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A Key Driver Transforming The Skincare Market 2025: Growing Awareness Of Personal Grooming Boosts The Market
Skincare Market
The global skincare market reached a value of nearly $142.16 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.20% since 2019. The market is expected to grow from $142.16 billion in 2024 to $196.74 billion in 2029 at a rate of 6.71%. The market is then expected to grow at a CAGR of 6.56% from 2029 and reach $270.25 billion in 2034.
What strategies are being adopted by key players in the skincare market?
The key players in the market are adopting extensive strategies in the skincare market such as:
• Enhance team skills through continuous training.
• Forge partnerships to access new technologies.
• Launch innovative products to meet market demands.
• Diversify offerings to target new customer segments.
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To take advantage of opportunities, The Business Research Company suggests that skincare companies enhance offerings:
• Expand market reach through strategic partnerships and collaborations.
• Shift towards sustainability with eco-friendly skincare ingredients.
• Emphasize eco-conscious packaging to preserve skincare formulations.
• Promote sustainable practices in production and distribution.
What Is Skincare: Market Overview?
Skincare refers to the range of products and practices designed to maintain and enhance the health, appearance and texture of the skin. Skincare is an essential component of personal care, catering to the diverse needs of individuals for purposes such as hydration, protection, treatment and aesthetic enhancement.
Skincare products are created using a variety of ingredients, including natural extracts, synthetic compounds and active substances like hyaluronic acid, retinol and vitamins and others. These ingredients are processed through formulations that ensure stability, efficacy and safety. The production process involves research and development, quality control and adherence to regulatory standards to meet consumer needs and safety requirements.
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Who Are The Major Companies Operating In The Global Skincare Market?
The top ten competitors in the market made up to 41.47% of the total market in 2023. L'Oreal was the largest competitor with a 13.40% share of the market, followed by:
• Estee Lauder Companies Inc.
• Unilever plc.
• Procter & Gamble Company (P&G).
• Beiersdorf AG.
• LVMH Moet Hennessy Louis Vuitton S.E.
• Natura & Co.
• Chanel.
• Amorepacific Corporation.
• Kao Corporation.
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