Global Skin Care Products Market Report and Forecast 2024-2032

Global Skin Care Products Market Size

The global skin care products market attained USD 167.44 billion in 2023. The market is expected to grow at a CAGR of 4.2% between 2024 and 2032, to attain USD 241.92 billion by 2032.

Skin Care Products Market Outlook

• In 2024, intending to create innovative skincare, AFFOREST introduced India’s first-ever range of green coffee-based skincare products. The line-up includes four products- cleanser, hydrating expert, mineral sunscreen, and serum.

• In 2024, Eminence Organic Skin Care launched its newest range of skincare, powered by the action of charcoal and black seed extract to rejuvenate and purify the skin.

• Cleansers are a significant product category within K-beauty face care shaping the skin care market dynamics and trends. Korean drugstores can often display face cleansers in a shelf section on their own rather than shelving the products according to respective brands.

• In 2024, in a bid to grow its presence in the beauty and personal care space, BIA Brands, an FMCG-focused company, acquired the beauty brand Asa Beauty.

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Skin care Products Market Growth

In the skin care products industry, the growing perception of one's looks and skin quality, combined with the increasing purchasing power of people worldwide, are major factors driving the skin care products demand growth. In addition to major investments in research and development to produce new products, ambitious marketing campaigns by existing players have also contributed to the substantial revenue increase.

Furthermore, the pervasive contaminated climate, global warming, and the active lifestyle that impacts the consistency of the skin have also strengthened the accelerated adoption of products that help protect the skin and avoid any harm to it. Regionally, North America and Europe lead the global skin care products market as they contribute to the majority of the market share. However, the Asia Pacific region is expected to grow at a rapid pace due to rising demand from developing countries such as China and India. Further, the growing perception of organic products and the rising prosperity of the middle-class population have facilitated a significant upswing in the region's skincare products industry.

Key Trends and Recent Developments

Korean skincare innovation, clean beauty and sustainability initiatives are expected to open up new skin care product market opportunities during the forecast period.

January 2024

Estée Lauder Companies Inc. introduced the Re-Nutriv Ultimate Diamond Transformative Brilliance Soft Crème Moisturizer as an innovation. It is part of the Re-Nutriv Ultimate Diamond Collection, powered by the Longevity Science concept of reversing visible ageing signs.

January 2024

L'Oréal announced the signing of an agreement for the acquisition of the outstanding shares of Gjosa, a Swiss company and pioneer in water fractioning technology. L'Oréal has already initiated a partnership with Gjosa to launch the L'Oréal Professionnel Water Saver professional showerhead. L'Oréal Professionnel Water Saver by Gjosa features patented water fragmentation technology that cuts up to 69% of water intake on the backbar1, while keeping the hair wash experience pleasant and thorough for the client.

June 2024

Tira, Reliance Retail's omnichannel beauty retail platform, announced the launch of its skincare brand, 'Akind'. Co-created by Mira Kapoor, Akind was launched at the flagship store of Tira in Jio World Drive, Mumbai, India.

May 2022

Inspired by the pioneering discovery behind skin cells ability to self-generate through energy, SK-II launches NEW SKINPOWER—a revolutionary skincare category game changer that is designed to supercharge skin for a youthful, healthy look.

Korean skincare innovation

Korean skincare is still leading the trends of the moment, from the most avant-garde approaches to multi-step routines. Among these highly remarked-upon methods are double cleansing, essence layering, and sheet masks—everything focusing on hydration and nourishment. Consequently, this popularized the trend in pursuit of a "glass skin" look, influencing consumers worldwide to adopt K-beauty principles for radiant skin.

Clean beauty

The clean beauty movement is also aiding the skincare products demand and is driven by factors like transparency and safety of formulation. Consumers move away from probably harmful chemicals, synthetic fragrances, and allergens. Brands come in to offer natural ingredients and clear labelling, hence building trust and appealing to the health-oriented customer who cares the most about health using clean and safe products.

Sustainability

As per global skin care products market analysis, the demand is slowly changing towards sustainability, where consumers need eco-friendly products. This involves sustainable sourcing, biodegradable packaging, and cruelty-free practices. It was driven by increased awareness of the environment and a need for ethics in consumption that itself spurs innovation in product development.

Integration of technology

Technology integration into skincare is increasingly becoming key, with brands coming up with smart devices and associated applications. Beginning from skin analysis tools that offer personalized advice to AI-driven formulations, this trend helps users make informed choices to raise the effectiveness bar of their skincare rituals.

Skin care Products Market Trends

Influencers are drastically boosting sales in the skincare products industry through authentic engagement and focused marketing strategies. By sharing videos of their skincare routines, product reviews, and tutorials on platforms such as Instagram, TikTok, and YouTube, influencers build up trust and credibility with their followers. Such a move will help in boosting the growth of the skin  care products market.

