Skincare Market - Global Outlook & Forecast 2024-2029

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6 segments

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THE GLOBAL SKINCARE MARKET SIZE IS EXPECTED TO REACH USD 220.75 BILLION BY 2029 FROM USD 154.88 BILLION IN 2023, GROWING AT A CAGR OF 6.08% DURING THE FORECAST PERIOD.

The Skincare Market Size, Share, & Trends Analysis Report By

  1. Product: Cream, Lotion, Powder, Sprays, and Others
  2. Care Products: Facial Care, Body Care, and Lip and Eye Care
  3. Packaging: Tubes, Bottles, Jars, and Others
  4. Category: Mass and Luxury
  5. Distribution Channel: Offline and Online
  6. Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2024–2029.

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GLOBAL SKINCARE MARKET REPORT SCOPE

REPORT ATTRIBUTEDETAILS
Market Size (2029)USD 220.75 Billion
Market Size (2023)USD 154.88 Billion
CAGR (2023-2029)6.08%
HISTORIC YEAR2020-2022
BASE YEAR2023
FORECAST YEAR2024-2029
SEGMENTS BYProduct, Care Products, Packaging, Category, Distribution Channel, and Geography
GEOGRAPHIC ANALYSIS North America, Europe, APAC, Latin America, and Middle East & Africa
KEY PLAYERSBeiersdorf, Estée Lauder Companies, L’Oréal, LVMH, Procter & Gamble, Shiseido Company, Limited, and Unilever
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INDUSTRY INSIGHTS

The global skincare market was valued at USD 154.88 billion in 2023 and is expected to reach USD 220.75 billion by 2029, growing at a CAGR of 6.08% during the forecast period. The increasing awareness about skin health and the benefits of skincare products has led consumers to seek solutions for various skin concerns, such as aging, acne, and pigmentation. Social media and influencer culture have further accelerated this trend and supported skincare market growth, as beauty standards and routines are widely shared and promoted online. Additionally, technological advancements and ingredient innovation have resulted in more effective and targeted products, appealing to a diverse range of skin types and needs. The growing emphasis on self-care and wellness also contributes to heightened interest in skincare, as consumers view it as an integral part of their overall health routine. Moreover, expanding e-commerce and direct-to-consumer sales channels have made skincare products more accessible, allowing consumers to explore and purchase new offerings easily. Lastly, a shift towards natural and organic ingredients reflects an increasing preference for eco-friendly and sustainable products, driving growth in this market segment.

The skincare market encompasses diverse products designed to care for and enhance the skin's health, appearance, and texture. The industry caters to various consumer needs, including hydration, anti-aging, sun protection, acne treatment, brightening, and sensitive skin care. It is characterized by a broad spectrum of product formulations, ranging from organic and natural ingredients to scientifically advanced and dermatologist-tested formulas. The skincare market has grown substantially in recent years with a growing focus on personal care, self-care, and wellness. Furthermore, the market is witnessing a significant shift towards ethical and natural products as consumers increasingly prioritize sustainability and health-conscious choices. Also, a growing demand for vegan skincare products not tested on animals reflects a broader preference for cruelty-free options.

MARKET TRENDS & OPPORTUNITIES

Shifting Preference to Clean Beauty and Natural Ingredients

The skincare market has shifted towards clean and natural ingredients as consumers become more aware of the health risks associated with conventional chemicals. This trend has led to a rise in the popularity of clean beauty brands that use organic ingredients and focus on sustainability. In April 2024, AFFOREST Green Beauty launched India's first Jackfruit skincare range, featuring a foaming cleanser, gel-cream moisturizer, under-eye cream, and bedtime serum. The new line focuses on combating pigmentation and hyperpigmentation with the high-performance benefits of jackfruit extracts. Furthermore, in November 2023, NUXE launched the Sweet Lemon range, a new line of organic skincare products designed for Gen Z, featuring a lemon meringue scent and eco-friendly formulas. The collection includes hand and nail cream, lipstick, and lip balm, which offer a fresh alternative to their existing lines. The company has increased its product portfolio and has attracted more market consumers.

