Skincare Market: Unveiling Market Insights and Trends for Beauty Industry Innovations

The skincare market size has grown strongly in recent years. It will grow from $134.1 billion in 2023 to $143.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to consumer awareness and education, celebrity endorsements and influencer marketing, cultural and social influences, economic factors, health and wellness trends.

The skincare market size is expected to see strong growth in the next few years. It will grow to $181.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to personalized skincare solutions, sustainability and eco-friendly practices, rise of male grooming products, smart skincare devices, wellness integration. Major trends in the forecast period include digitalization of beauty retail, technological advancements, inclusive beauty, holistic beauty, subscription-based models.

Market Overview -
Skincare refers to a variety of practices or methods to protect skin integrity, improve skin appearance, and treat skin disorders. It is used to maintain skin cell production to maintain healthy skin throughout life.

Download Free Sample of Report -

https://www.thebusinessresearchcompany.com/sample.aspx?id=11986&type=smp

Growing Awareness Of Personal Grooming Boosts Skincare Market
The increasing awareness of personal grooming is expected to propel the growth of the skincare market going forward. 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%). In contrast, women are more likely to prioritize bathing their 'intimate areas' (85%) and their skincare regimen (84%). Furthermore, in May 2022, according to the International Trade Administration, a US-based intergovernmental organization, In 2021, the Canadian cosmetics business is expected to earn approximately USD 1.24 billion. Revenue in the industry is expected to grow by 1.45% per year to USD 1.8 billion by 2024. Thus, the increasing awareness of personal grooming is driving the skincare market.

Competitive Landscape -
Major companies operating in the skincare market report 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, Estée Lauder Companies Inc., Chanel Inc, Kao Corporation, Natura & Co., Beiersdorf AG, Shiseido Company Limited, Coty Inc., Neutrogena Corporation, Galderma S.A, Avon Products Inc., Nu Skin Enterprises Inc, Kose Corporation, Revlon Consumer Products Corporation, Sisley Paris, Caudalie, Lancôme, European Wax Center Inc, Mario Badescu Skin Care Inc, Tata Harper Skincare

Innovative Rechargeable Makeup Pencil Launched By Aw Faber-Castell Cosmetics
Product innovation is a key trend gaining popularity in the skincare market. 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. Cosmetics company described it as a breakthrough in sustainability and environmental friendliness.

Browse Full Report @

https://www.thebusinessresearchcompany.com/report/skincare-global-market-report

Key Segments -

The skincare market covered in this report is segmented -

1) By Product Type: Creams, Lotions, Powders, Sprays, Other Products
2) By Packaging Type: Tube, Bottle, Jar, Other Packaging
3) By Gender: Men, Women
4) By Distribution channel: Stores, Supermarkets, Online, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.