Global Skin Care Products Market Expected to Experience Steady Growth with a Compound Annual Growth Rate (CAGR) of 6.03% Projected Through 2030

According to Next Move Strategy Consulting, the global skin care products market size was valued at USD 145.68 billion in 2022, and is expected to reach USD 248.17 billion by 2030, with a CAGR of 6.03% from 2023 to 2030. This is due to the increasing number of skin diseases across the world.
The market is witnessing significant growth due to rising pollution levels and an uptick in skin disorders. This has led to a higher demand for skin care products that protect against pollutants and promote overall skin health.

Additionally, there has been a noticeable surge in various skin issues, driving consumers to seek targeted skin care solutions. Consequently, the market is experiencing substantial growth as individuals recognize the importance of skin care in mitigating the negative effects of pollution and addressing skin-related concerns.

Furthermore, the market is experiencing notable growth driven by an increasing demand for innovative and eco-friendly products. This preference for sustainable and environmentally conscious choices has prompted a wave of innovation among skin care companies. They are now focused on developing groundbreaking formulations and packaging materials while adopting eco-friendly manufacturing practices. For example, Gillette introduced Planet KIND in February 2021, a shaving and skin care brand that is gentle on both the skin and the environment.

The packaging is designed to be recyclable, made from materials such as 85% recycled paper, 85% recycled plastic, and infinitely recyclable aluminum. Moreover, for every Planet KIND product purchased, a collaboration with Plastic Bank prevents 10 plastic bottles from entering the ocean. This demonstrates a commitment to environmental sustainability. The heightened emphasis on innovation and environmental consciousness is a significant driving force behind the continuous expansion of the skin care products market.

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The skin care product market is currently witnessing several noteworthy trends. One significant trend is the growing demand for eco-friendly and innovative products, driven by a preference for sustainable and environmentally conscious choices. This has led to a wave of innovation in formulations and packaging materials, aligning with responsible environmental practices. Additionally, the integration of artificial intelligence (AI) technology, along with augmented reality (AR), virtual reality (VR), and 3D printing, is revolutionizing skin care. These technologies are being leveraged for personalized skin care guidance, offering consumers advanced solutions tailored to their specific needs. Finally, there is an increased focus on affordability, as the relatively high cost of some products can be a barrier for certain consumers. Addressing this issue is crucial to ensure a wider audience can benefit from skin care products.

However, the market faces a challenge due to the relatively high cost of these products. The increased prices of many skin care items can be a barrier for potential consumers, limiting accessibility and preventing a broader range of individuals from fully benefiting from skin care products. Addressing the issue of affordability is crucial in ensuring that skin care products can be enjoyed and utilized by a more diverse audience.

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On the contrary, the integration of artificial intelligence (AI) technology into skin care, along with other technological advancements like augmented reality (AR), virtual reality (VR), and 3D printing, is predicted to drive the demand for skin care products. This transformation in the beauty industry is revolutionizing skin care. Innovative approaches connecting consumers with dermatology experts for personalized skin care guidance are further amplifying this dynamic shift. Cutting-edge techniques such as virtual acne diagnosis and smart mirrors utilizing AR and VR have been embraced by industry leaders to customize their offerings.

The report offers a detailed segmentation of the skin care products market, including products, ingredients, packaging material, gender, category, distribution channel, and region. Asia-Pacific leads as the largest consumer of skin care products, accounting for 43% of the market share. This growth is driven by major consumers in countries such as China, Japan, South Korea, and Singapore. The rest of the world segment is also expected to see a steady rise in demand, particularly due to the increasing focus on wellness and self-care.

The report analyzes major market players in the skin care products market, including Procter & Gamble (P&G), Unilever PLC, Natura & Co., Beiersdorf AG, The Estée Lauder Companies, Inc., Johnson & Johnson, Abbott Laboratories, Colgate-Palmolive Company, L'Oreal, Shiseido Ltd., Galderma, Revlon, Coty, Inc., Kao Corporation, Pfizer, Inc., among others.

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Next Move Strategy Consulting is an independent market intelligence provider committed to delivering high-quality research reports that help multinational companies gain a competitive edge and increase their market share. Their research approach combines primary and secondary research, data mining, and data analytics. They have been serving over 1000 global customers, including 90% of the Fortune 500 companies, for over a decade. Their analysts are constantly tracking various high-growth markets and identifying hidden opportunities in each sector or industry. They provide high-quality syndicate as well as custom research reports across 10 different industry verticals, with a commitment to delivering research solutions tailored to business needs. Their industry-standard delivery solutions, ranging from pre-consultation to after-sales services, ensure an excellent client experience and facilitate strategic decision-making for businesses.

This release was published on openPR.