The market for skincare oil worldwide is estimated to be worth US$ 19.91 billion in 2024 and is likely to increase at a CAGR of roughly 6.3% during the forecast period, reaching an estimated valuation of US$ 34.56 billion by 2034.
The expansion of sales of skincare oils coincides with the growth in cosmetic spending. Due to new market entrants and product innovation, the market for natural and organic beauty products has grown dramatically.
The demand and sales of skincare oils are expected to rise as consumer spending increases and consumer preferences shift toward more natural and organic items. The importance that people increasingly place on ingredients has opened the door for innovation to meet shifting consumer demands. The majority of beauty oils are also made organically from plant extracts that have additional health advantages and are devoid of synthetic additives and contaminants.
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Manufacturers consider the population’s skin type and the various skin-related problems that necessitate a variety of oils as a treatment. As a result, producers are developing products that contain a blend of oils and have a variety of applications. The weather is getting harsher as a result of the increased environmental changes. Extremely cold and scorching temperatures are more often than usual because of the abrupt environmental shifts brought on by global warming. The skin is affected by this temperature range and becomes dry. As a result, the need for skincare oil is rising as temperature fluctuations rise.
Leading manufacturers are attempting to expand consumer access to skincare oil by focusing on e-commerce platforms to expand the sales of their products. For instance, In June 2022, Snapdeal announced the introduction of Aragma, another beauty brand. Aragma is part of Snapdeal’s Power Brands strategy, and its primary goal is to combine natural ingredients with skincare, which is supported by research.
“The rise in the branding and advertising of the products is increasing consumers’ attraction. Moreover, advancement in the skincare industry to offer personalized beauty products creates numerous opportunities for industry experts,” says an analyst at Future Market Insights.
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Key Takeaways from the Market Study
- In 2024, the essential oil segment accounted for 0% of the market share globally.
- The moisturizer segment had the leading market share in 2024, which was about 9%, and is expected to hold a command in the forecast period.
- By distribution channel, the supermarkets & hypermarkets segment has the leading market share of 7% in 2024.
- North America topped the list by region, with a market share of 7% in 2024.
Market Competition
The leading market participants are introducing recently created, unique products for widespread use. They are also adopting strategic plans like mergers and acquisitions to increase market expansion.
- Two revolutionary products from My Joy Beauty, a Frisco, Texas-based company, were released in May 2022: the Rose Gold Facial Oil and the Ultimate Joy Brow Kit.
- In February 2022, Charlotte Tilbury will introduce Collagen Superfusion Face Oil. Collagen Superfusion Facial Oil is a glowing skin filter that moisturizes and enhances the look of the skin during the day. By night, it changes into a rich, soothing elixir that coats the face in a collagen matrix for a plumping effect and aids in firming the skin’s texture.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the skincare oil market in its latest study, presenting a historical demand assessment of 2019 to 2023 and projections for 2024 to 2034. The global skincare oil market is segmented in detail to cover every market aspect and present a complete market intelligence approach to the reader.
The research study is based on the product – (essential oil and natural oil), by function (moisturizer, soothing, antioxidant, anti-inflammatory, and others), by distribution channel (supermarkets & hypermarkets, pharmacies & drug stores, specialty stores, online and others), across seven key regions of the world.
Key Market Segments Covered in Skincare Oil Industry Research
By Product:
- Essential oil
- Natural oil
By Function:
- Moisturizer
- Soothing
- Antioxidant effect
- Anti-inflammatory Effect
- Others
By Distribution channel:
- Supermarkets & Hypermarkets
- Pharmacies & drug stores
- Specialty Stores
- Online
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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