Skin Care Products Industry Size, Share of Key Players, SWOT Analysis, and Report

Skin Care Products Market Size:

The global skin care products market size reached US$ 159.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 230.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032. The rising awareness about the importance of skin health, changing lifestyles and urbanization, growing influence of social media and beauty influencers, increasing aging population, and constant technological developments are some of the major factors propelling the market growth.

Skin Care Products Market Trends:

• Market Growth and Size: With the spreading awareness of skin health and changing lifestyles of people, the skin care products market is experiencing steady growth.
• Major Market Drivers: The continuous need for tailor-made solutions for people with different skin types and rising environmental pollution is influencing the overall sales.
• Key Market Trends: The demand for ingredient-specific products on account of the growing influence of social media plays a pivotal role in the market.
• Geographical Trends: Sales of skin care products are rising in Asia Pacific on account of the inflating income levels, growth population, and cultural emphasis on skin health and beauty. Nonetheless, North America is emerging as the fastest-growing market due to the high-income levels, easy product availability and high internet penetration.
• Competitive Landscape: Key players are financing R&D activities and investing in numerous promotional campaigns to expand their market reach.
• Challenges and Opportunities: Although the market faces hindrances, such as meeting regulatory standards of different countries, it also encounters opportunities on account of innovative product development and expanding online sales.
   

Skin Care Products Market Trends:

Rising awareness about the importance of skin health

As people are gaining more knowledgeable about the impact of environmental factors, lifestyle choices, and aging on their skin, they are looking for effective solutions to maintain and improve their skin health. This is making them invest in skin care products that offer hydration, protect from sun damage, provide anti-aging benefits, and solutions for specific concerns like acne or hyperpigmentation and increasing skin care products market worth. Moreover, various organizations are partnering with other companies, as people are increasingly facing numerous skin diseases. For example, The International Alliance of Dermatology Patient Organizations (GlobalSkin), in partnership with Cardiff University (UK), and University Medical Centre Hamburg-Eppendorf (Germany), launched the Global Research on the Impact of Dermatological Diseases (GRIDD) Study. This partnership will help in generating comprehensive global data on the impact of conditions of the skin, hair, nail, and mucosa on the lives of people.

Changing lifestyles and urbanization

Rapid urbanization has led to higher levels of stress, pollution exposure, and unhealthy lifestyle habits, which negatively impacts the skin. Therefore, individuals are picking more skin care products that combat these effects and maintain skin health. Changing lifestyles, such as increased time spent indoors, sedentary habits, and exposure to digital screens, have also led to specific skin concerns that require targeted solutions. The demand for skin care products that address these urban lifestyle-related issues drives the growth of the market. For example, Unilever filed a patent on the use of resin-based film formers to prevent pollution-triggered skin damage.

Increasing preferences for personalized solutions

The influence of social media platforms and beauty bloggers has created a trend of personalized and multi-step skin care regimens. So, consumers are becoming more open to trying new products, seeking out specific ingredients, and investing in skincare routines to achieve the desired results, which is positively influencing the skin care products industry outlook. Personalized skincare gives individuals access to the right combinations of active ingredients to target their specific skin concerns. Moreover, companies are diversifying their product portfolio to fulfil the customized needs of individual users. For instance, in August 2021, Function of Beauty, a pioneer in customizable hair, skin, and body care products, acquired Atolla, a personalized skin care company with a patented at-home skin care test and a data-driven product recommendation system that helps inform tailored formulations and regimens over time. This acquisition allows both the companies to provide enhanced personalized skin care solutions to a wider consumer base.

Skin Care Products Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our skin care products market report has categorized the market based on product type, ingredient, gender, and distribution channel.

Breakup by Product Type:

• Face Cream 
  • Skin Brightening Cream
  • Anti-Aging Cream
  • Sun Protection Cream
• Body Lotion
  • Mass Body Care
  • Premium Body Care
  • Others
     

Face cream accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the product type. This includes face cream (skin brightening, anti-aging, and sun protection creams), body lotion (mass body care, premium body care, and others). According to the report, face cream represented the largest segment.

Face cream holds the largest skin care products market share as it provides essential hydration to the skin. It is formulated with moisturizing ingredients that help prevent dryness, maintain the moisture balance. It contains active ingredients that target specific skin concerns. Furthermore, face cream acts as a protective barrier against external factors. It can shield the skin from environmental pollutants, ultraviolet (UV) radiation, and harsh weather conditions. This protective function minimizes damage caused by external stressors. In addition, various key players are investing in this segment to cater to the diverse needs of individuals. For instance, in June 2021, Procter & Gamble launched new skin care line GoodSkin MD that helps in improving he skin resiliency and breaking the cycle of stressed skin for a healthier-looking complexion. This line comprises a facial moisturizer with zinc oxide sunscreen broad spectrum SPF 15, which is a fragrance-free, lightweight formula that does not leave the skin feeling greasy. It also includes six other products like brightening serum with vitamin C, soothing serum with vitamin B, rescue cream, and night cream.

Breakup by Ingredient:

• Chemical
• Natural
   

Chemical holds the largest share of the industry

A detailed breakup and skin care products market analysis based on the ingredient have also been provided in the report. This includes chemical and natural. According to the report, chemical accounted for the largest market share.

