The Global Skin Care Market size is expected to reach $244.8 billion by 2030, rising at a market growth of 6.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 13,507.5 million units, experiencing a growth of 6.2% (2019-2022).
The increased demand for sun protection products is attributable to heightened awareness of the detrimental impacts of UV radiation. Thus, the Creams & Moisturizers segment acquired $65,075.4 million in 2022. Consumers are incorporating sunscreen and sun care products into their daily routines to prevent sun damage, including sunburn and the development of skin conditions. People are increasingly adopting skincare routines to prevent skin concerns like sun damage, premature aging, and acne. This preventive approach drives the consistent use of skincare products, contributing to market growth.
The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In August, 2023, Kao Corporation and its subsidiaries, Kao Australia Pty. Limited and Kao USA Inc., acquired the Bondi Sands brands, including Bondi Sands Australia Pty Ltd., expanded its portfolio with Bondi Sands, a leading Australian company in self-tanning, suncare, skincare, and body products. Additionally, In April, 2023, L'Oréal came into an agreement with Natura &Co to acquire Aesop. Through this acquisition, L’Oréal would increase its footprint in the high-end, natural beauty product area and broaden its presence across China.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Colgate Palmolive Company, The Procter & Gamble Company (P&G), Johnson & Johnson, Unilever PLC, The Estee Lauder Companies, Inc., Shiseido Company Limited, Kao Corporation, Avon Products, Inc. (Natura & Co Holding SA), Revlon, Inc. (MacAndrews & Forbes), L'Oréal S.A.
The increased demand for sun protection products is attributable to heightened awareness of the detrimental impacts of UV radiation. Thus, the Creams & Moisturizers segment acquired $65,075.4 million in 2022. Consumers are incorporating sunscreen and sun care products into their daily routines to prevent sun damage, including sunburn and the development of skin conditions. People are increasingly adopting skincare routines to prevent skin concerns like sun damage, premature aging, and acne. This preventive approach drives the consistent use of skincare products, contributing to market growth.
The major strategies followed by the market participants are Mergers & Acquisition as the key developmental strategy to keep pace with the changing demands of end users. For instance, In August, 2023, Kao Corporation and its subsidiaries, Kao Australia Pty. Limited and Kao USA Inc., acquired the Bondi Sands brands, including Bondi Sands Australia Pty Ltd., expanded its portfolio with Bondi Sands, a leading Australian company in self-tanning, suncare, skincare, and body products. Additionally, In April, 2023, L'Oréal came into an agreement with Natura &Co to acquire Aesop. Through this acquisition, L’Oréal would increase its footprint in the high-end, natural beauty product area and broaden its presence across China.
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal matrix; The Procter & Gamble Company, Johnson & Johnson and L'Oréal S.A. are the forerunners in the Skin Care Market. In, December, 2022, Johnson & Johnson acquired Abiomed, a leading medical device company specializing in developing and manufacturing advanced heart recovery and support technologies. Through this acquisition, Johnson & Johnson would be able to broaden its offerings in the rapidly growing cardiovascular sector by incorporating heart recovery solutions into our globally leading Biosense Webster electrophysiology business. Companies such as Unilever PLC, The Estee Lauder Companies, Inc., and Kao Corporation are some of the key innovators in Skin Care Market.Market Growth Factors
Growing demand for natural and organic products
The clean beauty movement aligns with the demand for natural and organic skincare products. Consumers seek products with transparent ingredient lists, avoiding potentially harmful chemicals, synthetic fragrances, and artificial colours. Clean beauty has become synonymous with skincare choices that prioritize safety and health. Consumers are more informed about the ingredients used in skincare products. There is a growing awareness of potential skin irritants and the environmental impact of certain ingredients. As a result, individuals are actively seeking products with clear and transparent ingredient labelling, fostering trust in the brand.Technological advancements in skincare devices
Integrating technology in skincare devices, such as facial cleansing brushes, LED therapy devices, and smart skincare tools, has attracted consumers looking for advanced and tech-driven solutions. This innovation contributes to market growth and consumer engagement. Technologies such as microcurrents and ultrasound in skincare devices enhance the penetration of skincare products into the skin. These devices offer superior removal of impurities, dead skin cells, and makeup, promoting a more thorough and efficient skincare routine. Technological advancements in microneedling devices enhance safety, precision, and user comfort, making them more accessible to consumers. Technological advancements in skincare devices have been a pivotal factor in driving the growth of the market.Market Restraining Factors
Counterfeit products and brand imitation
