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The skin care products market is estimated to be valued at US$ 153.33 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Skin care products are used to improve skin health and protect it from external damage. They include face cream, body lotion, cleansers, toners, and sun protection. The major types of skin care products available in the market are anti-aging, sensitive skin care, sun protection, and body care. Rise in awareness about aging signs such as fine lines, wrinkles and dark spots is driving the demand for anti-aging skin care products. Further, increasing pollution levels and hectic lifestyle are contributing to the growth of sensitive skin care products segment.
Market Dynamics:
Increasing consumer spending on personal care products is one of the major drivers of the global skin care products market. Rising disposable incomes coupled with growing cosmetic industry marketing campaigns are encouraging consumers to spend more on premium skin care brands. Additionally, rapid urbanization and changing lifestyles have led to increased stressed caused by pollution, smoking, lack of sleep etc. which damages skin health over time. This has raised the need fordaily skincare routine using effective products, thereby propelling the market growth. However, availability of counterfeit products poses a major challenge for recognized brands in the market. Additionally, stringent regulations over the usage of chemicals in skincare products can hamper the market growthduring the forecast period.
SWOT Analysis
Strength: The skin care products market has strong brand awareness and customer loyalty towards major brands. The rising disposable incomes increases the spending power of customers. Development of organic and natural skin care products further expands the market.
Weakness: Availability of counterfeit products affects the overall sales of top brands. Changes in consumer preferences poses challenges for existing players.
Opportunity: Growing geriatric population increases the demand for anti-ageing skin care products. Emerging markets like Asia Pacific and Latin America offers new growth avenues.
Threats: stringent government regulations increases compliance costs. Threat from local players offering cheaper alternatives.
Key Takeaways:
The Global Skin Care Products Market Growth is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing demand for natural and organic skin care products. Consumers are willing to pay premium prices for organic offerings to avoid use of harsh chemicals on skin. Introduction of innovative products incorporating natural ingredients like plant extracts further drives the market.
The Asia Pacific is the fastest growing as well as dominating regional market for skin care products. Countries like China, India, and Japan are the major revenue contributors in the region. Growing middle class population, increasing spending on personal care, rising awareness about skin care are some key factors propelling the APAC skin care products market.
Key players operating in the Skin Care Products market are Unilever Plc., Coty Inc., Johnson & Johnson Inc., Proctor & Gamble Co., LOreal S.A., Revlon Inc., Kao Corporation, Avon Products Inc., Beiersdorf AG., Colgate Palmolive Company, Natura & co., and Estee Lauder Inc. These top players accounts for over 50% of the overall market share. They have strong brand recognition and indulge in new product launches to strengthen their foothold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