Chemical ingredients are often specifically formulated to target specific skin concerns. For instance, chemicals like alpha hydroxy acids (AHAs) and beta hydroxy acids (BHAs) are known for their exfoliating properties, effectively removing dead skin cells and promoting a smoother complexion. Additionally, chemical-based products are often backed by scientific research and studies, which provide evidence of their efficacy. Consumers are drawn to these products because they can deliver visible and measurable results. Other than this, chemical-based skin care products tend to have longer shelf-life due to their synthetic formulation, reducing the risk of spoilage or expiration. This makes them more convenient and cost-effective for long-term use.

Key players operating in the industry are generating awareness about the benefits of using chemical-based products. For instance, DECIEM released a video on ‘Everything is Chemicals’ in June 2021. It was the brand’s response to the marketing concept of “clean beauty”, which disregards the important work of scientists around the world, making a monumental effort to evaluate a complete body of evidence for formulating skincare products.

Breakup by Gender:

• Male
• Female
• Unisex
   

Female represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the gender. This includes male, female, and unisex. According to the report, female accounted for the largest market share.

Females tend to be more engaged in beauty and self-care routines, including skincare. They often prioritize taking care of their skin and invest time and resources in maintaining their health and appearance. Additionally, societal norms and cultural expectations often place a greater emphasis on women's appearance, leading to a higher skin care products market demand. Besides this, females typically have a wider range of skincare needs and concerns. Hormonal changes, pregnancy, and menopause can significantly impact the skin, necessitating specialized products. This diverse range of needs, along with the influence of social media, contributes to a larger market for skincare products catering to various skin types, concerns, and age groups.

As per the National Library of Medicine’s survey on the ‘Impact of Social Media on Choosing Skin Care and Cosmetic Products Among Females in Saudi Arabia’, 51% of women became acquainted with skincare products through social media platforms.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Beauty Parlours and Salons
• Multi Branded Retail Stores
• Online
• Exclusive Retail Stores
• Others
   

Exclusive retail stores exhibit a clear dominance in the market 

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes supermarkets and hypermarkets, beauty parlours and salons, multi branded retail stores, online, exclusive retail stores, and others. According to the report, exclusive retail stores represented the largest segment.

Exclusive retail stores provide a unique and curated shopping experience for customers. These stores often offer a wide range of premium and specialized skin care products that are not easily available in other retail channels. The exclusivity and limited distribution enhance the perception of these products, attracting customers who are seeking high-quality and unique offerings. Skincare experts or beauty advisors in these stores can offer tailored recommendations based on individual skin concerns and preferences. This personalized guidance builds trust and confidence in the products, leading to increased sales. Besides this, exclusive retail stores often create an aspirational and luxurious ambiance, which appeals to consumers looking for a premium shopping experience. The store environment, including elegant displays, attractive packaging, and attention to detail, enhances the perceived value of the products and encourages impulse purchases. Moreover, these stores often host promotional events, product launches, and offer exclusive discounts or gifts with purchase, further incentivizing customers to visit and buy from them. According to Statista, 50% of surveyed consumers preferred to shop for personal care and beauty products in-store in 2021. Meanwhile, 29% of shoppers opted for online shopping.

Breakup by Region:

• Europe
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
   

Asia Pacific leads the market, accounting for the largest skin care products market share

The report has also provided a comprehensive analysis of all the major regional markets, which include Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. According to the report, Asia Pacific was the largest market for skin care products.

In the Asia Pacific region, there is a strong cultural emphasis on skin health and beauty. This drives the demand for skincare products that can help achieve flawless and youthful-looking skin. Additionally, the rising disposable income in countries like China, Japan, South Korea, and India has led to increased spending power and a greater willingness to invest in skincare products. Besides this, the influence of K-beauty and J-beauty trends has significantly impacted the market growth. The popularity of Korean and Japanese skincare routines, as well as the use of innovative ingredients and formulations, has created a demand for these products across the region. For instance, in July 1, 2021, SHISEIDO launched ULTIMUNE^TM Power Infusing Concentrate III with a new enhanced formula and packaging, the serum is a renewal of the iconic serum ULTIMUNE Power Infusing Concentrate N. In Japan, the items will be available at approximately 380 stores nationwide, mainly department stores, and on Shiseido's comprehensive beauty website “Watashi Plus”.

Competitive Landscape:

• The skin care products industry research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the skin care products industry include 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.
• The market is highly competitive, with a multitude of established brands vying for market share. Large multinational corporations, such as L'Oréal, Estée Lauder, and Procter & Gamble, dominate the market with their extensive product portfolios and global reach. These companies have established brand recognition, robust distribution networks, and significant marketing budgets, giving them a competitive advantage. For example, on 11 March, 2024, L'Oréal launched ‘MelasylTM’ a breakthrough molecule designed to address localized pigmentation issues that lead to age spots and post-acne marks. However, the market also offers opportunities for smaller, niche brands to enter and carve out a space for themselves by targeting specific consumer segments or focusing on natural or organic formulations.

Skin Care Products Market News:

• On 1 June 2023 - BOLD, L'Oréal’s corporate venture capital fund, announced a minority investment in Debut, making it the exclusive beauty industry investor in the company. This investment will enable Debut, a US biotech company, to rapidly scale its manufacturing platform and meet growing demand for breakthrough ingredients to be used in cosmetics, skincare and packaging.
• Shiseido Co. Ltd. has developed a technique for enhancing the age spot-prone environment of the dermis through a combination of high-frequency electrical stimulation and plant extract.
• Beisesdorf AG’s brand Nivea developed a unique cosmetic sunscreen for individuals suffering with a rare genetic light disorder EPP.

Skin Care Products Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the skin care products market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global skin care products market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the skin care products industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.