The global moisturizer market size was valued at USD 10.12 billion in 2022 and is expected to reach USD 10.60 billion in 2023. The market is projected to touch USD 14.40 billion by 2030, recording a CAGR of 4.48% during the forecast period of 2023-2030.
Moisturizing products are quickly becoming a crucial part of customers’ skincare routines as it is important to keep the skin hydrated. These products offer a wide range of important skin benefits such as increasing skin hydration, making skin smooth & soft, and mitigating water loss, and improving & maintaining the texture and quality of skin. Rising disposable incomes have encouraged more people to invest in high-quality skincare brands, which will boost the moisturizer market growth.
Fortune Business Insights™ presents this information in a report titled, "Global Moisturizer Market, 2023-2030."
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Segments:
Face Moisturizing Products Witness Strong Preference among Customers Due to their Skincare Characteristics
In terms of type, the market is segmented into face moisturizer and body moisturizer. The face moisturizer segment captured the largest market share as customers are increasingly buying skincare items that they can easily incorporate into their regular skincare regime. Since the face is the most visible body part as compared to others, it is important to keep the face skin hydrated and healthy. This is why customers are spending more on high-quality face creams to give them anti-aging and hydration benefits.
Cream-based Moisturizers to Gain Popularity for their Skin Protection Benefits
Based on form, the market is divided into gel, lotion, and cream. The cream segment is predicted to capture a significant market share over the coming years. Over the years, skin protection has become a top priority for customers while doing their skincare routine. Cream-based formulas can offer great protection to the skin against harmful UV rays and prevent the skin’s water loss, which will enhance their demand among customers.
Moisturizing Products to Gain Notable Traction among Men with Rising Popularity of Men’s Skincare
In terms of end-user, the market is bifurcated into men, women, and infants & kids. The men’s segment is projected to record a notable CAGR during the forecast period. The demand for a dedicated skincare and beauty regimen for the male population has grown considerably in recent years. Many high-end cosmetics brands are introducing skincare lines that cater specifically to men. These factors will enhance the adoption of moisturizing products among men.
Geographically, the global market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers an elaborative analysis of the industry and focuses on crucial aspects, such as type, form, leading companies, and key end users. The report also offers insights into the latest market trends and underlines top industry developments. In addition to the factors mentioned above, the report covers several factors that have contributed to the market’s growth in recent years.
Drivers and Restraints:
Customers Increase their Spending on Beauty Products, Accelerating Market Growth
Customers are becoming more conscious about their appearance and are taking steps to reverse the signs of aging. The rising disposable incomes of people across the world has motivated them to splurge on high-quality beauty and skincare products. These products can help them maintain their youthful skin despite taking on the stresses of a busy lifestyle and environmental pollution. The growing popularity and spending on skincare products in developing countries is another factor that will expand the moisturizer market size.
However, stringent regulations and harmful effects of using synthetic beauty ingredients are expected to hinder the market growth.
Regional Insights:
Asia Pacific to Dominate the Market due to Rising Spending on Beauty Products
The Asia Pacific market is predicted to lead the global market share during the forecast period as moisturizing products are becoming quite popular in India and China. Reputed brands, such as Olay, L'Oréal, Kiehl’s, and others, are setting up their production base in China and giving local brands a tough competition. Indian customers are also gaining awareness of the benefits of skincare products, which will further spur the product demand in the country.
European countries, such as Finland, Russia, Germany, and Denmark, experience extreme cold climates and long winter seasons, causing dull and dry skin. This factor significantly increases the demand for moisturizing products in the region, thereby contributing to the region’s market expansion.
Competitive Landscape:
Key Companies Adopt Robust Business Strategies to Stay Ahead of Market Competition
Several reputed industry participants are using various strategies, such as collaborations, new product launches, and regional expansion, to help them keep up with their market rivals. These companies are also focusing on launching sustainably produced skincare items to attract more customers. The customizations and heavy discounts offered by these firms will help them grow their market presence.
Key Industry Development:
February 2023: Shiseido Company Ltd., a leading Japanese cosmetics manufacturer, launched two new moisturizing products under its skincare brand, ’SIDEKICK’. These products are being sold at the SHISEIDO Beauty Square in Japan and through China’s EC (e-commerce) channels.
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