Global Skincare Product Market Size Expands to Reach USD 202.6 Billion by 2029

Published | 08 February 2023

Global skincare product market is flourishing because of increasing concern regarding skin nourishment, rising awareness of skincare across the board, and a surging demand for organic ingredients.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global skincare product market size at USD 137.81 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global skincare product market size to grow at a CAGR of 5.7% reaching a value of USD 202.56 billion by 2029. Major growth drivers for global skincare products market include rising awareness of skincare across the board. The potential for the global skin care products market are expanding as more people are becoming aware of skin-friendly beauty products and the advantages of skin nourishment. People are focusing on taking care of themselves during the stay-at-home orders that have been enforced by many countries due to the recent COVID 19. High adoption of face creams, sunscreens, and body lotions around the world is likely to boost market growth over the forecast period. Furthermore, the thriving e-commerce sector is expected to drive market expansion even further. However, excessive use of chemical rich skincare products leads to skin is anticipated to hinder the growth of global skincare product market during period in analysis.

Global Skincare Product Market – Overview

Skincare products are used by people to preserve and improve the appearance of the face and other areas of the body. The bulk of these products are purchased by women, but due to changing lifestyles, male purchasers are getting more interested in acquiring them as well. Face masks, creams, lotions, moisturizers, and conditioners are just a few of the items available in the Skin Care collection. These products are beneficial in a multitude of ways, including conditioning the skin, protecting it from environmental dust, oil, and pollutants, and removing makeup and grime from the skin.

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Global Skincare Product Market – By product

Based on product, the global skincare product market is segmented into Face Creams & Moisturizers, Cleansers & Face Wash, Sunscreen, Body Cream & Moisturizers, and Shaving Lotions & Creams. The face creams & moisturizers segment held the highest market share in 2022. Face creams and moisturizers are popular because they are applied. Moisturizers are an easy-to-use, hassle-free, and quick alternative for addressing dry skin, in addition to benefits such as rapid hydration, fewer breakouts, and refreshed skin. Furthermore, as more consumers opt for cruelty-free skincare products because to their heightened concern for animal welfare and the environment, the demand for vegan or plant-based ingredient blends in skincare products has grown. This provides huge potential growth opportunities for the face creams and moisturizers industry. Shaving lotions & creams segment are expected to dominate the market during period in analysis. The increase is primarily due to a growing number of people adopting business culture and emphasizing personal grooming. Increased spending is expected to stimulate the market. Shaving is the most common method used by consumers to remove face hair. Growing self-grooming awareness, combined with rising disposable income, is predicted to positively affect market growth. Increasing awareness via commercials, social media blogs, YouTube channels, and influencers is likely to boost demand even further.

Impact of COVID-19 on Global Skincare Product Market

The COVID-19 adversely affected global skin care products market. Skin care product sales and production were restricted by low investment costs and a shortage of staff. However, market leaders implemented new safety procedures when designing the items. The online distribution channel is changing people's shopping habits because it provides benefits such as easy payment methods, a wide range of products, doorstep delivery, and heavy discounts, which aided in market growth during the pandemic and will further accelerate growth in the post-COVID 19 situation

Competitive Landscape

Major players operating in global skincare product market include are Unilever Plc., Coty Inc., Johnson & Johnson Inc., Proctor & Gamble Co., L’Oreal S.A., Revlon Inc., Kao Corporation, Avon Products Inc., Beiersdorf AG., Colgate Palmolive Company, Natura & co., and Estee Lauder Inc., MAC, and Mama Earth. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Skincare Product market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Skincare Product market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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