The global skincare market size is expected to grow to a value of US$ 1,66,870.4 million by 2024. The market is anticipated to expand at a compound yearly growth rate of 8.6% between 2024 and 2034.Sales of skincare products are projected to reach US$ 3,80,492.2 million by 2034.
An upsurge in the demand for body lotions, face creams, and sunscreens can contribute to the skincare product market’s growth. The dermatology product market growth is expected to be aided by the thriving eCommerce sector. Influencers who create viral content and the growing popularity of organic skincare products have triggered the skincare market’s growth.
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The United States consumers are continually showing interest in personalized products. A significant demand for creams, serums, and moisturizers containing natural ingredients is driven by the increasing trend of consumers switching toward natural beauty products.
Influence of K-beauty in the Beauty Products Industry
Korea’s emphasis on innovation, distinctive formulas, and multi-step skincare routines have significantly impacted the skincare market. A focus on natural ingredients, cutting-edge technology, and a broad skincare approach reflect the influence of K-beauty.
Powered by the success of Korean dramas and pop culture, the trend gained global recognition for its gentle yet effective skincare products. With a focus on aesthetically pleasing designs, its influence extends to the aesthetics of product packaging. K-beauty, a cultural export, impacts skincare habits and preferences, accelerating the sales of skincare products.
Hurdles Affecting the Growth of the Skincare Market
- Since high-quality ingredients and thorough research are used in skincare products, they are frequently expensive. Consumers’ sensitivity to price constrains market expansion.
- Skincare product manufacturers face difficulties due to strict laws and inconsistent standards. Complying with these regulations can take a lot of time and money.
Regional Landscapes in the Skincare Market
- The strong growth of the Asia Pacific market is driven by rising disposable incomes and a focus on skincare as a component of holistic well-being.
- The thriving eCommerce industry and growing awareness of sophisticated personal care and skincare regimens drive the skincare market growth.
- The skincare industry is driven by a growing desire for clean, sustainable beauty in North America, which reflects a trend towards morally and environmentally conscious products.
- In the intense skincare market of North America, technological advancements are crucial for assessing consumer preferences.
- European consumers are known for their enthusiasm for advanced skincare products and diverse cultural backgrounds, fostering innovation and a broad range of specialized offerings.
- Europe experiences an uptrend in demand for skincare products with formulations that have been clinically proven, consistent with the preference for beauty products endorsed by science.
“The skincare industry is growing steadily due to shifting beauty standards, consumer awareness, and a stronger emphasis on wellness. Personalized solutions, sustainability, and innovation impact the skincare product market,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
Key Takeaways
- The skin care cosmetics segment in the product type category is expected to grab a share of 76.6%.
- In the skin type category, the oily skin segment is estimated to acquire a market share of 34.9%.
- The United States market is anticipated to surge at a CAGR of 3.9% through 2034.
- Germany’s skincare product market is expected to develop at a CAGR of 5.2% through 2034.
- The skincare product demand in the United Kingdom is expected to witness a CAGR of 5.6% from 2024 to 2034.
- Skincare product sales in China are expected to surge at a CAGR of 11.2% until 2034.
- The Indian skincare industry is anticipated to grow at a CAGR of 12.9% over the forecast period.
Competitive Landscape
The industry is highly competitive, with the leading international and local skincare vendors contending for market share. The major market players for skincare products are pursuing mergers and acquisitions to solidify their position as market leaders.
The main competitors use this tactic to continuously try to grow their production facilities and local market share. Skincare manufacturers are fostering advanced and niche categories and innovating their products to solve consumers’ persistent problems due to aging, pollution, and a lack of time for care.
Recent Developments
- To speed up healthcare and infection control developments, PDI opened its New Global Headquarters in Bergen County, New Jersey, in 2021. Creating a new, multipurpose platform aimed to facilitate continued advancements in infection prevention.
- Shiseido Co., Ltd. has declared that ULTIMUNE Power Infusing Concentrate III, an updated version of the renowned serum ULTIMUNE Power Infusing Concentrate N, made its Japanese debut in 2021.
Key Players:
Prominent Skincare Product Manufacturers
- 3M Company
- Cardinal Health, Inc.
- Ecolab
- Gojo Industries, Inc.
- Beiersdorf AG’s NX NIVEA
- Whiteley Corporation
- Reckitt Benckiser Group PLC
- Carroll Clean
- Johnson & Johnson Consumer Inc.
- Galderma laboratories, L.P.
- PDI, Inc.
- Betco Corporation
- Pal International
- PSK Pharma Pvt. Ltd.
- Metrex Research, LLC.
- Gojo Industries, Inc.
- Unilever
- Steris Plc.
- Procter & Gamble
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Key Segments
By Product:
- Skin Cleansers
- Hand Sanitizers
- Surgical Scrubs
- Skin Care Cosmetics
- Other
By Skin Type:
- Normal
- Dry
- Oily
By Form:
- Liquid Skincare
- Gel and Lotions
- Wipes
- Spray and Foams
By End-user:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Diagnostic Laboratories
- Reference Laboratories
- Rehabilitation Centers
- Long-Term Care Centers
- Critical Care Centers
- Pharmaceutical and Biotechnology Companies
- Academics and Research Institutes
- Homecare Settings
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Asia Pacific
- Middle East Asia
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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