In the last decade, natural skincare products have exploded in popularity. Customers are more educated and more concerned about the ingredients of products than ever before, so they're comparing brands before they spend money. Many of the products sold today target acne and are often formulated with exfoliating particles.
Market Statistics:
The Australia Skincare Products market was valued at US$ 2,148.72 Mn in 2021 and is forecast to reach a value of US$ 3,020.00 Mn by 2030 at a CAGR of 3.73% between 2021 and 2030.
Figure 1. Global Australia Skincare Products Market Value Share (%), By Product Type, 2021
Recent Developments:
Market Drivers:
The internet and social media, in particular, have the potential to boost the sales of skincare as consumer recommendation and influence make them a powerful marketing platform. The market relates to cleansers, moisturizers, body lotion, body wash, and so on, with leading brands L'Oréal, Unilever, Estee Lauder all turning to Facebook, Instagram, and YouTube for new launches and engagement of consumers with tutorials and promotional campaigns. This is expected to drive growth of the market.
Increasing concerns regarding the side effects of chemicals on the skin, causing skin irritation, allergies, and skin dullness, have been one of the key factors fuelling the market growth. Dissemination of knowledge related to the benefits of natural skincare has led consumers to seek eco-friendly, sustainable, natural skincare products that come with greater product ingredient transparency.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 2,148.72 Mn |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 3.73% | 2030 Value Projection: | US$ 3,020.00 Mn |
| Segments covered: |
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| Companies covered: |
Beiersdorf AG, L'Oréal SA, Procter & Gamble, Unilever, Bioderma Laboratories, Clarins Group, Dermalume Skincare, Johnson & Johnson Inc., Estee Lauder Inc., Miranda Kerr Pty Ltd (Kora Organics), Jurlique International Pty Ltd, and Natio |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Figure 2. Global Australia Skincare Products Market Value Share (%), By Category, 2021
Market Restraints:
The COVID-19 pandemic has completely changed the way people shop for personal care products. Online shopping has become increasingly popular among people. With products being available at the click of a button, counterfeiting also increased at lightning speed. This is expected to hinder the market growth.
Environmental concern associated with the plastic packaging of cosmetic products is also expected to hinder the market growth.
Market Opportunities:
Growing popularity of personalization and customization of skincare products is expected to provide lucrative growth opportunities over the forecast period. Players operating in the market are focusing on developing products with multifunctional properties to cater to the growing demand. For instance, Sunscreen specialist Supergoop offers an SPF 40 sunscreen-serum hybrid formulated with vitamin C and hyaluronic acid in Australia. Supergoop’s Daily Dose Vitamin C + SPF 40 ensures skin benefits from the ingredient and stays protected from the sun.
Increasing launch of Prebiotics and probiotics products is expected to support the market growth over the forecast period. For instance, in January 2021, Esmi launched the probiotics skincare range under Mylck. Esmi’s Skin Mylck range uses a concentrated dose of a probiotic function called a ‘lysate’, which offers an ideal environment for skin to thrive when compromised by outside elements and bad bacteria.
Market Trends/Key Takeaways:
Growing popularity of cannabinoids and skin health will favour the market growth. An endocannabinoid system could be an important contributor to healthy skin by affecting skin metabolism and inflammation. For instance, in May 2018, MGC Pharmaceutical launched a new cannabis-infused skincare product through its subsidiary MGC Derma. The new product CBD Herbal Replenish Cream is the latest addition to its Derma Plus collection. The new product is developed explicitly for external skincare and relief from an inflammatory skin condition and treat dry, sensitive, and flaky skin.
Blue-light protection skin care is emerging as a major trend in the market. Research studies show blue light from electronic devices can lead to changes in your skin cells, including cell shrinkage and death. These speed up the aging process. Even exposures as short as 60 minutes can trigger these changes. Thus, with increasing consumer awareness, the demand for skincare products that provide protection from blue light is propelling primarily in developed and developing countries.
Competitive Landscape:
There are a variety of skincare products available in the market today. For a healthy and beautiful complexion, dermatologists recommend using four main skincare products: face wash, moisturizer, sunscreen, and leave-on treatments. Toners are liquid products used to further cleanse the skin and tighten the pores. They are alcohol or water-based. Toner formulations can target different skin problems, including excessive oil, dullness, and inflammation.
Market Dynamics:
Growing awareness regarding healthy skin and increasing prevalence of skin related condition are major factor boosting growth of the market. Moreover, growing demand for natural and cruelty-free skin care products is again projected to foster market growth.
On the other hand, presence of counterfeit product is expected to restrict the market growth.
Key features of the study:
Detailed Segmentation:
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