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Professional Skincare Market 2024-2033 : Industry Analysis, Size, Share, Growth And Forecast
Professional Skincare Global Market Report 2024
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According to The Business Research Company's, The professional skincare market size has grown strongly in recent years. It will grow from $40.48 billion in 2023 to $43.14 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to advancements in dermatology, research in cosmetic chemistry, the rise of the beauty industry, consumer education and awareness, and technological advancements.
The professional skincare market size is expected to see strong growth in the next few years. It will grow to $56.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to the proliferation of spas, the rising aging population, rising disposable income, growing awareness of skincare, and a shift toward natural and organic products. Major trends in the forecast period include personalized skincare solutions, the clean beauty movement, sustainable and eco-friendly practices, advanced anti-aging treatments, and microbiome-friendly skincare.
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Market Drivers and Trends:
The expansion of e-commerce is expected to propel the growth of the professional skincare market going forward. E-commerce refers to the online business model facilitating the exchange of goods and services through the Internet. The expansion of e-commerce is driven by convenience, expanding internet access, and shifting consumer preferences toward online shopping. E-commerce provides access to high-quality, specialized skin care products and personalized advice, enhancing consumer convenience. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, U.S. retail e-commerce sales reached $289.2 billion for the first quarter of 2024, marking a 2.1% (±0.7%) increase compared to the fourth quarter of 2023. Therefore, the expansion of e-commerce is driving the growth of the professional skincare market.
Major companies operating in the professional skincare market are increasing their focus on developing innovative products, such as age-defying moisturizers, to sustain their position in the market. An age-defying moisturizer is a skincare product designed to reduce the visible signs of aging on the skin, such as fine lines, wrinkles, and loss of elasticity. For instance, in March 2024, Revision Skincare, a US-based cosmetic company, launched a new sunscreen product called Intellishade TruPhysical Clear. This product is a 4-in-1 daily age-defying moisturizer with broad-spectrum SPF 50. It has a sheer, oil-free formula with 100% all-mineral UV filters designed to enhance the natural radiance of all skin tones without leaving a white cast or shine. The skincare-first formulation provides long-term hydration, reduces the appearance of fine lines and wrinkles, brightens and evens skin tone, and decreases the overall appearance of photoaging and free radical stressors.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
L'Oréal S.A., Unilever PLC, ZO Skin Health Inc., BABOR Cosmetics America Corp., Revision Skincare LLC, Obagi Medical Products Inc., Osmosis Skincare, GloProfessional Inc., PCA Skin LLC, Murad LLC, Elemis Limited, Sente Inc., Image Skincare LLC, Neocutis Inc., EltaMD Inc., Jan Marini Skin Research Inc., Natura Bissé International S.A., Biologique Recherche, Pevonia International LLC, Episciences Inc., Alastin Skincare Inc., HydroPeptide LLC, iS Clinical, Environ Skin Care Pty Ltd, Lancer Skincare LLC, Vivant Skin Care LLC, Cosmedix LLC
Professional Skincare Market 2024 Key Insights:
• The professional skincare market size is expected to see strong growth in the next few years. It will grow to $56.18 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Growing E-Commerce Penetration Fuels Growth In The Professional Skincare Market
• Innovative Age-Defying Moisturizers Leading The Professional Skincare Market
• Asia-Pacific was the largest region in the professional skincare market in 2023
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