Skincare Market Expected to Reach $273.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Skincare Market," The skincare market size was valued at $146.70 billion in 2021, and is estimated to reach $273.3 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.

Rising concern about the lengthy impacts of cosmetics use are prompting companies to introduce organic cosmetic goods as well. . This trend meets the growing customer desire for organic and natural cosmetic goods. The use of organic cosmetic products reduces the possibility of any product’s negative effects. This, in turn, boosts and contributes to the use of cosmetics by individuals, hence boosting the growth of the skincare market.   

The growing customer preference for natural and organic products, as well as the increasing acceptance of environmentally friendly products, are expected to drive market expansion. Green chemistry and the green sector have risen considerably in recent decades as organic product producers spend more time, money, and resources to organic product research and development. Another important factor driving the industry's growth is the continued use of sunscreen, anti-tan, and anti-aging therapies. Furthermore, demand for moisturising lotions, face wipes, and creams is predicted to boost the cosmetics sector, boosting the global Skin Care Market upward. As a result of ongoing development, demand for skincare products, particularly in the organic market sector, is expected to remain high.

However,  individuals may experience severe and occasionally fatal side effects when taking corticosteroids. Rash; hives; itching; red, swollen, blistered, or peeling skin with or without fever; wheezing; chest or throat tightness; difficulty breathing, swallowing, or talking; unusual hoarseness; or swelling of the mouth, face, lips, tongue, or throat. Oozing, heat, swelling, redness, or pain are all symptoms of a skin infection

The rise in frequency of skin disorders caused by synthetic ingredients in beauty products and cosmetics is expected to drive market expansion. Furthermore, the rapidly growing urban population worldwide, rise in disposable income, and surge in health consciousness are significant factors fueling the skincare market growth. Surge in product R&D investments have offered lucrative growth potential for the sector. Skin care products sales in emerging markets has increased. Skin Care is the largest segment of the beauty market. While at-home self-care is popular, AR & AI technologies, online makeup apps, online bookings, self-check-ins, online payments, and other similar features minimize the need for superfluous touch encounters.

The Skincare market is segmented on the basis of product, distribution channel, gender packaging, and region. by product, it is classified into creams and moisturizers, powder, cleansers and face wash and others. by distribution Channel, it is classified into online and offline. by gender, it is classified into male and female. By Packaging, it is classified into tubes, bottles & jars, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the Skincare market report include L’Oréal Professional, Unilever, Procter & Gamble, Estée Lauder Inc. Beiersdorf AG, Shiseido Co., Ltd. Natura & Co. Kao Corporation, Johnson & Johnson Services, Inc., and Avon Products Inc.

The report offers a comprehensive analysis of the global Skincare market trends by thoroughly studying various aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that contribute to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers & suppliers, threats of new players, and emergence of substitutes in the skincare market share.

Impact of COVID-19 on the Global Skincare Industry

• The COVID-19 outbreak altered customers' spending patterns and buying decisions, resulting in a 1.12% decrease in market growth in 2020 as a result of various governments enacting multiple measures to prevent the spread of COVID-19.
• The COVID-19 pandemic startled the cosmetics sector, leading to a major drop in demand for skincare products. Furthermore, due to the severe lockdown and widespread store closures in the first half of 2020, consumer purchase patterns in the beauty and cosmetics industry have radically changed. During the pandemic, however, sales of the product through online retailers increased.
• For example, Zalando, Europe's fashion and leisure e-commerce giant, had a 300% year-on-year rise in sales of skin-, nail-, and hair-care goods in 2020.

Key Findings of the Study

• By Product, the cream and moisturizer segment emerged as the global leader in 2021 and cleansers and face wash segment is anticipated to be the fastest growing segment during the forecast period.
• By Distribution Channel, the online segment emerged as the global leader in 2021 and offline segment is expected to show the fastest growth in the upcoming years.
• By gender, the female segment dominated the market in 2021 and male segment is projected to show the fastest growth in the upcoming years.
• By packaging industry, the tubes segment emerged as the global leader in 2021 and bottles and jars segment is anticipated to show the fastest growth in the upcoming years.
• By region, the Asia-Pacific segment registered the highest market share in 2021 and is projected to maintain the position during the forecast period.