Key ingredients, such as hyaluronic acid, retinol, and vitamin C, are essential components in professional skincare lines. Brands invest in research and development to create advanced formulations that address various skin concerns, including aging, acne, and hyperpigmentation. Social media and influencer marketing play a crucial role in promoting professional skincare brands.
Further, customized skincare routines and personalized consultations help consumers achieve optimal results and maintain healthy, radiant skin. Innovative technologies, such as artificial intelligence and virtual consultations, are transforming the professional skincare industry. These advancements enable brands to offer personalized recommendations and tailored solutions to meet the unique needs of each consumer. In conclusion, the professional skincare market is a dynamic and thriving industry that continues to evolve, driven by consumer demand for effective, sustainable, and personalized solutions. Brands that prioritize innovation, sustainability, and consumer education will continue to succeed in this competitive landscape.
Industry 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 5.31% |
Market growth 2024-2028 |
USD 4.22 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.94 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 63% |
Key countries |
China, US, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., Bausch Health Companies Inc., Beiersdorf AG, Chanel Ltd., Coty Inc., Eminence Organic Skin Care, Episciences Inc., Fountain Of Youth Skincare, Groupe Clarins, Guinot SAS, Lancer Skincare LLC, LOccitane Groupe SA, LOreal SA, Natura and Co Holding SA, Obagi Cosmeceuticals LLC, Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., The Procter and Gamble Co., and Unilever PLC |
Market dynamics |
Parent market analysis, Market forecast, 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 |
Customization purview |
If our market growth analysis 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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