Skincare Market Expected to Rise Progressively by 2031 Owing to the Growing Demand for Skincare Products in Urban Areas

The global skincare market is expected to witness significant growth during the forecast period, owing to the increasing demand for skin care products in urban areas. The Asia-Pacific region is expected to hold the largest share of the market by 2031.

As per the report published by Research Dive, the global skincare market is anticipated to garner a revenue of $273.3 billion and rise at a healthy CAGR of 6.7% throughout the analysis timeframe from 2022 to 2031.

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Dynamics of the Market

The increasing proclivity of consumers toward using various skin care products owing to the increasing disposable money, extensive advertising activities, and the introduction of new products by manufacturers is expected to amplify the growth of the skincare market over the analysis timeframe. Besides, the increased awareness about the hazardous impacts of chemicals and synthetic items is expected to propel the growth of the market during the forecast period. However, the use of cosmetic products for an extended period can cause various skin problems which may hinder the growth of the market over the forecast period. Moreover, the increasing use of cosmetics products in skincare for both domestic and foreign firms and the introduction of new brands are expected to create wide growth opportunities for the market over the analysis timeframe.

COVID-19 Impact on the Global Skincare Market

The outbreak of the COVID-19 pandemic has changed business procedures and consumer lifestyles. The declining incomes among individuals, poor availability of commodities, lockdowns, and supply chain breakdowns have declined the accessibility of products. This has declined the skincare market's growth during the pandemic's initial period. However, the increasing production of sanitizers and other cleaning products by offering free cosmetic treatments to front-line emergency responders has inclined the growth of the market throughout the crisis.

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Segments of the Skincare Market

The report has divided the market into products, distribution channel, gender, packaging, and region.

Based on products, the creams and moisturizers sub-segment held the largest market share in 2021. The increasing use of creams and moisturizers by all people of all age groups having dry to normal skin to maintain skin equilibrium is expected to foster the growth of the market sub-segment forward.

Based on distribution channel, the online sub-segment expected to have the fastest growth by 2031. The increasing use of online platforms to reach a larger customer base and revenue as many businesses and dealers are increasingly resorting to e-commerce is predicted to bolster the growth of the market sub-segment over the analysis timeframe.

Based on gender, the female sub-segment accounted for the dominant market share in 2021. The increasing skincare knowledge among female consumers about the efficacy of skincare products is expected to boost the growth of the market sub-segment over the estimated timeframe.

Based on packaging type, the tubes sub-segment held the highest market share in 2021. The increasing demand for lightweight and portable packaging solutions in the cosmetics and skincare industries is predicted to fuel the growth of the market sub-segment in the coming period.

Based on region the Asia-Pacific skincare market is predicted to hold the maximum share of the market during the forecast period. The increasing use of body moisturizing lotions, facial wipes, hair styling gels, sunscreen lotions & creams, and make-up products for men & women is expected to drive the regional growth of the market over the analysis timeframe.

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Key Players of the Market

The major players of the skincare market include Shiseido Co., Ltd., Beiersdorf AG, Coty Inc., Estée Lauder Inc., Kao Corporation, Procter & Gamble, Johnson & Johnson, Unilever PLC, Avon Products Inc., L'Oréal Professional, and many more. These players are mainly working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to attain a leading position in the global industry.

For instance, in January 2022, L'Oréal, a French personal care company announced its strategic partnership with Verily, a research organization of Alphabet Inc. With this partnership, the organizations aimed to establish a longitudinal biological, clinical, and environmental view of skin health.

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