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The Retinol Skincare Product Market size is estimated to grow at a CAGR of 4% between 2022 and 2027. The market size is forecast to increase by USD 144.64 million.
This retinol skincare product market report extensively covers market segmentation by distribution channel (offline and online), type (cream, oil, serums, and others), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
One of the key factors driving the retinol skincare product market growth is the rising R&D activities by market players. There is increasing investment by several conglomerate companies in technologies and are launching new and advanced skincare products with enhanced features to meet the rising demand of people globally. Some of the prominent market players that are heavily investing in the R&D of skin care products are Johnson Consumer, L'Oreal, and Estee. For example, at the American Academy of Dermatology (AAD) Meeting in 2022, Johnson and Johnson Consumer announced new research outlining significant developments in the knowledge and care of skin. Hence, such research and development are positively impacting the market. Therefore, it is expected to drive the 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 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.
A key factor shaping the retinol skincare product market growth is the increasing product premiumization. The growing popularity of premium skincare brands among consumers in the global retinol skincare market. Several affluent consumers are constantly seeking new information about skincare products and are receptive to learning and engaging with luxury and premium brands online.
Moreover, these consumers are significantly influencing premium skincare products to generate digital appeal and credibility to increase their market share. Several established premium brands are expanding their product portfolio as well as customer base through product innovations, including serums and retinol creams, in order to capture market share and to address the skin problems of consumers effectively. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
Growing preferences for DIY natural skincare products at home is one of the key challenges hindering the retinol skincare product market growth. The growing popularity of DIY natural skincare products at home among consumers, mainly in North American and European countries. Several social media blogs about the making of natural skincare products at home enable people to access various recipes for preparing natural face care.
Moreover, there is growing concern among consumers regarding the ingredients of natural and organic skincare products in the market. As a result, there is a shift in preference for consumers to homemade skincare products which is negatively impacting the market. Hence, such factors are expected to hinder the market growth during the forecast period.
The increasing benefits of the cream segment will increase the market growth during the forecast period. The cream segment comprises Vitamin A which can be utilized for different purposes such as acne treatment, scar treatment, dark spots, anti-aging, and others. There is an increase in demand for anti-aging skincare products such as retinol skincare products due to the rise in the aging population. Some of the main benefits of the retinol cream segment include enhancing skin firmness increasing skin elasticity, maintaining skin moisture minimizing age spots balancing skin pigmentation improving skin brightness, and reducing fine lines and wrinkles, among others. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The growing awareness of skin care health is fuelling the oil segment which, in turn, will increase the market growth. The oil segment mainly helps in reducing pores on the face as well as helps in minimizing the effects of aging by lessening the visibility of fine lines and wrinkles. It also enhances the repairing of dry asking. One of the main market players that offer retinol oil is Johnson and Johnson. Hence, such factors are fuelling the demand for the oil segment which in turn will drive the market growth during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. There is an increasing preference for the offline segment among consumers and market players as it is considered the most effective and influential mode of distribution as it provides a touch-and-feel experience to consumers. Some of the main retail formats that significantly contribute to the growth of this segment include specialty stores, hypermarkets and supermarkets, convenience stores, and drug stores.
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The offline segment was the largest segment and was valued at USD 541.73 million in 2017. One of the main revenue generators in the offline segment is the specialty stores. The increasing popularity of beauty and skincare specialty stores is fuelling its growth. Several manufacturers depend on such retail formats to plan their budget for marketing, advertising, and promotion activities to generate product and brand visibility among consumers.
Additionally, other retail formats in the offline segment include hypermarkets, supermarkets, and convenience stores which offer a wide range of personal skincare products under one roof which makes it convenient for consumers. Hence, such factors are fuelling the growth of this segment which, in turn, will drive the market growth during the forecast period.
The increasing preference for the online segment among consumers will increase the market growth during the forecast period. There is an increasing preference for online channels for shopping due to the rising internet penetration rate and a growing number of smartphone users globally. The online segment enables market players to expand their distribution networks by collaborating with third-party e-retailers and establishing their own shopping portals. Several online portals such as Amazon and Alibaba Group are offering various skin care products to consumers in distinct categories, price ranges, and brands. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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Europe is estimated to contribute 33% 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. Some of the main countries that are significantly contributing to the growth of the global retinol skincare product market in Europe include Germany, the UK, and France. The main factor is the increasing number of fashion-conscious consumers is fuelling the growth of the market in the region. Some of the prominent market players that are offering a wide range of retinol skincare products include Unilever, L'Oreal SA, Beiersdorf AG, and Avon Products.
In addition, Oriflame Cosmetics is a prominent company headquartered in Sweden that offers the ProCeuticals Retinol Power Drops that help to minimize the appearance of wrinkles and refine skin texture. Furthermore, the increasing number of marketing initiatives by popular companies such as social media campaigns and celebrity endorsements are expected to drive market growth in Europe during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global retinol skincare product market witnessed a significant slowdown due to restrictions on normal activities and a decline in demand for non-essential products. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the restoration of operations across retail stores. Such factors are expected to drive the market during the forecast period.
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 retinol skincare product market report also includes detailed analyses of the competitive landscape of the market and information about 20 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.
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 growth strategies.
Global Retinol Skincare Product Market Customer Landscape
The retinol skincare product 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.
Retinol Skincare Product Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4% |
Market growth 2023-2027 |
USD 144.64 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.55 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 33% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amarrie Cosmetics, Amorepacific Corp., BASF SE, Beiersdorf AG, Coty Inc., HCP Wellness, Heavenly Secrets Pvt. Ltd., Johnson and Johnson, Kao Aesthetics, Life vision Cosmetics, LOreal SA, Mary Kay Inc., Natura and Co Holding SA, NATURA BISSE INTERNACIONAL SA, Oriflame Cosmetics S.A., 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 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 Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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