Coherent Market Insights

Skin Care Products Market to Surpass US$ 207.13 Bn by 2031

Skin Care Products Market to Surpass US$ 207.13 Bn by 2031 - Coherent Market Insights

Publish In: Apr 16, 2024

The global skin care products market is estimated to be valued at USD 149.48 Bn in 2024, growing at a CAGR of 4.8% over the forecast period (2024-2031). Furthermore, rising consciousness towards healthy skin among consumers especially working professionals along with expanding retail channels has been positively impacting the market growth.

The growth of the global skin care products market is driven by the increasing working population and rising disposable incomes. As more people are joining the workforce, their purchasing power and willingness to spend on personal care products is rising. According to recent studies, working professionals are more concerned about their appearances and are adopting various skin care regimens. This has significantly boosted the sales of anti-aging creams, moisturizers, and facial cleansers. Additionally, economic development in emerging nations is improving living standards and consumer spending on premium beauty products. Leading companies are launching customized products targeted at the young working demographics and emerging middle-class which is expanding their customer base. With higher disposable incomes, consumers are willing to pay more for natural, organic, and premium skin care brands which offers anti-aging benefits and protects against pollution and other external damages. This rising affinity for premium natural products over inexpensive alternatives is a key growth driver in the market.

Growing Awareness about Skincare and Personal Grooming Among Consumers

One of the major drivers for the global skin care products market is the growing awareness among consumers about taking care of their skin and personal grooming. With rising incomes and improving lifestyle, people are paying more attention to their physical appearance. They want healthy, glowing, and flawless skin. This has increased the demand for various skin care products like facial creams, cleansers, scrubs, masks, and lotions. Consumers are reading up on skincare online and on social media which is helping them understand their skin types and needs better. They are also more willing to spend on high-quality skincare routines and products to achieve better skin health and look good.

Increasing Prominence of Natural and Organic Skin Care Products

Another key growth driver is the rising popularity of natural and organic skin care products. With growing health and environmental consciousness, many consumers prefer products that are free from harsh chemicals, toxins, parabens, sulfates, and other artificial ingredients. They want ingredients that are sourced naturally from plants and are gentle yet effective on the skin. Many new brands are launching natural product lines using ingredients like botanical extracts, vitamins, antioxidants, and other naturally-derived actives. This “clean beauty” movement is attracting a lot of consumer’s worldwide and driving higher demand for natural skin care products.

Stringent Regulatory Environment for Product Testing and Approval

One major restraint in the global skin care products market is the stringent regulatory environment around product testing, approval, and marketing. Different countries and regions have complex regulations pertaining to the ingredients used, product claims made, packaging requirements, labelling guidelines, and clinical testing protocols that must be followed. For example, the European Union has very strict cosmetic product regulations under REACH. Similarly, the U.S. FDA also regulates OTC drug products presented as skin care items. Meeting all the legal compliance aspects involves large costs and time which can hamper product launches. It also creates supply chain risks for manufacturers.

High Research and Development Costs

Another challenge is the high research and development costs involved in developing advanced skin care formulations, delivery systems, and active technologies. Innovative ingredients, delivery methods, and applications require extensive research, clinical trials, patent filings, and new manufacturing equipment and facilities. All this leads to escalated R&D expenditures. Particularly for smaller companies, funding such large projects can be difficult. The costs are also not fully recoverable if the products fail in the market. This deters investments in new and cutting-edge skin care innovations to some extent.

Emergence of E-Commerce as New Sales Channel

One of the key opportunities in the global skin care products market is the emergence and rapid growth of e-commerce as an important new sales channel. The increasing penetration of internet and smartphones along with doorstep delivery options have made online shopping very convenient. Beauty and personal care categories are doing especially well on e-commerce platforms. Major online retailers are launching their own skin care brands and assays to capture this market. For customers too, digital platforms provide access to a wider selection of products from both international and local brands without visiting multiple stores. This trend will continue driving higher online sales of skin care products globally in the coming years.

Growing Male Grooming Products Segment

Another major area offering growth opportunities is the evolving male grooming products segment. Traditionally dominated by women consumers, the skin care market is witnessing rising demand from men as well who are paying more attention to personal care routines. Factors like the social acceptance of male grooming, changing beauty perceptions and growing importance given to physical appearance by men are supporting this change in behavior. Male-targeted skin, hair, bath, and shaving products lines catering to men’s specific skincare needs are being rolled out at a fast pace. This underpenetrated segment still holds a lot of untapped potential for companies.

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Key Developments

  • In 2024, BeautyStat introduced its latest innovation, the Peptide Wrinkle Relaxing Moisturizer+. This ground-breaking product represents a significant advancement in the field of skincare and anti-aging treatments.
  • In January 2024, Marina Abramović launched a moisturizer
  • In April 2022, Belviso launched its Premium Skin Care Product range in India. Belviso would be the brand name for the products. Belviso Vitamin C Serum, Belviso Multi-Acid Serum, Belviso Niacinamide Serum, Belviso Total Nano Gel, and Belviso Transformation Cream will be available first.
  • In July 2021, Shiseido Co. Ltd. announced the release of ULTIMUNE Power Infusing Concentrate III in Japan, which is a refresh of the iconic serum ULTIMUNE Power Infusing Concentrate N

Key Players

Unilever, Kao Corporation, The Body Shop International Limited, L’Oréal Professional, Shiseido Co., Ltd., The Estée Lauder Companies Inc., Colgate-Palmolive Company, Johnson & Johnson Services, Inc., Procter & Gamble Co., Avon Products, Inc., Beiersdorf AG, Revlon, Inc., Amorepacific Corporation, Natura & Co., Mary Kay Inc., Clarins Group, Coty Inc., LVMH Moët Hennessy Louis Vuitton SE, The Clorox Company, and Henkel AG & Co. KGaA

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