Skin Care Products Global Market Report 2024

Skin care involves the use of products designed to support the integrity of the skin and enhance its appearance. These products come in various forms, including creams, serums, and lotions, and are utilized to improve skin texture, as well as to moisturize and cleanse the face, hands, and body.

The different types of skin care products, such as anti-aging products, skin whitening products, sensitive skin care products, anti-acne products, dry skin care products, infant skin care products, and more. Anti-aging products, which are primarily based on moisturizers, are marketed with the promise of making the consumer appear younger by reducing, masking, or preventing signs of skin aging. These products are distributed through various channels, including hypermarkets, supermarkets, cosmetics stores, online stores, and others. They are used by a range of end users, including males, females, and children.

The skin care products market research report is one of a series of new reports that provides skin care products market statistics, including skin care products industry global market size, regional shares, competitors with skin care products market share, detailed skin care products market segments, skin care products market trends and opportunities, and any further data you may need to thrive in the skin care products industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The skin care products market size has grown strongly in recent years. It will grow from $148.97 billion in 2023 to $160.94 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The increase observed during the historical period can be ascribed to trends in beauty and personal care, the aging population and the demand for anti-aging products, a growing interest in natural and organic products, celebrity endorsements and marketing efforts, and an overall heightened awareness of skin health.

The skin care products market size is expected to see strong growth in the next few years. It will grow to $220.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be linked to the rise of clean and sustainable skincare products, the popularity of personalized skincare solutions, increased adoption of skincare technology apps, growing awareness of skin health and wellness trends, the expansion of the men's skincare market, and the influence of emerging markets and global beauty trends. Noteworthy trends in the forecast period encompass the use of AI and machine learning for skincare analysis, the development of DNA-based personalized skincare products, the introduction of eco-friendly and refillable skincare packaging, the integration of beauty tech devices for at-home skincare, the creation of biodegradable and zero-waste skincare products, and the formulation of skin microbiome-friendly products.

The anticipated growth of the skincare products market is attributed to the increasing awareness of the diverse benefits associated with using personal care products. The incorporation of personal care products into daily routines is essential for maintaining hygiene and preventing the transmission of germs and diseases. A July 2021 article from Edge by Ascential, a US-based online price and promotion analytics service provider, reported a substantial growth projection in the Health, Beauty, and Personal Care category. Sales in this category are expected to surge by 305.2 billion USD between 2021 and 2026, with e-commerce sales outpacing store-based sales growth by a 12.1% CAGR from 2021 to 2026. Over the next five years, the health, beauty, and personal care sector is forecasted to experience a 5.3% CAGR in e-commerce sales, positioning itself just behind household and pet care goods. Consequently, the heightened awareness of the benefits of personal care products is a driving force behind the skincare product market's growth.

The increasing prevalence of skin diseases is a significant factor fueling the expansion of the skincare products market. Skin diseases encompass a wide range of conditions, including those resulting from bacterial, viral, fungal infections, allergies, skin malignancies, and parasites. Skincare products play a crucial role in addressing specific concerns associated with these conditions, such as moisturization, barrier repair, anti-inflammatory effects, sun protection, and cleansing. In January 2022, the American Cancer Society Inc. reported an increase in estimated skin cancer cases from 100,350 in 2020 to 108,480106,110 in 2021, marking a 5.8% rise. This surge in skin disease prevalence serves as a catalyst for the skincare products market's growth.

The incorporation of artificial intelligence (AI) is a notable trend gaining traction in the skincare products market. Key players in the skincare products sector are strategically launching AI-powered products to strengthen their market position. For example, in October 2022, AS Watson Group, a Hong Kong-based beauty product manufacturer and retailer, introduced Skinfie Lab - an advanced skin analysis tool leveraging AI to evaluate customers' skin and provide personalized skincare product recommendations based on their selfies. This approach ensures tailored skincare regimens and enhances the market presence of these companies.

Major companies in the skincare products market are emphasizing advanced skincare devices to maintain their market standing. These devices are technologically enhanced tools designed to optimize various aspects of skincare routines and treatments. In November 2022, Nu Skin Enterprises Inc., a US-based innovator in anti-aging skincare products, unveiled the ageLOC LumiSpa iO system - an intelligent skincare treatment and cleansing device featuring patented micropulse technology. Integrating IoT technology, the device offers insights into consumers' beauty and wellness journeys, incorporating formulated serums and treatments. The ageLOC LumiSpa iO represents the latest advancement in providing customized treatment options, intelligent coaching, and skincare routine tracking.

In April 2021, L'Oréal, a France-based personal care company, completed the acquisition of Takami Co. for an undisclosed amount. This strategic move enables L'Oréal to expand its presence in Japan and other Asian countries. Takami Co., a Japan-based company specializing in premium skincare products, contributes to L'Oréal's business growth in the region.

Major companies operating in the skin care products market include LOreal S.A., Beiersdorf AG, Shiseido Co. Ltd., Procter & Gamble, Unilever, Johnson & Johnson Inc., Avon Products Inc., Coty Inc., Colgate-Palmolive Company, Revlon, The Estée Lauder Companies Inc., Himalaya Wellness Company, Lotus Herbals pvt Ltd., Neutrogena Corporation, Olay, Barbara Sturm Molecular Cosmetics GmBH, Renée Rouleau, Kao Corporation, CeraVe, La Roche-Posay, Aveeno, Vichy, Cetaphil, Eucerin, Nivea, Garnier, LVMH

Asia-Pacific was the largest region in the skin care products market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the skin care products market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the skin care products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The skin care products market consists of sales of skin care products such as moisturizers, serums and eye creams. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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