Growing Adoption of E-commerce and Digital Channels

The surge in demand for e-commerce and digital channels is a transformative trend reshaping the global economy and consumer behavior in the skincare market. The exponential growth of e-commerce is driven by several interrelated factors, including technological innovation, changing consumer expectations, and collaboration with influencers. In August 2024, Estée Lauder launched the Clinique brand on Amazon's Premium Beauty store, significantly expanding the brand's reach. The new storefront, introduced on March 27, has contributed to Clinique's growth in both moisturizers and makeup in the US. Estée Lauder's new Clinique Dermatologist Creator Council, featuring dermatologists on social media, has boosted influencer media value by 80%. The company also leverages AI with partners like Microsoft and Google Cloud to enhance its products and marketing.

INDUSTRY RESTRAINTS

Regulatory Hurdles

The skincare market faces significant challenges with regulatory compliance due to the complex and constantly evolving nature of regulations across different markets. In January 2024, California banned six beauty ingredients under its Toxic-Free Cosmetics Act due to health and environmental concerns. Lily aldehyde (lilial) and acetaldehyde are fragrances linked to potential skin irritation and possible carcinogenic effects in acetaldehyde's case. Cyclotetrasiloxane, a silicone, raises environmental worries due to its persistence in water and soil. Phytonadione (vitamin K1) may cause allergic reactions and lacks substantial cosmetic benefits. Formaldehyde, a known carcinogen, is used in some nail and hair products but poses significant health risks. Lastly, PFAS "forever chemicals" are banned because of their persistence in the environment and potential long-term health effects.

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT

The global skincare market by product is segmented into creams, lotions, powders, sprays, and others. The creams segment holds the largest segmental market share in 2023 due to their versatility and effectiveness in addressing a wide range of skin concerns. They provide deep hydration and targeted treatments and offer various formulations suitable for different skin types and conditions. Their broad appeal, strong marketing, frequent use in daily skincare routines, and the ability to combine multiple benefits (like anti-aging and sun protection) contribute to their leading market share. Additionally, creams' innovations and premium product offerings continue to drive consumer demand and enhance their market presence.

INSIGHTS BY CARE PRODUCTS

The global skincare market by care products is segmented into facial care, body care, and lip and eye care. In the care segment, face care accounts for the highest share of revenue in the skincare market due to its focus on addressing a wide range of concerns, from aging and acne to hydration and sensitivity. The face is often the most visible part of the body and is directly impacted by environmental factors, making its care a priority for many consumers. Additionally, face care products such as serums, face wash, and others are often marketed with strong claims and innovations, which drive high consumer spending and frequent repurchases. This focus on visible and immediate results contributes significantly to the overall revenue in the skincare market.

INSIGHTS BY PACKAGING

The global skincare market by packaging is segmented into tubes, bottles, jars, and others. In the packaging segment, tube packaging holds the largest share of revenue in the skincare market due to its convenience, precision, and hygiene benefits. Tubes offer easy dispensing and control over the amount of product used, which minimizes waste and ensures a clean application. They also protect formulations from contamination and environmental factors, extending product shelf life. Additionally, tubes are lightweight and portable, making them a popular choice for consumers and manufacturers. This combination of practical benefits and consumer preferences drives their dominance in the skincare packaging industry.

INSIGHTS BY CATEGORY

The global skincare market by category is segmented by mass and luxury. In the category segment, the mass category holds the highest share of revenue in the skincare market due to its broad accessibility and affordability. The mass category is driven by its extensive reach, cost-effectiveness, and strong brand presence, which makes quality skincare accessible to a larger population compared to premium or luxury segments.

INSIGHTS BY DISTRIBUTION CHANNEL

The offline distribution channel holds the most significant share of the global skincare market. The segment holds the most significant share primarily due to its established presence and customer trust. Physical stores offer a tactile experience where consumers can test products, receive personalized advice from sales staff, and make immediate purchases. This direct interaction often enhances customer confidence in the products and allows for a more engaging shopping experience. Additionally, offline retail spaces benefit from strong brand visibility and the opportunity to showcase a wide range of products, which can drive higher sales volumes than online channels.

