Facial Skincare and Makeup Market Size and Forecast to 2030

Skincare encompasses a variety of procedures that help to maintain the integrity of the skin, improve its appearance, and alleviate skin disorders. They can include proper nutrition, avoiding excessive sun exposure, and using emollients appropriately. Cosmetics are made up of a combination of chemical substances taken from either natural or manufactured sources. Cleansers, toners, serums, and moisturizers are examples of skin-care cosmetics that can be used to wash, exfoliate, and protect the skin while also replenishing it.

The Global Facial Skincare & Makeup market is estimated to surpass US$ 252.85 Billion by the end of 2030, exhibiting a CAGR of 6.6% during the forecast period (2023 to 2030).

Drivers

Increase in Disposable income of individuals

A substantial percentage of the population is millennials and older. Further, disposable income among the population has witnessed a substantial rise in recent years due to growth in the industrial and tourism sector. This factor has led to a growth in the demand for skincare and makeup products in the region. About 70% of the Chinese population is above the age of 25, and approximately 50% of the people in this age group are females, amounting to about 493 Million individuals. Increasing information among users about skincare is the primary driver for the demand for anti-aging skin products.

Increasing demand For Anti-aging and Anti-pollution products

The aging population is the primary factor responsible for the growth in demand for products such as anti-aging creams, facial liquid serums, face oil, and night cream. Further, the majority of the countries in the Asia Pacific are tropical in climate receiving extensive sunlight throughout the year. This is a major factor driving the demand for sunscreen products in the region.

Figure 1. Global Facial Skincare & Makeup Market Revenue Share (%), By Region, 2022

FACIAL SKINCARE AND MAKEUP MARKET

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Among regions, Asia Pacific held a dominant position in the global facial skincare & makeup market in 2022, accounting for 35% market share in terms of revenue, followed by Europe and North America.

Market Restraints

Stringent government regulations on the use of certain chemicals in skincare & makeup products

Lagging awareness regarding skincare products in the target population may restrict the growth of the skincare and makeup market substantially. For facial skincare and makeup products, there is a requirement for significant market presence and promotional activities, with an emphasis on educating the target demographic about the products. Another restraint is the government's strict regulations. Despite the fact that the facial skincare and makeup market is growing at a rapid pace, numerous regulations still prohibit the use of certain chemicals as ingredients in skincare and makeup products.

Facial Skincare and Makeup Market Report Coverage:

Report Coverage	Details
Base Year:	2022	Market Size in 2022:	US$ 151.75 Bn
Historical Data for:	2018 to 2021	Forecast Period:	2023 to 2030
Forecast Period 2023 to 2030 CAGR:	6.6%	2030 Value Projection:	US$ 252.85 Bn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Product Type: Skincare (Cleanser, Cream & Lotion, Face Oils, Face Packs, Face Wash, Other Skincare, Scrubs, Serum, Shaving Products, Soap), Makeup (Eye Makeup, Face Makeup, Lip Makeup, Other Makeup) By Form Type: Concentrates, Emulsions, Foam, Gel, Other Forms, Powder, Solids, Sprays By Distribution Channel: Drug Stores, Online Retail, Specialty Stores, Supermarkets & Hypermarkets, Others
Companies covered:	Procter & Gamble Company, Beiersdorf AG., L'Oreal SA, Unilever PLC, The Estee Lauder Companies Inc., Amorepacific Corporation, Shiseido Company Limited, Johnson & Johnson Services Inc., Kao Corporation, Colgate-Palmolive Company, Avon Products Inc., Oriflame Cosmetics S.A., Revlon, Inc., and Skin Food Co., Ltd.
Growth Drivers:	Increasing demand For Anti-aging and Anti-pollution products Online retail platforms and social media have been a major source of revenue for the facial skincare and makeup market
Restraints & Challenges:	Stringent government regulations on the use of certain chemicals in skincare & makeup products

Market Trends

Anti-aging crème products have witnessed a substantial rise in demand in 2020, the trend is expected to continue during the forecast period. Vegan cosmetics are rapidly growing in demand across North America. Vegan cosmetics primarily have a lesser number of ingredients and in some cases have no preservatives. Vegan products are also known as cruelty-free products and are expected to form a major trend in the skincare and makeup market during the forecast period. The influence of social media and the emerging trend of selfies has led to an increase in the interest of consumers in face makeup products, particularly among the young population.

Figure 2. Global Facial Skincare & Makeup Market Revenue Share (%), By Form Type, 2022

FACIAL SKINCARE AND MAKEUP MARKET

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On the basis of form type, in 2022, the emulsions segment accounted for 21% of the revenue share. The emulsions industry has played the most significant role in the expansion and development of the global facial skincare & makeup market across the globe. Teadora offers a range of products to the global market based on Brazilian botanical products. Some of the major formulations the company offers include emulsions, lotions, powder, and crème. Cover FX offers a range of vegan products including emulsions, powder, solids, and serums.

Recent Developments

On November 1, 2022, Consumer goods Company Procter & Gamble (P&G) Indiaset up US$ 2,000 Mn funds to invest in technology-led solutions to solve business problems. It would aim at the solutions to drive innovation across brand building and awareness, consumer research, go-to-market, and supply chain.
On November 29, 2022, L’Oréal and the French biotech, Microphyt, announced a strategic partnership in which L’Oreal’s venture capital fund, BOLD (Business Opportunities for L’Oréal Development), acquires a minority stake in Microphyt.
This partnership is an additional proof point of L’Oreal’s Research and Innovation strategy towards Greens Science and its investment in innovative biotech start-ups in France and across the world. This proactive strategy is at the heart of L’Oreal’s 2030 sustainable development program, including the objective that 95% of its ingredients will be bio-sourced, derived from abundant minerals, or circular processes.
On December 22, 2022, Johnson & Johnson announced the completion of its acquisition of Abiomed, Inc. Abiomed is now part of Johnson & Johnson and will operate as a standalone business within Johnson & Johnson’s MedTech segment.

Global Facial Skincare & Makeup Market - Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 pandemic has had a substantial impact on the global skincare and makeup market, however, a substantial increase in demand for skincare products has been witnessed in 2020. Though the increase in demand for skincare products may be limited until the pandemic lasts, skincare product manufacturers are focused on its development to gain a larger market share.

Competitive Section

Key players operating in the global facial skincare & makeup market include Procter & Gamble Company, Beiersdorf AG., L'Oreal SA, Unilever PLC, The Estee Lauder Companies Inc., Amorepacific Corporation, Shiseido Company Limited, Johnson & Johnson Services Inc., Kao Corporation, Colgate-Palmolive Company, Avon Products Inc., Oriflame Cosmetics S.A., Revlon, Inc., and Skin Food Co., Ltd.

Frequently Asked Questions

The global Facial Skincare and Makeup market size is estimated to be valued at US$ 151.75 Billion in 2022 and is expected to exhibit a CAGR of 6.6% between 2023 and 2030.

Online retail platforms and social media have been a major source of revenue for the facial skincare and makeup market is fuelling growth of the market.

The emulsions segment is the leading component segment in the market.

Stringent government regulations on the use of certain chemicals in skincare & makeup products are the major factors restraining the growth of the global Market.

Procter & Gamble Company, Beiersdorf AG., L'Oreal SA, Unilever PLC, The Estee Lauder Companies Inc., Amorepacific Corporation, Shiseido Company Limited, Johnson & Johnson Services Inc., Kao Corporation, Colgate-Palmolive Company, Avon Products Inc., Oriflame Cosmetics S.A., Revlon, Inc., and Skin Food Co., Ltd.