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Unlocking the Secrets of the Skincare Industry: A Comprehensive Report on Current Trends and Future Forecasts || Cardinal Health Inc., Johnson & Johnson, LVMH Moët Hennessy Louis Vuitton S.E
Skincare Market
The Business Research Company's Skincare Global Market Report 2023 identifies the increasing awareness of personal grooming is the major driver for the skincare market's growth in the forecast period. Personal grooming is keeping one's body clean, maintaining hygiene, well-groomed nails and hair, avoiding body odor, and dressing appropriately. Skincare helps with personal grooming as it is essential for maintaining healthy and appealing skin through the use of skincare cosmetics such as serums, moisturizers, exfoliators, body lotions, and eye creams. For instance, in October 2022, a survey of 1000 men and women in the US conducted by the New York Post, a US-based newspaper, about the differences in how both genders take care of their hygiene discovered that while 73% of men and women stated taking care of their hygiene is simple, only one in ten women agreed. The majority of people (90%) favor washing their hands and bodies over brushing their teeth (87%) or using deodorant (84%). Men are more likely to maintain a schedule for trimming their nails (69%) and shaving their faces (74%).
The global skincare market size is expected to grow from $125.08 billion in 2022 to $134.10 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of skincare market is expected to reach $170.42 billion in 2027 at a CAGR of 6.2%.
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Major competitors in the skincare market are Cardinal Health Inc., Johnson & Johnson, LVMH Moët Hennessy Louis Vuitton S.E., Procter & Gamble Company, Unilever PLC, Betco Corporation, L'Oréal S.A, 3M Company, Amorepacific Group, Henkel AG And Co. KGaA, Colgate-Palmolive Company.
A key trend in the skincare market includes product innovations. Companies operating in the skincare market are adopting innovative products to sustain their position in the market. For instance, in April 2023, AW Faber-Castell Cosmetics GmbH, a Germany-based cosmetics manufacturer, launched a mechanical makeup pencil that can be recharged. It is an innovative design for a refillable pencil for cosmetic formulas and a part of their new Protopia line of cosmetic and skincare pencils. The rechargeable pencil offers two distinct vegan and clean textures for lips, eyes, and brows.
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The skincare market is segmented -
• By Product Type: Creams, Lotions, Powders, Sprays, Other Products
• By Packaging Type: Tube, Bottle, Jar, Other Packaging
• By Gender: Men, Women
• By Distribution channel: Stores, Supermarkets, Online, Other End-Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the skincare market.
The Business Research Company's "Global Skincare Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Skincare Market Include:
1. Executive Summary
2. Skincare Market Characteristics
3. Skincare Market Trends And Strategies
4. Skincare Market - Macro Economic Scenario
5. Skincare Market Size And Growth
……………
27. Skincare Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Skincare Market
29. Skincare Market Future Outlook And Potential Analysis
30. Appendix
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