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Global Skin Care Products Market to Reach US$ 200.0 Billion by 2028, Impelled by Growing Preference for Personal Grooming

Published on Mar 19, 2020

According to the latest report by IMARC Group, titled "Skin Care Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global skin care products market reached a value of US$ 152.7 Billion in 2022. Skin care products refer to a range of products, such as creams, toners, cleansers, serums, oils, masks, sunscreen, anti-aging cream and scrubs, that are utilized by individuals to improve the overall appearance and texture of the skin. They are not only used to fight breakouts or add a youthful glow to the skin but also aid in the protection of the skin against the adverse effects of sun, pollutants and other external factors. Apart from this, these products are used to treat numerous chronic skin conditions, as well as hyperpigmentation and blemishes. Comprising key ingredients like retinol and hydroxy acids, these products are fortified with various organic ingredients, including essential oils and vitamins C and E, as their usage is associated with reduced chances of developing irritations, breakouts and severe allergic reactions.

Global Skin Care Products Market Trends:

The global market is primarily driven by the growing preference for personal grooming among the masses. A majority of the population practices a skin care regime that consists of numerous skin care products, including face wash, moisturizers and serums, thereby increasing their uptake. This is facilitated by rapid urbanization, shifting spending patterns and a significant rise in pollution levels. The growing inclination of the male population toward personal well-being is also contributing to the sales of these products. Moreover, the sales of premium as well as organic skin care product variants are also bolstering across the globe, facilitated extensively by inflating disposable income levels and aggressive promotional activities by numerous manufacturers. Consumers are also growing conscious regarding the detrimental effects of artificial ingredients and chemicals, which has accelerated the continual launch of chemical-free skin care product variants. Some of the other factors driving the growth of the market include the easy availability of products through online retails platforms and attractive packaging solutions. On account of the aforementioned factors, the market is projected to reach a value of US$ 200.0 Billion by 2028, growing at a CAGR of 4.8% during the forecast period (2023-2028).

Market Summary:

  • On the basis of the product type, the market has been bifurcated into face cream and body lotion. Amongst these, face cream represents the most preferred segment and is further divided into skin brightening, anti-aging and sun protection creams. On the other hand, body lotion includes mass body care and premium body care products.
  • Based on the ingredient, chemical ingredients account for the majority of the market share.
  • On the basis of gender, the market has been categorized into male, female and unisex. At present, females represent the leading consumers for skin care products.
  • Based on the distribution channel, the market has been segregated into supermarkets and hypermarkets, beauty parlors and salons, multi branded retail stores, online, exclusive retail stores, and others. Currently, exclusive retail stores exhibit a clear dominance in the market.
  • On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been studied with the detailed profiles of the players operating in the market. Some of these key players include Johnson & Johnson Services, Inc., The Estée Lauder Companies., Unilever PLC/NV, New Avon Company, L’OREAL S.A., Kao Group, Colgate-Palmolive Company, Shiseido Co., Ltd., Beiersdorf AG, The Procter & Gamble Company, and Revlon Consumer Products Corporation.

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