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The skincare products market size is estimated to grow at a CAGR of 5.6% between 2022 and 2027. The market size is forecast to increase by USD 42.41 billion. The growth of the market depends on several factors, including the growing adoption of home salon and spa services, rising demand for multifunctional skincare products, and the presence of premium brands.
This skincare products market report extensively covers market segmentation by distribution channel (offline and online), product (face skincare products and body skincare products), product specification (moisturizers, anti-aging skincare products, skin brightening products, sun protection products, and others), 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 includes historic market data from 2017 to 2021.
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The growing adoption of home salons and spa services is notably driving the market growth, although factors such as the availability of counterfeit skincare products may impede the market growth. Our researchers analyzed the data with 2022 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.
The growing adoption of home salons and spa services is notably driving market growth. There are several home salon and spa service providers in the market. For example, Housejoy offers home and personal salon services in India. The company offers homely salon services such as make-up and spa services. The company also offers a range of care and luxury packages such as the Monthly Essential Package, Monthly Care Package, Toe-to-Toe Package, Skin Radiance Package, and Summer Skin Package for increased frequency of services. Such offers from makeup service providers increase the consumption of skin care products such as herbal body lotions and face creams.
Similarly, US-based GLAMSQUAD Inc. provides hair, facial, makeup, and special occasion services to its customers. The company also offers make-up courses and service packages. Housejoy and GLAMSQUAD provide mobile and desktop applications that allow customers to book care services. Home care services are expanding and in high demand due to their low service fees and high convenience. Therefore, the availability of such personalized home salon and spa services is expected to drive the market growth in terms of consumption during the forecast period.
The growing demand for cannabidiol (CBD) skincare products is the major trend shaping the market. Cannabidiol (CBD) is the non-addictive component of hemp or marijuana. CBD's many benefits for the skin have made it a popular ingredient in many skin care products, such as oils, creams, lotions, balms, and serums. Consumers around the world are becoming increasingly aware of CBD's various skincare benefits, which is leading to its increased demand. Various vendors offer CBD skin care products in the global skin care product market.
CBD is one of the most commonly used active ingredients in various skin care products due to its numerous health-promoting properties. CBD's anti-inflammatory properties make it a suitable ingredient for skin care products for acne-prone skin. CBD also reduces excess sebum production, which can help control acne. CBD has antioxidant properties, which can help reduce visible signs of aging such as wrinkles and dull skin. CBD's soothing and skin-normalizing properties make it ideal for sensitive skin, addressing issues related to skin sensitivities such as rashes.CBD is also considered a natural remedy for treating psoriasis, a chronic autoimmune disease that causes skin cells to grow faster. As such, CBD is a popular ingredient in many skin care products due to its many benefits for skin care. As a result, demand for CBD-infused skin care products has increased from consumers around the world. Such factors drive the growth of the global skin care products market during the forecast period.
The availability of counterfeit skincare products may impede the growth of the market. Counterfeit beauty and personal care products are alleged to be harmful to users' health. With the advent of e-commerce, sales of counterfeit goods have surged around the world. Consumers find it difficult to distinguish between counterfeit and genuine products. Another attractive factor of counterfeits is their price. They are offered at relatively low prices. The presence of such counterfeits adversely affects the sales and pricing strategies of major players in the global skin care product market.
Counterfeits are often contaminated with petrochemicals, bacteria, and other harmful chemicals. Long-established skincare makers are considering entering developing countries where counterfeit products are rampant, such as India and China. Affordability due to counterfeits has become a pricing challenge for existing skincare suppliers. Therefore, the availability of counterfeit skin care products is expected to hamper the growth of the global skin care products market during the forecast period.
The market 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 Skincare Products 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.
Amorepacific Corp.: The company offers skincare products such as Treatment Enzyme peel cleansing powder, Moisture plumping nectar cream, and Time response skin reserve cream.
The research 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 market share growth by the offline segment will be significant during the forecast period. In 2022, offline sales channels captured the highest share of the global skin care product market. The offline sales segment is considered to be the most effective and influential sales method as it provides consumers with a tactile experience.
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The offline segment was valued at USD 74.84 billion in 2017 and continued to grow until 2021. Specialty stores, hypermarkets and supermarkets, convenience stores, and drug stores are the major offline channels contributing significantly to the global skin care products market during the forecast period. The specialty store format boasts the highest revenue of any kind of retail format in the global skincare market. The growing popularity of beauty and personal care specialty stores is driving growth in this segment. Manufacturers rely on such retailers when planning budgets for marketing, advertising, and promotional activities to increase product and brand awareness among consumers.
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APAC is estimated to contribute 49% 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. The region has seen an increase in social media campaigns and celebrity endorsements for skin care products, especially natural skin care products. The continuous release of promotional videos and advertisements by celebrities on social media platforms such as YouTube, Instagram, and Facebook has influenced the purchasing behavior of consumers, especially millennials.
The burgeoning e-commerce industry, which offers discounts on almost all purchases in emerging markets such as China and India, is expected to boost online sales of skin care products during the forecast period. Major e-commerce players in APAC are eBay Inc., Amazon.com Inc., Flipkart Pvt Ltd., and Alibaba Group Holding Ltd. Additionally, there has been an increase in acceptance of home makeup services such as HouseJoy, which offers home and personal services in India and is expected to encourage the use of branded skincare products in the region as well. I'm here. The rising rate of urbanization and high population density, and increasing demand of male and female consumers for personal care products drive the growth of the regional market during the forecast period.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, the COVID-19 outbreak led to lockdowns in major countries such as Malaysia, Indonesia, China, Japan, and India, resulting in partial or full closure of manufacturing facilities. As a result, the production of skin care products has been affected. However, the availability of a COVID-19 vaccine and the initiation of large-scale vaccination campaigns by governments in many countries in the APAC led to an increase in the number of offline retail channels selling skin care products. Therefore, the regional skin care products market is expected to witness steady growth during the forecast period.
The skincare products 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.
Technavio categorizes the global skin care products product market as a part of the global personal products market within the global household and personal products market. The parent global personal products market covers products and companies engaged in research and development (R&D) and production of personal and beauty care products, including cosmetics and perfumes. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Skincare Products Market Scope |
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Report Coverage |
Details |
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Page number |
193 |
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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 5.6% |
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Market growth 2023-2027 |
USD 42.41 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.77 |
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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 49% |
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Key countries |
US, China, Japan, Germany, and France |
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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., Bare Necessities Zero Waste Solutions Pvt. Ltd, Beiersdorf AG, Botanic Organic Products LLC, Colgate Palmolive Co., Coty Inc., Emami Ltd., Himalaya Global Holdings Ltd., Johnson and Johnson Services Inc., Kao Corp., LOreal SA, Natura and Co Holding SA, Patanjali Ayurved Ltd., Procter and Gamble, Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., Unilever PLC, and VLCC Health Care Ltd. |
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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, and market condition analysis for the 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Product
8 Market Segmentation by Product Specification
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 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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