Global Sales of Skin Care Products is Expected to Accelerate at a Whopping 4.6% CAGR, Reaching US$ 256.4 Billion by 2031: TMR Report
In the next years, the skin care industry is anticipated to present profitable potential due to the rise in demand for products made with more natural components
Wilmington, Delaware, United States, Aug. 11, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global market for skin care was estimated to have garnered a market valuation around US$ 172.9 billion in 2022. The market is anticipated to grow with a steady 4.6% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 256.4 billion.
The e-commerce industry has expanded quickly due to the explosion in smartphone usage around the globe in recent years. Consumers’ standards of life have been steadily growing, in part because their ability to spend more money has increased.
Online retailers like Home Depot, Amazon, and Lowe’s give customers access to a wide range of skin care goods, unlike traditional stores where they have less options. The growth of the e-commerce sector is predicted to increase the dynamics of the skin care market globally over the forecast period.
Online platforms also make it easier for brands to share product information and collaborate with influencers, allowing skin care companies to respond rapidly to market demands and trends. The possibility of virtual try-ons as well as subscription models add to e-commerce’s allure.
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|Market Revenue||US$ 172.9 Bn|
|Estimated Value||US$ 256.4 Bn|
|Growth Rate – CAGR||4.6%|
|No. of Pages||170 Pages|
|Market Segmentation||By Product Type, Category, Skin Type, Price Range, Consumer Group, End-use, Distribution Channel|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Companies Covered||Beiersdorf AG, Clinique Laboratories, LLC, Colgate-Palmolive Company, Galderma Laboratories, L.P., INGLOT SP. Z O.O., L’Oréal S.A., Procter & Gamble, Shiseido Company, The Estée Lauder Companies Inc., The Ordinary|
Key Findings of Market Report
- Online platforms make it easier for brands to collaborate with influencers and share information about their products, allowing them to respond rapidly to market demands and consumer trends.
- The possibility of virtual try-ons as well as subscription models add to e-commerce’s allure.
- According to product category, the face care category is anticipated to rule.
- The skin care market is developing remarkably in Asia Pacific.
Market Trends For Skin Care
- The e-commerce industry has expanded quickly due to the explosion in smartphone usage around the globe in recent years. Consumers’ standards of life have been steadily growing, in part because their ability to spend more money has increased.
- Online retailers like Home Depot, Amazon, and Lowe’s give customers access to a wide range of skin care goods, unlike traditional stores where they have less options. The growth of the e-commerce sector is predicted to increase the dynamics of the skin care market globally over the forecast period.
- Online platforms also make it easier for brands to share product information and collaborate with influencers, allowing skin care companies to respond rapidly to market demands and trends. The possibility of virtual try-ons as well as subscription models add to e-commerce’s allure.
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Skin Care Regional Market Outlook
- The skin care market is developing remarkably in Asia Pacific. This can be related to consumers’ growing worries about their skin as a result of poor diets and polluted environs. The demand for high-quality body care products has been spurred by increases in disposable income in India, China, and South Korea.
- The adoption of skin care regimens has also been fueled by the increased attention on personal hygiene and skin care brought on by changing lifestyles and rising urbanization. The usage of multi-step procedures and a variety of skin care products have been encouraged by the impact of Korean as well as Japanese beauty trends.
- The abundance of natural resources (natural oils along with essence), which are crucial for the development of skin care products based on natural components, makes Europe another place where significant growth is anticipated in the near future.
Global Skin Care Market: Key Players
In order to meet the wide range of customer needs, major corporations are investing heavily in thorough research and development efforts. They are working to develop goods that are healthier for the environment as well as the human body while also being more affordable by using more natural materials and little to no chemicals.
The major companies with significant market shares in the skin care industry are Beiersdorf AG, Clinique Laboratories, LLC, Colgate-Palmolive Company, Galderma Laboratories, L.P, INGLOT SP. Z O.O, L’Oréal S.A., Procter & Gamble, Shiseido Company, The Estée Lauder Companies Inc., and The Ordinary.
Some developments by the key players in the global market for skin care are:
- In 2023, Kao Corporation purchased Bondi Sands, an Australian sun care company, giving Kao Corporation a chance to develop in the sunscreen market. In Australia, Bondi Sands has been a well-known company for its skin-whitening as well as self-tanning products. With this acquisition, Kao Corporation hopes to solidify its position in the sunscreen and self-tanning businesses on a worldwide scale.
- The flagship brand of The Estée Lauder Companies established a partnership with famed soccer team Manchester United as its skin care partner on July 21, 2023. The primary goal of the campaign is to draw attention to Estée Lauder’s Advanced Night Repair Serum and serve the needs of Manchester United supporters on social media, which has a reach of more than 250 million people in China alone.
- Avon began selling its goods on the Amazon website on April 14, 2023 in an effort to diversify its revenue sources, enhance product sales, and open up new online sales channels.
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Global Skin Care Market Segmentation
- Product Type
- Face Care
- Moisturizers & Creams
- Serums & Essence
- Face Wash & Cleansers
- Face Mask
- Face Oil
- Under-eye Creams
- Others (Toners, Face Scrubs & Exfoliators, etc.)
- Body Care
- Lotions & Creams
- Body Oil
- Hand Creams
- Foot Creams
- Others (Foot Masks, Neck Cream, etc.)
- Bath & Shower
- Body Cleanser, Gels & Wash
- Bath Salts
- Bath Soap & Bomb
- Others (Bath Accessories, Cleanser, etc.)
- Face Care
- Organic / Natural
- Skin Type
- Oily Skin
- Dry Skin
- Sensitive Skin
- Combination Skin
- Normal Skin
- Price Range
- Consumer Group
- Distribution Channel
- Company Owned Website
- Third Party Websites
- Hypermarkets / Supermarkets
- Brand Stores
- Multi-brand Stores
- Other Retail Stores
- North America
- Asia Pacific
- Middle East & Africa
- South America
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