Meticulous Research®—a leading market research company, published a research report titled, 'Skin Care Products Market by Type (Facial, Lip, Body) Product (Cream, Lotion, Powder, Lotion, Moisturizer, Toner) User Group (Male, Female, Unisex) Price Category (Mass, Premium) Distribution Channel (Supermarket, Retail, Online) – Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the skin care products market is projected to reach $199.42 billion by 2030, at a CAGR of 5.2% from 2023 to 2030. The growth of the skin care products market is driven by the increasing demand for anti-aging products, increasing adoption of organic skin care products, the growing importance of personal grooming, increased consumer knowledge of beauty and personal care, and increased spending on personal care.
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Factors such as the growing penetration of e-commerce, rising demand for men’s skin care products, and the emergence of organic products are a few of the opportunities that would help grow the market in the future. The rise of colorism affecting the adoption of cosmetic creams could be considered a challenge for the skin care products market. However, companies' reluctance to use skin care products due to toxic and harmful chemicals and the greenwashing of skin care products restrain the market growth.
The skin care products market is segmented on the basis of type (facial care, lip care, and body care), product (creams, lotions, powders, moisturizers, cleansers, toners, exfoliators, and other skin care products), distribution channel (supermarkets, specialist retail stores, e-commerce, pharmacies, and other distribution channels), price category (mass and premium skin care products), and geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Among the types, in 2023, the facial care segment is expected to account for the largest share of the market. Facial care consists of cleansing, moisturizing, and maintaining the skin's health on a person's face. This is important as the face consists of smaller cells as compared to other parts of the body. This makes it difficult for ingredients from products to act on the skin. So regular maintenance of the face would lead to hydrated and glowing skin.
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Among products, in 2023, the creams segment is expected to account for the largest share of the market. Creams hydrate the skin and help to maintain its elasticity. Along with helping to maintain elasticity and hydration of the skin, creams promote skin repair and blood circulation and help prevent the severe effects of pollution on the skin. Some of these creams use natural ingredients that do not cause any harm to the body, as opposed to chemicals present in some products.
Among distribution channels, in 2023, the supermarkets segment is expected to account for the largest share of the market. Supermarkets are shops that provide self-service and allow consumers to choose from a range of skin care products. These products range from product type to skin type and the type of material used. These stores offer exclusive offers and deals to invite consumers to buy products there instead of online websites. Offline shopping is beneficial as it enables people to have quality checks for damage to products and the freedom to choose from several brands anywhere.
Among price categories, in 2023, the mass skin care products segment is expected to account for the largest share of the market. Mass skin care products are manufactured on a large scale and sold to retail distributors such as supermarkets, department stores, and online websites. They provide offers such that the products are available at lower rates, proving beneficial to consumers. Since these products are manufactured on a large scale, the type of product and the ingredients used in them are very general and are usually acceptable for all skin types.
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Among user groups, in 2023, the female segment is expected to account for the largest share of the market. Skin care is important as it helps in maintaining health. This also helps to protect the skin from acne and prevent wrinkles. Skin Oxidation occurs due to exposure to UV light and harmful chemicals, which causes faster aging in women. To prevent this, as women’s skin is more sensitive than men, they use skin care products that help regenerate skin cells and make them look fresh.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the skin care products market, followed by Europe and Asia-Pacific. North America’s major market share is attributed to the rising popularity of skin care products due to new and advanced features for maintaining the skin's health and high disposable income.
Key Players
The key players profiled in the skin care products market report are L'Oréal S.A. (France), Johnson & Johnson, Inc. (U.S.), Unilever PLC (U.K.), Revlon, Inc. (U.S.), Avon Products, Inc. (U.S.), Colgate-Palmolive Company (U.S.), Shiseido Co., Ltd. (Japan), The Procter & Gamble Company (P&G) (U.S.), Oriflame Holding Limited (Switzerland), Estee Lauder Companies, Inc. (U.S.), and Beiersdorf AG (Germany).
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Key questions answered in the report-
· Which are the high-growth market segments in terms of product, type, distribution channel, price category, user group, and geography?
· What was the historical market for skin care products across the globe?
· What are the market forecasts and estimates for the period 2023–2030?
· What are the major drivers, restraints, opportunities, and challenges in the skin care products market?
· Who are the major players in the skin care products market?
· What is the competitive landscape, and who are the market leaders in the skin care products market?
· What are the recent developments in the global skin care products market?
· What are the different strategies adopted by the major players in the global skin care products market?
· What are the geographical trends and high-growth regions/countries?
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