Skincare brands often encounter issues related to counterfeiting and imitation of their products. Counterfeit skincare products pose risks to consumer safety and damage the reputation of authentic brands. Counterfeit skincare products may contain unauthorized or substandard ingredients, posing potential health risks to consumers. Counterfeit products erode consumer trust in legitimate skincare brands. When consumers unknowingly purchase counterfeit items and experience adverse effects, it can damage the reputation of the authentic brand associated with the imitation. Consumers applying these products to their skin may unknowingly expose themselves to substances that can cause allergic reactions, skin irritation, or other health issues. Thus, counterfeit products and brand imitation can slow down the growth of the market.Gender Outlook
By gender, the market is bifurcated into female and male. The male segment covered a considerable revenue share in the market in 2022. Developing diverse skincare products tailored to men's unique skin concerns, such as shaving irritation, oiliness, and anti-aging, can drive innovation and provide consumers with a wider array of choices. Providing educational content about skincare benefits and routines tailored to men can empower them to make informed decisions about their skincare. This education can stimulate demand and promote brand loyalty. Many men prefer straightforward and convenient skincare routines. Brands that offer simplified yet effective products, possibly with multi-functional benefits, can appeal to men seeking hassle-free solutions.Packaging Outlook
Based on packaging, the market is categorized into tubes, bottles & jars, and others. In 2022, the tubes segment witnessed the highest revenue share in the market. Tubes provide a hygienic way to dispense skincare products without direct contact with the contents. This can be particularly important for products that require a clean and germ-free application, such as creams and ointments. Tube packaging helps protect skincare products from exposure to air and light, preserving the freshness and efficacy of active ingredients. This can be especially crucial for formulations sensitive to environmental factors. Advancements in tube technology, such as airless pumps and nozzles, can further enhance the user experience. These innovations can improve product shelf life, reduce waste, and provide a more controlled application.Distribution Channel Outlook
On the basis of distribution channel, the market is bifurcated into offline and online. The online segment garnered a significant revenue share in the market in 2022. Online shopping offers unparalleled convenience for consumers. They can browse and purchase skincare products from their homes anytime. This convenience factor is a significant driver of online sales. Online platforms allow skincare brands to showcase various products, providing consumers diverse choices. This is especially beneficial for brands with extensive product lines or those catering to specific skincare needs. The online segment enables brands to adopt a direct-to-consumer (DTC) model, bypassing traditional distribution channels. This can increase profit margins and connect the brand and its customers closer.Product Type Outlook
By product type, the market is segmented into creams & moisturizers, cleansers & face wash, powder, and others. In 2022, the creams & moisturizers segment registered the maximum revenue share in the market. Creams & moisturizers are essential for maintaining skin hydration. By emphasizing the importance of hydration, skincare brands can attract consumers who seek products to keep their skin healthy, plump, and radiant. Creams & moisturizers often include anti-aging ingredients such as retinol, peptides, and antioxidants. Expanding in this segment allows brands to tap into the growing demand for products that address fine lines, wrinkles, and other signs of aging. Creating creams and moisturizers specifically formulated for day and night use allows brands to offer comprehensive skincare routines. Day creams may focus on sun protection, while night creams can prioritize repair and rejuvenation.Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. The Asia-Pacific region is culturally diverse, with each country having beauty standards and skincare traditions. Influences from traditional practices, such as Ayurveda, K-beauty, and traditional Chinese medicine, contribute to the richness of the skincare landscape. The growing middle-class population in many Asia Pacific countries has increased purchasing power.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Colgate Palmolive Company, The Procter & Gamble Company (P&G), Johnson & Johnson, Unilever PLC, The Estee Lauder Companies, Inc., Shiseido Company Limited, Kao Corporation, Avon Products, Inc. (Natura & Co Holding SA), Revlon, Inc. (MacAndrews & Forbes), L'Oréal S.A.
Strategies deployed in the Market
Partnerships, Collaborations & Agreements:
- Sep-2023: Avon Products, Inc. partnered with high street retailer Superdrug, aligning with Avon's strategy to evolve into an omnichannel beauty company.
- Aug-2023: The Estee Lauder Companies, Inc. forged an exclusive partnership with Manchester United to leverage the club's extensive fanbase in China and the broader Asia-Pacific region. The collaboration, given Manchester United's massive 250 million fans in China, presented an intriguing strategy for Estée Lauder, known for its expertise in the beauty industry.
- Mar-2023: Johnson & Johnson came into collaboration with Sequential Skin, a US-based testing outfit. This collaboration would focus on the sequential development of the latest methods for non-invasive genomic skin testing to help it add to its emerging database of skin samples.
- Mar-2023: Kao Corporation collaborated with Healthcare Systems to introduce Babywell Check, the inaugural mail-in testing service utilizing skin surface lipids-RNA monitoring technology for the stable storage and transportation of genetic material from infant sebum. This marked Kao's entry into the health testing segment, with plans to utilize skin surface lipids-RNA monitoring technology and other proprietary innovations.
