The skincare market size is poised to grow by $ 284.97 billion by 2032 from $ 157.64 billion in 2023, exhibiting a CAGR of 6.80% during the forecast period 2023-2032.
Key Takeaways
- Asia Pacific contributed more than 48% of revenue share in 2022.
- North America is estimated to expand the fastest CAGR between 2023 and 2032.
- By products, the creams and moisturizers segment has held the largest market share of 35% in 2022.
- By products, the powder segment is anticipated to grow at a remarkable CAGR of 7.2% between 2023 and 2032.
- By distribution channel, the offline segment generated over 68% of revenue share in 2022.
- By distribution channel, the online segment is expected to expand at the fastest CAGR over the projected period.
- By gender, the female segment generated over 72% of revenue share in 2022.
- By gender, the male segment is expected to expand at the fastest CAGR over the projected period.
- By packaging, the tubes segment generated over 41% of revenue share in 2022.
- By packaging, the bottles and jars segment is expected to expand at the fastest CAGR over the projected period.
The skincare market has experienced remarkable growth in recent years, fueled by a convergence of factors. A heightened awareness of personal well-being increased disposable income, and a growing emphasis on self-care have collectively contributed to the surge in demand for skincare products. Consumers are increasingly prioritizing skincare routines as an essential aspect of their daily lives, transcending traditional gender and age boundaries. The market is characterized by a diverse range of products catering to specific skin concerns, from anti-aging solutions to natural and organic offerings. The influence of social media and beauty influencers has played a pivotal role in shaping consumer preferences and driving product innovation. Additionally, advancements in skincare technology and a rising focus on sustainability have further expanded the market’s appeal.
Growth Factors:
Growth factors in the skincare market are multifaceted. The aging global population and a rising middle class in emerging economies contribute significantly to the expanding consumer base. Continuous research and development efforts by skincare brands, coupled with breakthrough innovations in ingredients and formulations, foster product differentiation and consumer loyalty. E-commerce and digital platforms have revolutionized the distribution channels, providing convenient access to a global audience. Moreover, the increasing trend towards clean beauty and a preference for cruelty-free products reflect a shift in consumer values, prompting brands to adapt and align with ethical and sustainable practices. The skincare market’s future growth is anticipated to be driven by a combination of technological advancements, changing consumer attitudes, and a dynamic regulatory landscape that encourages transparency and product safety.
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Skincare Market Scope
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 6.80% |
| Market Size in 2023 | USD 157.64 Billion |
| Market Size by 2032 | USD 284.97 Billion |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Product, By Distribution Channel, By Gender, and By Packaging |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
By Product:
The skincare market boasts a diverse range of products catering to various needs. From cleansers and moisturizers to serums and masks, the industry encompasses a plethora of options. Anti-aging creams, acne solutions, and natural or organic skincare products also contribute significantly to this dynamic market. With the growing emphasis on self-care, specialized products like facial oils and essences have gained popularity, reflecting evolving consumer preferences.
By Distribution Channel:
Skincare products reach consumers through multiple channels, each offering a unique shopping experience. Traditional brick-and-mortar stores remain prevalent, allowing customers to physically engage with products before purchase. However, the rise of e-commerce has revolutionized the industry, offering convenience and a vast array of choices at the click of a button. Specialty stores, department stores, and direct sales from brands contribute to the diverse distribution channels shaping the skincare market.
By Gender:
The skincare market recognizes and caters to the unique needs and preferences of different genders. While there are products designed for general use, there is a growing trend of gender-specific skincare lines. Men’s grooming products, including cleansers, moisturizers, and shaving essentials, have gained traction. Similarly, there’s a wide range of skincare solutions targeted specifically towards women, acknowledging the diverse concerns and requirements of different genders in the beauty and skincare space.
By Packaging:
Packaging plays a crucial role in the skincare industry, not just for practical purposes but also as a means of communication and branding. Sustainable and eco-friendly packaging options have gained momentum, aligning with the increasing consumer focus on environmental consciousness. Innovation in packaging design, such as airless pumps and recyclable materials, reflects the industry’s commitment to both aesthetic appeal and sustainable practices. Customizable and travel-friendly packaging further adds to the diversity within this segment.
Recent Developments
- In November 2022, Avon entered into a strategic partnership with Perfect Corp., a leading AI-based beauty tech solutions provider. The collaboration aimed to enhance Avon’s virtual makeup technology system, providing consumers with improved tools to choose suitable skincare products.
- In November 2022, Kao Corporation joined forces with Daiichi Sankyo, a prominent healthcare company, to foster innovation in new products and elevate their skincare business revenue, reflecting a commitment to advancement in the beauty and healthcare sectors.