GEOGRAPHICAL ANALYSIS

APAC region accounted for the highest revenue share in the global skincare market. Particularly in South Korea and Japan, there's a growing interest in innovative, multi-step skincare routines and advanced formulations. Also, cultural attitudes towards beauty and skincare significantly shape demand in the APAC. Many APAC cultures have a long-standing tradition of valuing and investing in personal appearance and grooming. This cultural emphasis on beauty has been reinforced by media and advertising, further driving consumer interest in skincare products. For instance, in countries like China, traditional beauty practices and ingredients are often incorporated into modern skincare routines, creating a fusion of heritage and innovation that appeals to consumers.

In North America, there's a strong emphasis on high-tech, ingredient-focused products with a significant demand for anti-aging solutions. Also, the demand for skin care products in North America has increased robustly over the years, influenced by demographic shifts, heightened skincare awareness, advancements in product formulations, and evolving consumer behaviors. Furthermore, Europe, known for its rich skincare traditions, prefers natural and organic products, with sustainability being a key trend. Meanwhile, in Latin America and the Middle East, skincare market growth is driven by a burgeoning interest in premium and luxury skincare products.

COMPETITIVE LANDSCAPE

The global skincare market is fragmented, with diverse players ranging from multinational corporations to niche brands. Major multinational corporations such as L'Oréal, Estée Lauder, Procter & Gamble, Unilever, LVMH, Beiersdorf’s, and others dominate the global skincare market with their extensive portfolios of well-established brands like Lancôme, Clinique, Olay, and others. These companies leverage their vast resources to drive R&D, allowing them to introduce innovative products that cater to a broad spectrum of skin concerns. Their strength lies in their ability to invest heavily in marketing, distribution, and brand loyalty programs, ensuring their products remain visible and desirable to consumers worldwide.

Key Developments in the Global Skincare Market

  1. In August 2024, Lakmé launched a new suncare range featuring the ultra-light Lakmé Sun Expert 1% Hyaluronic Complex Aqua Sun Gel and the Invisible SPF 50 Sunscreen Stick. Their Sun Tinted Spray and 1% Nia-C Complex Aqua Sun Gel combine sun protection with skincare benefits, including niacinamide and vitamin C, for added radiance.
  2. On May 31, 2024, Estée Lauder acquired Deciem Beauty Group Inc., enhancing its stake to full ownership. DECIEM, known for its brands like The Ordinary and NIOD, is a Toronto-based beauty company focusing on consumer-centric and science-driven skincare.
  3. L’Oréal is committed to improving skin care by developing innovative solutions and enhancing awareness. Their Spotscan by La Roche-Posay uses artificial intelligence to offer personalized diagnoses and routines for acne-prone skin.
  4. In 2023, Lancôme launched an unprecedented collection of skincare products in collaboration with the Louvre Museum.
  5. In 2021, Honasa Consumer LTD acquired Aqualogica, focusing on delivering lightweight, hydrating skincare tailored to the Indian tropical climate through innovative Water Lock Technology and natural fruit extracts.

Frequently Asked Questions

How big is the skincare market?

The global skincare market was valued at USD 154.88 billion in 2023 and is expected to reach USD 220.75 billion by 2029.

What is the growth rate of the global skincare market?

The global skincare market is expected to grow at a CAGR of 6.08% from 2023 to 2029.

Which region dominates the global skincare market share?

APAC held the largest global skincare market share, accounting for over 35% in 2023.

What are the significant trends in the skincare market?

The shifting preference for clean beauty & natural ingredients, the influence of dermatology, and the rise of minimalist skincare are significant trends in the skincare market.

Who are the key players in the global skincare market?

Beiersdorf, Estée Lauder Companies, L’Oréal, LVMH, Procter & Gamble, Shiseido Company, Limited, and Unilever are the key players in the global skincare market.

The global skincare market size is expected to grow at a CAGR of approximately 6.08% from 2023 to 2029.