- Dec-2022: The Colgate Palmolive Company entered into an agreement with NASA, an independent agency of the U.S. federal government responsible for the civil space program. The agreement is aimed to explore innovative solutions for oral health, personal care, and skin health which can be used by astronauts in space, but also the public.
- Dec-2022: Avon Products, Inc. collaborated with Perfect Corp to introduce a virtual try-on (VTO) online shopping experience in nine markets, including the UK. Using Perfect Corp.'s AI and AR virtual try-on technology, Avon customers could instantly try on products through their mobile camera or webcam on desktop, witnessing hyper-realistic results.
- Sep-2022: L'Oréal partnered with Verily, an Alphabet precision health enterprise, to boost its skin health domain. With this partnership, Verily's powerful offerings for dermatologists and consumers would be combined with L'Oréal's beauty tech strategies facilitating L'Oréal in product development. Moreover, the partnership would extend L'Oréal's reach in the beauty business in the North American region.
- Jan-2021: Kao Corporation came into a partnership with Nykaa, an Indian e-commerce company. Under this partnership, Nykaa would be the distribution partner for the Kao leading sunscreen label Bioré in the Indian industry. Additionally, the company aimed to fulfil the growing needs of Indian customers with the Bioré launch, searching for efficacious and creative skincare.
Product Launches and Product Expansions:
- Jan-2023: The Procter & Gamble Company brand 'Olay' released OLAY Niacinamide + Peptide 24 Face Moisturizer, a moisturizer product featuring niacinamide + amino peptide moisturizer combo, developed for the treatment of skin complexion, fine lines, and wrinkles.
- Jul-2022: Johnson & Johnson Consumer Health unveiled Vivvi & Bloom, endorsed by the Environmental Working Group. The brand launched with three products meeting key attributes parents sought in baby care. These included Vivvi & Bloom 2-in-1 Wash & Shampoo Cleansing Gel, Vivvi & Bloom 2-in-1 Face & Body Whip Lotion, and Vivvi & Bloom 2-in-1 Scalp & Body Massage Oil.
- Apr-2022: Unilever's Ferver skin care launched a collection with cleansers, treatments, masks, and moisturizers using fermented actives. The Fermented Black Tea Cleansing Milk Face Cleanser and Fermented Chamomile Cleansing Face Balm are highlights. The cleansing milk hydrates with fermented black tea, safflower oil, and glycerin, suitable for a light morning or second cleanse. The cleansing balm, with fermented chamomile, moringa, and avocado oil, is ideal for an evening or first cleanse.
- Feb-2022: Colgate-Palmolive (India) Limited introduced the Palmolive face care range, including face foams, gels, scrubs, and masques. Luxurious Foam Face washes, combining ayurvedic ingredients like Multani Mitti and Tulsi with essential oils, were launched. The products, meeting the demand for natural and sustainable options, were available on traditional and e-commerce platforms, featuring a cruelty-free and silicon-free approach.
- Dec-2021: Procter & Gamble along with A.S. Watson Group expanded its business by establishing a new skincare brand called Aio. The new product line would be marketed in Watson's brick-and-mortar marts and online in Greater China, to learn jointly and co-design the Aio request for the derm and health requirements of the consumers.
- Apr-2021: Avon Products, Inc. launched Farm Rx, its first clean and vegan skincare collection with over 85% natural ingredients. The Slow Herb Complex, extracted from botanicals, provided a fresh, healthy glow to dry skin. The products featured sustainable packaging and a strict ingredient blacklist.
- Sep-2020: Johnson & Johnson launched the 'Cottontouch' baby care products, including lotion, oil, wash, and cream. The line was available in stores and online, retailing on platforms like Nykaa, Flipkart, Amazon India, BigBasket, and FirstCry, among others, a few weeks after the announcement.
- Feb-2020: Kao Corporation announced the launch of The Curél Deep Moisture Spray, a new face and body moisturizing spray for dry, sensitive skin sufferers. The launched product would be positioned as the flagship product of the Curél brand, released first in Japan before launching it to the rest of Asia to boost the brand's worldwide growth.
»Acquisition and Mergers:
- Aug-2023: Kao Corporation and its subsidiaries, Kao Australia Pty. Limited and Kao USA Inc., acquired the Bondi Sands brands, including Bondi Sands Australia Pty Ltd. Known for beauty brands like John Frieda, Jergens, Curél, and Bioré, Kao expanded its portfolio with Bondi Sands, a leading Australian company in self-tanning, suncare, skincare, and body products.
- Apr-2023: L'Oréal came into an agreement with Natura &Co to acquire Aesop, the luxury Australian skincare brand. Through this acquisition, L’Oréal would increase its footprint in the high-end, natural beauty product area and broaden its presence across China.
