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The global skincare market size is expected to gain momentum by
reaching USD 145.82 billion by 2028 from USD 100.13 billion in 2021 while
exhibiting a CAGR of 5.52% between 2021 to 2028. In its report titled, “Skincare
Market Size, Share & COVID-19 Impact Analysis, By Product (Creams, Lotions,
Powders, Sprays, and Others), Packaging Type (Tube, Bottle, Jar, and Others),
Gender (Men and Women), Distribution Channel (Cosmetic Stores, Supermarkets/
Hypermarkets, Online Channels, and Others), and Regional Forecasts, 2021 – 2028,”
Fortune Business Insights™ mentions that the market stood at USD 98.83 billion
in 2020.
In recent times, skincare has become one of the important rituals
in everyone’s life. This is because these products improve the quality and
health of the skin and provide nourishment. Men & women both use it daily
for purposes such as cleansing, moisturizing, and hydrating. Additionally,
awareness toward natural and herbal skin care is also generating traction.
For instance, ingredients such as aloe Vera, various root and leaf
extracts have replaced chemicals in these personal care products since people
are now aware of the adverse effects of synthetic chemicals on the skin.
Therefore, major skincare companies are labeling their products to be natural.
For example, key companies such as Avon and Garnier have launched their natural
and herbal range as ‘Avon Naturals’ and ‘Garnier Organic’ to attract customers.
COVID-19 Impact
The pandemic crippled the global economy. The manufacturing
facilities saw a decline in their production capacity due to lockdown and
stringent regulations imposed by governments amid the pandemic to curb the
spread of the virus. This is impacting the companies’ product revenues.
Additionally, factors such as the closure of beauty retail stores and cosmetic
businesses and the shortage of raw material supplies due to the lockdown
restrictions hampered the product consumption rate.
However, the market is expected to revive during the forecast
period, as there is a shift in the consumer behavior towards personal care,
wellness and beauty increased while they were indoors, amid lockdown.
What does the Report Provide?
The market report for these products provides a detailed analysis
of several factors, such as the key drivers and restraints that will impact
growth. Additionally, the report provides insights into the regional analysis
that covers different regions, contributing to the growth of the market. It
includes the competitive landscape that involves the leading companies and the
adoption of strategies to introduce new products, announce partnerships, and
collaborate to contribute to the market growth.
Driving Factors
Increasing Awareness Regarding Personal Grooming to Drive Market
Growth
The rising trend of skin nourishment products by the young
population to treat their skin problems such as acne, black spots, scars,
dullness, and tanning is expected to drive skincare market growth. Products
such as toners, scrubs, and sunscreen are highly in demand from the younger
population, whereas products that treat wrinkles, cracked heels are demanded
from the aged population. Moreover, incessantly changing lifestyle, increasing
disposable income, and spending patterns of consumers on beauty care products
is expected to boost the market in upcoming years.
Furthermore, the increasing demand for men’s grooming products,
strong advertising initiatives by manufacturers, and the digitalization trend that
have enhanced consumer awareness about personal care products are also
promoting market growth. For instance, as per ‘Prima & Prep’s Men Grooming
survey 2019’, around 89.5% of the men are concerned about skin issues, of which
35.8% of men use skincare and anti-aging products on a daily basis.
Regional Insights
Asia Pacific to Dominate Backed by Increasing Working Population
Asia Pacific is expected to remain at the forefront and hold the
highest position market during the forecast period. This is attributable to the
increasing employed population and rising disposable income in the region. For
instance, a report by India Brand Equity Foundation on FMCG published in May
2018 states that in India, total consumption expenditure was USD 1,595 billion
in 2016, which is projected to reach about USD 3,600 billion by 2020. The
region’s market stood at USD 51.31 billion in 2020.
Europe is expected to showcase significant skincare market share
in upcoming years, owing to the increasing demand for skin nourishment products
by both male and female population. Additionally, the greater spending power of
the populace in the region, coupled with the strong presence of key players
operating in the market, is promoting the regional market.
Competitive Landscape
Key Players to Focus on New Launches & Acquisitions to
Strengthen Their Presence
The market is consolidated by major companies striving to maintain
their position by focusing on new launches, collaborations & partnerships,
and acquisitions. Such strategies taken up by key players are expected to
strengthen its market prospects.
Market Segmentation:
By product type, the market is divided into creams, lotions,
powders, sprays, and others. By packaging type, the market is segmented
into tubes, bottles, jars, and others. On the basis of gender, the market is
bifurcated into men and women. By distribution channel, the market is segmented
into cosmetic stores, supermarkets/ hypermarkets, online channels, and others.
Based on type, the creams segment held a market share of 33.41% in
2020. This is attributable to
Finally, based on region, the market is categorized into North
America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Source:
https://www.fortunebusinessinsights.com/skin-care-market-102544
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