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Skin Care Products Global Market Exhibit a Remarkable CAGR of 8.2% and is expected to reach $220.3 Billion By 2028 | LOreal S.A., Beiersdorf AG, Shiseido Co. Ltd., Avon Products Inc., Coty Inc.
Skin Care Products Global Market
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According to The Business Research Company's, The skin care products market size has grown strongly in recent years. It will grow from $148.97 billion in 2023 to $160.94 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to beauty and personal care trends, aging population and anti-aging products, demand for natural and organic products, celebrity endorsements and marketing, increasing awareness of skin health..
The skin care products market size is expected to see strong growth in the next few years. It will grow to $220.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to clean and sustainable skincare products, personalized skincare solutions, adoption of skincare technology apps, skin health awareness and wellness trends, expansion of the men's skincare market, emerging markets and global beauty trends.. Major trends in the forecast period include ai and machine learning for skincare analysis, dna-based personalized skincare products, eco-friendly and refillable skincare packaging, beauty tech devices for at-home skincare, biodegradable and zero-waste skincare products, skin microbiome-friendly products..
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Market Drivers and Trends:
The rising awareness regarding the various benefits of using personal care products is expected to propel the growth of the skin care products market going forward. Using personal care products in your daily routine helps maintain hygiene and prevents catching and spreading germs and diseases. For instance, in July 2021, according to an article published by Edge by Ascential, a US-based online price and promotion analytics service provider, the Health, Beauty, and Personal Care category is expected to grow rapidly, with sales increasing by 305.2 billion USD between 2021 and 2026. Meanwhile, e-commerce sales growth in this industry will outpace store-based sales growth by a 12.1% CAGR from 2021 to 2026. Over the next five years, the health, beauty, and personal care sector is expected to grow at a CAGR of 5.3% in e-commerce sales, surpassing the edible grocery segment and placing itself just behind household and pet care goods. Therefore, the increase in awareness regarding the various benefits of using personal care products is driving the growth of the skincare product market.
The emergence of artificial intelligence is a key trend gaining popularity in the skin care products market. Major companies operating in the skin care products sector are focused on launching new AI-powered products to enhance their position in the market. For instance, in October 2022, AS Watson Group, a Hong Kong based beauty product manufacturer and retailer, launched Skinfie Lab, an advanced skin analysis tool that utilizes artificial intelligence (AI) to assess customers' skin and offer personalized skincare product recommendations based on their selfies, ensuring tailored skincare regimens.
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Major Key Players of the Market:
LOreal S.A., Beiersdorf AG, Shiseido Co. Ltd., Procter & Gamble, Unilever, Johnson & Johnson Inc., Avon Products Inc., Coty Inc., Colgate-Palmolive Company, Revlon, The Estée Lauder Companies Inc., Himalaya Wellness Company, Lotus Herbals pvt Ltd., Neutrogena Corporation, Olay, Barbara Sturm Molecular Cosmetics GmBH, Renée Rouleau, Kao Corporation, CeraVe, La Roche-Posay, Aveeno, Vichy, Cetaphil, Eucerin, Nivea, Garnier, LVMH
Skin Care Products Market 2024 Key Insights:
• The skin care products market size is expected to see strong growth in the next few years. It will grow to $220.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Elevated Awareness Of Personal Care Product Benefits Fuels Skin Care Products Market Growth
• Artificial Intelligence Revolutionizes The Skin Care Products
• Asia-Pacific was the largest region in the skin care products market in 2023
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