- Dec-2022: Johnson & Johnson acquired Abiomed, a leading medical device company specializing in developing and manufacturing advanced heart recovery and support technologies. Through this acquisition, Johnson & Johnson would be able to broaden its offerings in the rapidly growing cardiovascular sector by incorporating heart recovery solutions into our globally leading Biosense Webster electrophysiology business.
- Nov-2022: The Estée Lauder Companies signed an agreement for taking over the TOM FORD brand, a worldwide leader in luxury. Through this acquisition, TOM FORD's capabilities in delivering consumers luxury fragrance and beauty products would support The Estée Lauder in delivering customers the finest quality offerings worldwide.
- Sep-2022: Shiseido Europe S.A., a subsidiary of Shiseido Company, Limited, acquired Gallinée Ltd, a London-based beauty brand focused on caring for the skin's microbiome. This acquisition showcased Shiseido's dedication to the skin beauty category, aligning with their mission to integrate skin beauty and inner beauty as they positioned themselves to "Be a Global Winner with Our Heritage.
- Sep-2022: L’Oréal signed an agreement to acquire Skinbetter Science, a US derma skincare brand. The acquisition of Skinbetter Science aligns with the Active Cosmetics Division’s brand offerings. Additionally, this would contribute highly to the L’Oréal Active Cosmetics Division’s aim to lead in health and beauty segments with advanced science-based skincare innovations.
- Jan-2022: Procter & Gamble took over Tula, a luxury skincare brand. Through this acquisition, Tula is a perfect addition to the P&G suite with its basis in science-based skincare that delivers scientifically proven solutions. Additionally, P&G Beauty’s part would be to support the Tula team to boost brand growth and support innovation and expansion.
- Dec-2021: L’Oréal completed the acquisition of Youth to the People, a U.S.-based skincare company. Through this acquisition, the expertise of Youth to the People in developing high-quality skincare products formulated with vegan blends of superfood extract would be leveraged by L’Oréal to deliver enhanced skincare products to consumers.
- Aug-2021: Unilever PLC completed the acquisition of Paula’s Choice Skincare, to advance its skincare segment suite and expand its reach to worldwide customers. Through this acquisition, Paula's skincare and ingredient deep knowledge would provide aid to Unilever in expanding its portfolio in the skincare segment and serving worldwide customers.
- Jun-2020: L’Oreal signed an agreement to acquire Thayers Natural Remedies, a US-based natural skincare brand from Henry Thayer Company. The brand would be integrated into L’Oreal’s Consumer Products Division. This acquisition would develop L'Oreal's skincare business all around the world and complements perfectly its North American skincare brand portfolio.
Geographical Expansions:
- Sep-2022: Revlon, Inc. expanded its retail presence in the Indian market by inaugurating its largest exclusive brand outlet in New Delhi. The UK Modi Group, responsible for Revlon's marketing and distribution in India, aimed to enhance Revlon's retail footprint in the following months. The new store provided customers with the opportunity to explore the finest makeup and personal care products globally.
- Jun-2022: L’Oréal expanded its business by re-launching its luxury beauty brand, Lancôme, in India. This expansion would allow L’Oréal to use the Lancôme brand to sell skincare, cosmetics, and fragrances across India.
Scope of the Study
Market Segments Covered in the Report:
By Gender (Volume, Million Units, USD Billion, 2019 to 2030)- Female
- Male
- Tubes
- Bottles & Jars
- Others
- Offline
- Online
- Creams & Moisturizers
- Cleansers & Face Wash
- Powder
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- The Colgate Palmolive Company
- The Procter & Gamble Company (P&G)
- Johnson & Johnson
- Unilever PLC
- The Estee Lauder Companies, Inc.
- Shiseido Company Limited
- Kao Corporation
- Avon Products, Inc. (Natura & Co Holding SA)
- Revlon, Inc. (MacAndrews & Forbes)
- L'Oréal S.A.
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Skin Care Market by Gender
Chapter 6. Global Skin Care Market by Packaging
Chapter 7. Global Skin Care Market by Distribution Channel
Chapter 8. Global Skin Care Market by Product Type
Chapter 9. Global Skin Care Market by Region
Chapter 10. Company Profiles
Companies Mentioned
- The Colgate Palmolive Company
- The Procter & Gamble Company (P&G)
- Johnson & Johnson
- Unilever PLC
- The Estee Lauder Companies, Inc.
- Shiseido Company Limited
- Kao Corporation
- Avon Products, Inc. (Natura & Co Holding SA)
- Revlon, Inc. (MacAndrews & Forbes)
- L'Oréal S.A.
Methodology
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