The cosmetics industry, in particular, is a major driver of demand for facial essence products as companies seek to meet the needs and preferences of consumers for high-quality skincare products. The trend towards natural and organic products is also driving growth in the facial essence market as consumers increasingly prioritize products that are safe and gentle on the skin. Moreover, rapid urbanization and a rise in disposable income are also key drivers of this market. As more people move to urban areas and experience higher incomes, they are more likely to invest in high-quality skincare products that can help improve the health and appearance of their skin. This is particularly true in emerging markets where consumers are increasingly aware of the importance of self-care and investing in high-quality skincare products. Overall, these drivers, along with others like advanced skincare technologies and the popularity of K-beauty and J-beauty trends, are contributing to the growth of this market.
However, stringent government regulations regarding the use of chemicals in cosmetics are one of the major factors restraining the growth of the global facial essence market. Many countries have imposed strict regulations on the use of certain chemicals in cosmetics, which can make it difficult for companies to produce and sell facial essence products that contain those chemicals. For example, some countries have banned the use of certain parabens, phthalates, and other chemicals in cosmetics due to concerns about their safety or environmental impact. In addition, the high cost associated with some natural ingredients used in facial essences is another key factor that could hamper the growth of the market. Many facial essence products contain natural and organic ingredients that can be expensive to source and process. This can increase the cost of production and, in turn, the retail price of the products. As a result, some consumers may be hesitant to purchase these products due to their high cost, which could limit the growth of the market.
Increasing disposable income and high per capita spending on makeup and cosmetic products are expected to drive the growth of the global facial essence market over the forecast period. For instance, according to the International Trade Administration, in 2019, the U.S. had the highest per capita spending on cosmetics, with an average expenditure of $139 per person in 2019. Other markets with high per capita spending on cosmetics included Japan, South Korea, France, and Germany. In addition, rising online sales are expected to fuel the market growth of the facial essence market. the rise of e-commerce and online sales channels has made it easier for consumers to access a wider range of skincare products, including facial essence, from the comfort of their homes. This has expanded the reach of the facial essence market, allowing consumers to access products from all around the global.
The COVID-19 pandemic had a significant impact on the beauty and skincare industry, including the facial essence market. During the pandemic, many consumers shifted their focus towards skincare and self-care, leading to a surge in demand for facial essence and other skincare products. However, the pandemic also resulted in disruptions in the global supply chain and changes in consumer behavior, which impacted the facial essence market in different ways. For instance, with the closure of physical retail stores and reduced foot traffic, the demand for facial essence from traditional retail channels such as supermarkets and hypermarkets may have decreased. On the other hand, online sales of facial essence and other skincare products increased as consumers turned to e-commerce platforms for their shopping needs.
As we move towards 2022, the facial essence market is expected to continue its growth trajectory, driven by factors such as rising consumer awareness of the importance of skincare, increasing demand for natural and organic products, and growing adoption of e-commerce platforms. However, the market may continue to face challenges such as supply chain disruptions and changing consumer preferences, which could impact growth and market dynamics. In conclusion, while the COVID-19 pandemic had a significant impact on the facial essence market, the market is expected to continue to grow in 2022 and beyond, driven by a range of factors and evolving consumer trends.
By type: The market is categorized into whitening essence, antiageing serums, moisturizing essence, acne essence, and others.
Whitening essence: Whitening essence is a type of skincare product that is designed to brighten and even out the complexion. It is formulated with ingredients such as niacinamide, vitamin C, and licorice root extract, which can help to reduce the appearance of dark spots, hyperpigmentation, and other discolouration on the skin.
Antiageing serum: Antiaging serum is a skincare product that is designed to reduce the visible signs of ageing, such as fine lines and wrinkles. It typically contains active ingredients that help to boost collagen production, repair damaged skin cells, and improve overall skin texture. Some common active ingredients found in antiageing serums include retinol, vitamin C, hyaluronic acid, peptides, and antioxidants. Each of these ingredients has specific benefits for the skin, such as promoting collagen synthesis, improving skin elasticity, and reducing inflammation.
Moisturizing essence: Moisturizing essence is a type of skin care product that is specifically designed to hydrate and moisturize the skin. It is usually applied after cleansing and toning, but before applying a moisturizer. Moisturizing essence is a concentrated liquid that contains active ingredients to address a variety of skin concerns, such as dryness, dullness, and uneven texture.
Acne essence: Acne essence is a skincare product that is formulated to help reduce acne and blemishes on the skin. It is typically applied after cleansing and toning, and before moisturizing. Facial essences are lightweight liquids that are more concentrated with active ingredients than toners, and they are designed to address a variety of skin concerns. Acne essence usually contains ingredients such as salicylic acid, benzoyl peroxide, tea tree oil, and alpha-hydroxy acids. These ingredients work to unclog pores, reduce inflammation, and exfoliate dead skin cells, which can help to improve acne and blemishes on the skin.
By nature: The market is divided into organic and conventional. The conventional segment dominates the market due to its wider availability and often lower price points. Furthermore, a combination of convenience, marketing, price, perceived efficacy, and familiarity are the major factors driving the market demand of the conventional facial essence market. However, as consumers become more conscious of the potential long-term harm that synthetic ingredients can cause, there is a growing trend towards organic and natural products in the facial essence market. Organic and natural facial essences are made from plant-based ingredients and are free from harmful chemicals and synthetic additives.
By distribution channel: it is segmented into hypermarkets/supermarkets, speciality stores, e-commerce, and others. Supermarkets and hypermarkets are important channels for the facial essence market, as they offer a convenient and accessible retail option for consumers looking to purchase these products. These retail channels often carry a wide range of facial essence products from different brands, making it easy for customers to compare and choose the products that best suit their skin type and concerns. The convenience and accessibility of supermarkets and hypermarkets have helped to drive the growth of the facial essence market. However, it is worth noting that the facial essence market is also expanding into other distribution channels, such as e-commerce and speciality stores. E-commerce, in particular, has seen significant growth in recent years, as consumers increasingly turn to e-commerce platforms for their skincare needs. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wider range of products and brands that may not be carried by traditional retail channels.
By region: Asia-Pacific region held a significant market share in the facial essence market. The factors driving this growth include increasing consumer awareness of skincare products, rising disposable incomes, and growing demand for natural and organic products. These trends are particularly strong in countries like China, Japan, and South Korea, which are all major markets for facial essence products. In addition, the adoption of the Western lifestyle and population growth, contribute to the growth of the facial essence market. In addition, the facial essence market is also influenced by various social and cultural trends, such as the popularity of K-beauty and J-beauty in Asia, which has driven the growth of the market in that region. Factors such as climate and environmental conditions, as well as regulatory frameworks and consumer preferences, can also impact the growth of the facial essence market.
Competitive analysis and profiles of the major players in the facial essence market are Alticor, Amore Pacific, Avon product Inc., Beiersdorf, Chanel, Groupe Rocher, Estee Lauder Companies Inc., Kay, Kose Corp, L’Oreal, LVMH, Coty Inc., Mary, Missha, Natura, Oriflame, PIAS, Procter & Gamble, Revlon Inc., and Shiseido.
Facial Essence Market Report Highlights
By Distribution Channel
Key Market Players
Coty Inc, oriflame, Shiseido, Amore Pacific, Avon Products, Inc., L'Oreal, Estee Lauder Companies Inc., Missha, chanel, Revlon, Inc.