Skin Care Products Market Size, Share, Growth | Forecast 2031

Report Description

Global Skin Care Products Market Outlook 2031: 

The global skin care products market size was valued at USD 141.35 Billion in 2022 and is projected to reach USD 217.49 Billion by 2031, expanding at a CAGR of 4.9% during the forecast period 2023 - 2031. Skin care refers to skin routines and practices that ensure skin clarity, health, hygiene, and appearance.

Various skin care products such as face serums, moisturizers, face wash, and others are available in the market to enhance skin’s appearance and cure any underlying skin conditions such as acne, rashes, skin-peeling, and others.

These products are made with various medical and organic extracts that boost the health of the skin as well as make skin look more nourishing and younger. Products such as aloe vera, retinol, vitamin C, niacinamide acid, salicylic acid, eucalyptus, neem, and others are added to the formula of skin care products, especially face serums that aid the consumers to tackle any skin conditions and maintain a hygienic and clear skin.

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Skin Care Products Market Trends, Drivers, Restraints, and Opportunities

• Growing consumers’ inclination towards natural skin care and beauty products due to rising awareness about personal hygiene is a primary driver of the market.
• Increasing investments in R&D activities for new product development and product innovation by key players are expected to boost the skin care products market growth in the coming years.
• Availability of organic-based skincare products and rising shift of consumers’ preference towards natural healthcare products are key factors driving the skin care products market growth.
• Limited shelf life and high cost of exclusive skin care products are major challenges that can hamper the skin care products market growth during the forecast period.
• Growing urbanization in developing countries has accelerated the adoption of skin care products for self-care and hygiene along with changing lifestyle of people are expected to offer lucrative opportunities for market expansion.

Scope of Skin Care Products Market Report

Global Skin Care Products Market Segment Insights

Frequent application and rise in demand drive the face creams & moisturizers segment

Based on products, the skin care products market is segmented into shaving lotions & creams, body creams & moisturizers, sunscreen, face creams & moisturizers, cleansers & facewash, and others. The face creams & moisturizers segment held large market share in terms of revenue in 2020 and is projected to exhibit robust growth in the coming year owing to the high demand for face creams.

Face creams and moisturizers contain various natural elements and organic ingredients that help to boost the health of the skin and keep the skin nourished and moisturized. Face moisturizers contain concentrated amounts of certain ingredients such as vitamin C, aloe vera, niacinamide, among others, which are major nutrients for skin natural growth.

With the rise in pollution and pollutant content in the air, the skin can become damaged or flaky. The application of face creams keeps the skin pollutant free and dirt free, which further surges the demand for face creams and moisturizers.

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Female segment to gain momentum in the coming years

On the basis of gender, the skin care products market share is bifurcated into male and female. The female segment accounted for a significant market share in 2020 and is projected to expand at a robust AGR during the forecast period. The rise in the working population of women especially in developing countries and their rising disposable incomes are key factors that influence the rising spending on skincare products. Moreover, the key players have launched various skin serums and creams especially for women.

Additionally, the increasing adoption of skin care and grooming products by the female population to enhance their appearance and confidence has further propelled the segment. The male segment, however, is projected to grow at a substantial rate owing to the increase in awareness about skin care among men and gradually eroding of certain taboo and stereotypes regarding the use of skin and beauty products by men.

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Variety of brands and price range has boosted the growth of the hypermarkets and supermarkets segment

Based on distribution channels, the market is categorized as retail stores, e-commerce, specialty stores, hypermarkets/supermarkets, pharmacy & drugstore, and others. The hypermarkets/supermarkets segment held a significant market share in 2020 and is expected to grow at a robust CAGR during the forecast period.

Hypermarkets offer customers a large variety of skin care brands and price ranges to choose from by allowing them to decide the right product. The availability of incentive and discount offers in hypermarkets has further accelerated the growth of the segment. The wide distribution of hypermarkets in the local areas has positively impacted the segment

Asia Pacific market to grow at a robust CAGR during the forecast period

In terms of regions, the global skin care products market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market of Asia Pacific is projected to expand at substantial growth in the coming years owing to the rise in population and urbanization in developing countries such as India, China, and Japan.

The presence of key players in the region and increasing investments by these key players in new product development are key drivers of the market in the region. The market of North America, however, is anticipated to expand at a robust rate owing to the adoption of skin care and personal grooming products by the consumers in the region, aided with the presence of various manufacturers of skin care.

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