Recommendations can often drive brand awareness, increasing traffic to the e-commerce site. Collaborations with skincare brands create a buzz, providing additional incentives for purchasing decisions. Additionally, through their peculiar style and niches, influencers are capable of capturing specific audiences' attention, thereby capturing various segments of consumers to drive sales for brands across this highly competitive skincare landscape.

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Skincare Products Industry Segmentation

“Skin care Products Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

By type, the market is divided into:

• Facial Care
  • Cleaners
  • Moisturisers
  • Facial Scrubs, Masks and Packs
  • Oils and Serum
  • Special Creams
  • Others 
• Body Care
  • Body Lotion
  • Body Wash
  • Others
• Others

On the basis of ingredient, the market is bifurcated into:

• Natural

• Chemical

Based on gender, the market is segmented into:

• Men

• Women

By distribution channel, the market is divided into:

• Hypermarkets/Supermarkets

• Convenience Stores

• Specialty Stores

• Online

• Others 

Market breakup by region:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Skin care Products Market Share

Online Stores To Gain Prominence For Its Shipping And Delivery Convenience

The growing usage of online platforms to reach out to a broader customer base is a recent visible development in the skin care products industry. Savvy firms and dealers are increasingly turning to e-commerce to raise the skin care products industry revenue in the long run. The increased prevalence of organic skin products without synthetically produced additives is yet another significant development witnessed in the global skin care products industry.

Companies are taking advantage of e-commerce sites within the skincare market to build their base of consumers and add convenience for consumers while purchasing at any time from any location. This shift reduces overhead costs associated with physical stores, thus enabling brands to invest more in marketing and product development. In addition, data insights that companies receive from these e-commerce platforms about consumer behaviour are very helpful for tailoring their offerings. The direct-to-consumer model strengthens relationships with customers by offering greater control over branding and helping to improve profit margins in the skin care products industry globally.

Organic Ingredients Are Mostly Preferred By Consumers For Their Transparency And Genuinity

Now and then, brands unveil new skin care goods made with natural or organic ingredients to catch customer interest. Owing to the increasing knowledge of the potential side effects of chemical-based skin care products goods, those products, while pricey, are attracting substantial sales worldwide. The prohibition on animal testing is limiting development in the industry. This has hurt the industry, especially small and medium-sized producers. Also, the selling of pseudo goods at discounted prices is hindering the market.

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Skin care Products Market Regional Analysis

Rising Disposable Income And Skincare Awareness To Bolster Growth In The Asia Pacific Region

The Asia Pacific region will dominate the global skin care products market, posting the fastest growth and boosting skin care products market revenue. The growth in this region is aided by rising consumer awareness of skincare, an increase in disposable incomes, and the popularity of Korean skincare products. Other than that, expansion in the e-commerce landscape and a trend toward natural and organic ingredients are contributing to the growth in demand. Countries like China, Japan, and South Korea are at the forefront with innovations in products and intense consciousness toward beauty and skincare rituals, making this region one of the most promising budding areas for the growth of this market.

Competitive Landscape

Key players increase the skin care products market share globally through innovative products, investment in sustainability processes, e-commerce platforms, and targeted marketing strategies.

The Procter & Gamble Company

The Procter & Gamble Company was founded in the year 1837 and is headquartered in Cincinnati, Ohio. It designs, manufactures, and sells beauty products, including Olay moisturizers, SK-II luxury skincare, and Herbal Essences hair care. For P&G, innovation and sustainability are the ways to meet consumer needs in the skin care products market.

Unilever Plc

Based in London, UK, Unilever Plc was founded in 1929 and has a broad skincare portfolio of brands that includes Dove, Vaseline, and St. Ives. The company has been very outspoken about ethical sourcing and sustainability while developing innovative solutions to meet the needs of consumers with a wide range of skin needs to drive long-term improvements in overall skin health and boost the overall skin care products market revenues.

Kao Corporation

Kao Corporation was founded in 1887 and is headquartered in Tokyo, Japan. This company has renowned skincare products, such as Biore and Jergens, adding to the list the prestige of the Kanebo brands. Kao would stress on quality and innovation by introducing new technologies that would give maximum efficacy to deliver what customers want for skincare.

Revlon, Inc.

Revlon, Inc. is a New York City-based cosmetics and skin care products company founded in 1932. Added to other skin care products, the company has launched Revlon Moisture Stay and Revlon SkinLights. Having the aim of empowering consumers via beauty and self-expression, the brand is all about bold colours and vibrant products.

Other key players considered in the global skin care products market report are the Estée Lauder Companies Inc., Beiersdorf AG, New Avon Company, L'Oréal S.A., among others.

Key Highlights of the Report

Skin Care Products Market Report Snapshots

Skin Care Products Market Size

Skin Care Products Market Growth

Skin Care Products Market Trends

Skin Care Products Market Share

Skin Care Products Companies

Skin Care Products Market Regional Analysis