Press release
Skincare Market Size Projected To Reach $194.83 Billion By 2034 With A Cagr Of 6.5%
Skincare
What Is the Projected Growth of the Skincare Market?
In recent times, the skincare market has seen significant growth. Its size is projected to increase from $142.17 billion in 2024 to $151.3 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%. The expansion during the historic period is largely due to factors such as heightened consumer knowledge and education, celebrity endorsements and influencer promotions, cultural and societal impacts, economic conditions, and trends in health and wellness.
In the coming years, the skincare market size is projected to undergo robust expansion. The market is anticipated to climb to a value of $194.83 billion in 2029, with a compound annual growth rate (CAGR) of 6.5%. Factors contributing to this growth during the forecast period include the advent of personalized skincare solutions, the shift towards sustainability and eco-responsibility, the popularity of male grooming products, the integration of smart skincare devices, and the incorporation of wellness. Key trends predicted for this period encompass the digital transformation of beauty retail, advancement in technology, the prevalence of inclusive beauty, the focus on holistic beauty, and the surge in subscription-based business models.
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What Are the Different Skincare Market Segments?
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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What Are the Primary Drivers Shaping the Skincare Market?
The rise in personal grooming consciousness is anticipated to fuel the skincare market's expansion in the future. Personal grooming entails cleanliness, hygiene maintenance, keeping nails and hair tidy, avoiding body odor, and dressing suitably. Skincare, through products like serums, moisturizers, exfoliators, body lotions, and eye creams, plays an integral role in personal grooming, promoting healthy and attractive skin. For example, in a survey of 1000 American men and women executed by the New York Post in October 2022, it was revealed that though 73% of respondents believed that hygiene maintenance was simple, only a tenth of the women agreed. The majority of the participants (90%) preferred cleaning their bodies and hands over activities such as brushing their teeth (87%) or applying deodorant (84%). Men showed a higher tendency to stick to a schedule for nail trimming (69%) and face shaving (74%), whereas women tended to prioritize bathing their 'private areas' (85%) and following a skincare routine (84%). Moreover, in May 2022, the International Trade Administration pointed to an expected growth of 1.45% per annum in the Canadian cosmetics industry, reaching USD 1.8 billion by 2024. Therefore, the intensifying awareness about personal grooming is steering the growth of the skincare market.
Which Companies Are Leading in the Skincare Market?
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
What Are the Major Trends Shaping the Skincare Market?
Progressive product development is an emerging trend gaining traction in the skincare industry. Businesses engaged in the skincare arena are focusing on pioneering products to maintain their market prominence. To exemplify, in April 2023, a cosmetics manufacturing firm based in Germany, AW Faber-Castell Cosmetics GmbH, introduced a rechargeable mechanical makeup pencil. This cutting-edge design for a refillable pencil for cosmetic formulas is part of their latest Protopia series of cosmetic and skincare pencils. The refillable pencil features two unique vegan and clean textures for use on lips, eyes, and eyebrows. The cosmetic firm touted it as a milestone in sustainability and eco-friendliness.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Skincare Market?
2. What is the CAGR expected in the Skincare Market?
3. What Are the Key Innovations Transforming the Skincare Industry?
4. Which Region Is Leading the Skincare Market?
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