The following factors are likely to contribute to the growth of the global skincare market during the forecast period:

  1. Growing Awareness of Skin Health
  2. Growing Adoption of E-Commerce and Digital Channels
  3. Growing Outlook of Anti-Aging and Preventive Care Products

Base Year: 2023

Forecast Year: 2024-2029

The report considers the present scenario of the global skincare market and its market dynamics for 2024−2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the industry. It also profiles and analyzes leading companies and several other prominent companies operating in the industry.

Key Company Profiles

  1. Beiersdorf
  2. Business Overview
  3. Product Offerings
  4. Key Strategies
  5. Key Strengths
  6. Key Opportunities
  7. Estée Lauder Companies
  8. L’Oréal
  9. LVMH
  10. Procter & Gamble
  11. Shiseido Company, Limited
  12. Unilever

Other Prominent Vendors

  1. AFFOREST Green Beauty
  2. Business Overview
  3. Product Offerings
  4. AFRICAN BOTANICS
  5. AMOREPACIFIC
  6. AURELIUS
  7. Bee Rx
  8. Biotique
  9. Body Cupid
  10. BYROE
  11. CAUDALIE
  12. Chanel
  13. Colgate-Palmolive Company
  14. Consonant Skin+Care
  15. COSMETIZE B.V.
  16. Coty
  17. Eclat Official
  18. Embryolisse
  19. Emma Hardie
  20. FOREO
  21. Groupe Clarins
  22. Himalaya Wellness Company
  23. Honasa Consumer Ltd
  24. Huda Beauty
  25. Innovist
  26. Jahwa
  27. Johnson & Johnson
  28. Kao Corporation
  29. Khadi Natural Healthcare
  30. L’OCCITANE Group
  31. LAMIOR
  32. Lumene
  33. Mary Kay
  34. mCaffeine
  35. Nairobi
  36. NAOS
  37. Natura &Co
  38. NecessaryGood
  39. Officina Profumo Farmaceutica di Santa Maria Novella
  40. Oriflame Cosmetics Global SA
  41. Pai Skincare
  42. PAPATUI
  43. PROVEN
  44. Puig
  45. Sisley Paris
  46. Sofina
  47. SUGAR Cosmetics
  48. The Good Glamm Group
  49. THG PLC
  50. True Botanicals
  51. TYMK HEALTH & WELLNESS PRIVATE LIMITED
  52. Wardah

Segmentation by Product

  1. Cream
  2. Lotion
  3. Powder
  4. Sprays
  5. Others

Segmentation by Care Products

  1. Facial Care
  2. Body Care
  3. Lip and Eye Care

Segmentation by Packaging

  1. Tubes
  2. Bottles
  3. Jars
  4. Others

Segmentation by Category

  1. Mass
  2. Luxury

Segmentation by Distribution Channel

  1. Offline
  2. Online

Segmentation by Geography

  1. APAC
  2. China
  3. Japan
  4. South Korea
  5. India
  6. Indonesia
  7. Australia
  8. Philippines
  9. Europe
  10. Germany
  11. France
  12. Italy
  13. The U.K.
  14. Spain
  15. Poland
  16. Switzerland
  17. North America
  18. The U.S.
  19. Canada
  20. Latin America
  21. Brazil
  22. Mexico
  23. Argentina
  24. Middle East & Africa
  25. UAE
  26. Saudi Arabia
  27. South Africa

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Frequently Asked Questions

How big is the skincare market?

The global skincare market was valued at USD 154.88 billion in 2023 and is expected to reach USD 220.75 billion by 2029.

What is the growth rate of the global skincare market?

The global skincare market is expected to grow at a CAGR of 6.08% from 2023 to 2029.

Which region dominates the global skincare market share?

APAC held the largest global skincare market share, accounting for over 35% in 2023.

What are the significant trends in the skincare market?

The shifting preference for clean beauty & natural ingredients, the influence of dermatology, and the rise of minimalist skincare are significant trends in the skincare market.

Who are the key players in the global skincare market?

Beiersdorf, Estée Lauder Companies, L’Oréal, LVMH, Procter & Gamble, Shiseido Company, Limited, and Unilever are the key players in the global skincare market.