Skin Care Product Market is predicted to thrive at a CAGR of 3.7% and valued at over USD 211.06 billion over the forecast year 2021-2030

At an estimated value of over USD 141.53 Bn billion in 2019, the Global Skin Care Product Market is predicted to thrive at a CAGR of 3.7% and valued at over USD 211.06 billion over the forecast year 2020-2030.

Products used for skin beautification and treatment of numerous skin related concerns is referred to as skin care products. Skin care involves nutrition, appropriate use of emollients, and avoidance of excessive sun exposure. The various skin care products for normal skin includes cleanser, toner, moisturizer, and sunscreen. The benefits of skin care products includes cleansed & moisturized hands, face, and body as well as fight against aging effects on the skin.

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Competitive Landscape

Lucrative growth opportunities make the skin care product market highly competitive. Some of the major players in the market are Johnson & Johnson, Unilever PLC, Avon Products Inc., The Estee Lauder Companies Inc., L’Oreal S.A., Kao Corporation, Shiseido Company, Beiersdorf AG, Colgate-Palmolive Company, Procter & Gamble, and many more. A number of developmental strategies have been adopted by companies in the past few years. For instance, in September 2020, Johnson & Johnson launched a new range of Cottontouch baby care products due to increased demand for baby skin care products in the Indian market. Also, in August 2018, L’Oreal partnered with Facebook to develop augmented reality experiences for its brands to drive up ecommerce sales and improve the customer experience.

Market Dynamics and Trends

Factors such as changing lifestyle patterns across developing countries owing to rapid urbanization, increase in awareness towards advanced skin care products and their benefits, and new product innovation in the skin care industry fuels the growth of global skin care products market. In addition, aggressive promotional activities by the market players and rising disposable income around the globe drives growth of the market. However, limited-service life of the skin care product is expected to hamper the market growth. On the contrary, emergence of multiple featured products such as sun care products with anti-aging effects and fairness creams with sun block features provides lucrative opportunities for the market growth.

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Market Segmentations and Scope of the Study:

The global skin care product market share is segmented on the basis of product and geography. On the basis of product, the market is categorized into face cream and body lotion. Face cream is further sub-segmented into skin brightening cream, antiaging cream and sun protection cream. Body lotion is further sub-segmented into mass market body care lotion and premium body care lotion. Geographic fragmentation and analysis of each segment includes regions comprising North America, Europe, Asia Pacific and RoW.

Geographical Analysis

In terms of geography, Asia-Pacific held major share of the market in 2019. This is attributed to rising per capita income and the increasing population in the region. In addition, the rise in demand for multifunctional beauty & personal care products fuels the market growth in this region owing to the busy and changing lifestyles of the consumers. However, RoW is expected to grow rapidly with increasing market size due factors such as increasing skin health spending and awareness about the skin care through advanced skin care products.

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