Global Skin Care Products Market to Reach US$ 230.1 Billion by 2032, Stimulated by Increasing Beauty Consciousness

September 15, 2023 | Retail

According to the latest report by IMARC Group, titled “Skin Care Products Market Report by Product Type (Face Cream, Body Lotion), Ingredient (Chemical, Natural), Gender (Male, Female, Unisex), Distribution Channel (Supermarkets and Hypermarkets, Beauty Parlours and Salons, Multi Branded Retail Stores, Online, Exclusive Retail Stores, and Others), and Region 2024-2032,” the global skin care products market size reached US$ 159.7 Billion in 2023. Skin care products are formulations specially designed to nourish, protect, and enhance the appearance of the skin. They encompass a wide range of products such as cleansers, moisturizers, serums, sunscreens, and more, each tailored to address specific skin types or conditions. They are comprised of various ingredients, such as vitamins, minerals, botanical extracts, and other essential compounds. They work to hydrate, replenish, and fortify the skin's natural barrier. These products are commonly used in daily routines by individuals seeking to maintain a healthy complexion and mitigate issues, including dryness, aging, or acne. Additionally, they are an integral part of personal care and are available in various formulations to cater to different consumer needs, including organic, anti-aging, and therapeutic products. They reflect a blend of science, aesthetics, and personal care, embodying the continual pursuit of achieving and maintaining healthy and radiant skin.

Global Skin Care Products Market Trends:

The global skin care products market is witnessing substantial growth, influenced by the rising awareness of skin health and the importance of maintaining a youthful and vibrant appearance. Along with this, consumers, increasingly informed and conscious, are seeking products that align with their skin types, concerns, and lifestyles. Moreover, the growing influence of social media, celebrity endorsements, and beauty influencers is further propelling the desire for quality skin care products. In addition, the burgeoning e-commerce channels provide easy accessibility, offering a wide array of products that cater to different demographics. There is also a marked shift towards natural and organic products, reflecting a global trend toward health and sustainability. This trend is seen in the growing demand for skin care products free from parabens, sulfates, and synthetic fragrances, coupled with the rise of eco-friendly packaging. Furthermore, technological advancements in formulations and the introduction of personalized and customized skin care solutions are defining new pathways for the industry. Some of the other factors driving the market include evolving consumer needs, preferences, and continuous innovation. Looking forward, the market value is projected to reach US$ 230.1 Billion by 2032, expanding at a CAGR of 4% during 2024-2032.

Market Summary:

  • Based on the product type, the market has been segmented into face cream (skin brightening, anti-aging, and sun protection creams) and body lotion (mass body care, premium body care, and others). Among these, face cream represents the largest segment.
  • On the basis of the ingredient, the market is segregated into chemical and natural. Presently, chemical ingredient account for the largest market share.
  • Based on the gender, the market has been segmented into male, female, and unisex. Amongst these, female account for the largest market share.
  • On the basis of the distribution channel, the market is segregated into supermarkets and hypermarkets, beauty parlors and salons, multi branded retail stores, online, exclusive retail stores, and others. Presently, exclusive retail stores represent the largest segment.
  • Region-wise, the market has been segmented into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Among these, Asia Pacific holds the largest market for skin care products.
  • The competitive landscape of the market has also been examined, with some of the key players being The Estée Lauder Companies, Johnson & Johnson Services, Inc., 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Product Type
  • Ingredient
  • Gender
  • Distribution channel
  • Region
Product Types Covered
  • Face Cream: Skin Brightening Cream, Anti-Aging Cream, Sun Protection Cream
  • Body Lotion: Mass Body Care, Premium, Body Care, Others
Ingredients Covered Chemical, Natural
Genders Covered Male, Female, Unisex
Distribution Channels Covered Supermarkets and Hypermarkets, Beauty Parlours and Salons, Multi Branded Retail Stores, Online, Exclusive Retail Stores, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered 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, Revlon Consumer Products Corporation, etc.
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Global Skin Care Products Market to Reach US$ 230.1 Billion by 2032, Stimulated by Increasing Beauty Consciousness
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