Press release
Global Skincare Market to Reach $194.83 Billion by 2029, Growing at 7% CAGR
Global Skincare Market
The skincare market is poised for growth due to the heightened consciousness for personal grooming. Keeping oneself clean, maintaining personal hygiene, ensuring well-maintained nails and hair, preventing body odor, and dressing correctly constitute personal grooming. Skincare aids in personal grooming as it keeps the skin healthy and attractive through products like serums, moisturizers, exfoliators, body lotions, and eye creams. For instance, a survey by the New York Post in October 2022 involving 1000 US men and women on gender differences in hygiene behaviors revealed that 73% of both genders consider hygiene maintenance easy, but only a tenth of the women agreed. Washing hands and bodies were preferred by 90% people over brushing teeth (87%) or using deodorant (84%). Men are more inclined to keep a routine for nail trimming (69%) and face shaving (74%), whereas women prioritize hygiene for 'intimate areas' (85%) and skincare routine (84%). Moreover, the Canadian cosmetics industry is projected to expand at a rate of 1.45% annually to reach USD 1.8 billion by 2024, according to the International Trade Administration in May 2022. Therefore, the growing emphasis on personal grooming serves as a key driver for the skincare market.
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What Is the projected market size and growth rate for the skincare market?
The size of the skincare market has seen a significant expansion in the recent years. The market is predicted to increase from $142.17 billion in 2024 to $151.3 billion in 2025, representing a compound annual growth rate (CAGR) of 6.4%. The historical growth is influenced by several factors including increasing consumer knowledge, celebrity and influencer promotion, societal and cultural influences, economic determinants, and trends in health and wellness.
The skincare industry is predicted to experience robust expansion in the coming years, reaching a market value of $194.83 billion in 2029, with a compound annual growth rate (CAGR) of 6.5%. This forecasted growth can be linked to factors such as tailored skincare treatments, sustainable and environmentally-conscious practices, the emergence of male grooming products, innovative skincare gadgets, and the blending of wellness. Notable trends propelling the growth during the forecast period are the digitization of beauty retail, technological progress, inclusive beauty practices, comprehensive beauty approaches, and subscription-oriented business models.
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What are the emerging trends shaping the future of the skincare market?
The skincare market is seeing an emerging trend of product innovation. Businesses in this field are producing novel items to maintain their market stance. For example, AW Faber-Castell Cosmetics GmbH, a cosmetics firm from Germany, initiated the launch of a refillable mechanical makeup pencil in April 2023. This innovative design forms part of their brand-new Protopia range of cosmetic and skincare pencils. The said pencil, which can be recharged, presents a pair of unique vegan and clean textures for lips, eyes, and eyebrows. The company labels this product as an unparalleled achievement in sustainability and environmental consciousness.
What major market segments define the scope and growth of the skincare market?
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, Super markets, Online, Other End-Users
Subsegments:
1) By Creams: Moisturizing Creams, Anti-Aging Creams, Sunscreen Creams, Night Creams
2) By Lotions: Hydrating Lotions, Sunscreen Lotions, After-Sun Lotions, Body Lotions
3) By Powders: Setting Powders, Finishing Powders, Exfoliating Powders
4) By Sprays: Face Mists, Setting Sprays, Sunscreen Sprays
5) By Other Products: Gels, Serums, Masks, Exfoliators, Cleansers
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Which region dominates the skincare market?
Asia-Pacific was the largest region in the skincare market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the skincare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the skincare industry growth?
Major companies operating in the skincare market include Cardinal Health Inc., Johnson & Johnson, LVMH Moët Hennessy Louis Vuitton S.E., Procter & Gamble Company, Unilever PLC, L'Oréal S.A, 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
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What Is Covered In The Skincare Global Market Report?
• Market Size Forecast: Examine the skincare market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the skincare market for a structured understanding.
• Key Players Overview: Analyze major players in the skincare market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the skincare market.
• Segment Contributions: Evaluate how different segments drive overall growth in the skincare market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the skincare market.
• Industry Challenges: Identify potential risks and obstacles affecting the skincare market.
• Competitive Landscape: Review strategic developments in the skincare market, including expansions, agreements, and new product launches.
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