- In July 2022, Johnson & Johnson unveiled a new range of skincare brands, ‘VIVVI & BLOOM,’ specifically designed for children, catering to both skin and hair needs.
- In 2022, The Estée Lauder Companies partnered with Nyka to launch the ‘BEAUTY & YOU INDIA’ scheme, aimed at supporting next-generation investments in the Indian beauty care industry, fostering growth and development.
- In July 2022, Beiersdorf introduced its inaugural ‘Climate Care Moisturizer’ for men. Manufactured with recycled CO, the product is designed to be beneficial for both skin and the environment, reflecting a commitment to sustainable skincare solutions.
Skincare Market Players
- L’Oréal S.A.
- Procter & Gamble Co.
- Johnson & Johnson
- Estée Lauder Companies Inc.
- Unilever PLC
- Beiersdorf AG
- Shiseido Company, Limited
- Colgate-Palmolive Company
- Avon Products, Inc.
- Coty Inc.
- Kao Corporation
- Amorepacific Corporation
- Mary Kay Inc.
- Revlon, Inc.
- The Body Shop International Limited
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Skincare Market
5.1. COVID-19 Landscape: Skincare Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Skincare Market, By Products
8.1. Skincare Market Revenue and Volume Forecast, by Products, 2023-2032
8.1.1. Creams and Moisturizers
8.1.1.1. Market Revenue and Volume Forecast (2020-2032)
8.1.2. Powder
8.1.2.1. Market Revenue and Volume Forecast (2020-2032)
8.1.3. Cleansers and Face Wash
8.1.3.1. Market Revenue and Volume Forecast (2020-2032)
8.1.4. Others
8.1.4.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 9. Global Skincare Market, By Distribution Channel
9.1. Skincare Market Revenue and Volume Forecast, by Distribution Channel, 2023-2032
9.1.1. Online
9.1.1.1. Market Revenue and Volume Forecast (2020-2032)
9.1.2. Offline
9.1.2.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 10. Global Skincare Market, By Gender
10.1. Skincare Market Revenue and Volume Forecast, by Gender, 2023-2032
10.1.1. Male
10.1.1.1. Market Revenue and Volume Forecast (2020-2032)
10.1.2. Female
10.1.2.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 11. Global Skincare Market, By Packaging
11.1. Skincare Market Revenue and Volume Forecast, by Packaging, 2023-2032
11.1.1. Tubes
11.1.1.1. Market Revenue and Volume Forecast (2020-2032)
11.1.2. Bottles and Jars
11.1.2.1. Market Revenue and Volume Forecast (2020-2032)
11.1.3. Others
11.1.3.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 12. Global Skincare Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.1.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.1.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.1.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.1.5. U.S.
12.1.5.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.1.5.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.1.5.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.1.5.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.1.6.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.1.6.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.1.6.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.2. Europe
12.2.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.2.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.2.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.2.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.2.5. UK
12.2.5.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.2.5.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.2.5.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.2.5.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.2.6. Germany
12.2.6.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.2.6.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.2.6.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.2.6.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.2.7. France
12.2.7.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.2.7.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.2.7.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.2.7.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.2.8.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.2.8.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.2.8.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.3. APAC
12.3.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.3.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.3.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.3.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.3.5. India
12.3.5.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.3.5.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.3.5.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.3.5.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.3.6. China
12.3.6.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.3.6.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.3.6.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.3.6.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.3.7. Japan
12.3.7.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.3.7.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.3.7.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.3.7.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.3.8.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.3.8.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.3.8.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.4. MEA
12.4.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.4.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.4.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.4.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.4.5. GCC
12.4.5.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.4.5.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.4.5.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.4.5.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.4.6. North Africa
12.4.6.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.4.6.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.4.6.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.4.6.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.4.7. South Africa
12.4.7.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.4.7.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.4.7.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.4.7.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.4.8.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.4.8.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.4.8.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.5. Latin America
12.5.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.5.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.5.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.5.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.5.5. Brazil
12.5.5.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.5.5.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.5.5.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.5.5.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Volume Forecast, by Products (2020-2032)
12.5.6.2. Market Revenue and Volume Forecast, by Distribution Channel (2020-2032)
12.5.6.3. Market Revenue and Volume Forecast, by Gender (2020-2032)
12.5.6.4. Market Revenue and Volume Forecast, by Packaging (2020-2032)
Chapter 13. Company Profiles
13.1. L’Oréal S.A.
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Procter & Gamble Co.
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Johnson & Johnson
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Estée Lauder Companies Inc.
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. Unilever PLC
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. Beiersdorf AG
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. Shiseido Company, Limited
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. Colgate-Palmolive Company
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. Avon Products, Inc.
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. Coty Inc.
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
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