Global Skin Care Market Overview, 2023-28

Skin care is the process of maintaining skin integrity and improving skin quality. To improve the skin's quality, different types of products are used on a large scale. The factors such as shift in consumer preference, change in lifestyle of consumers, rising demand for natural skin care products, rapid urbanisation and industrialization, and the surge in awareness regarding new and advanced skin care products are creating lucrative opportunities for the growth of the global skin care products industry during the forecast period. However, the short shelf life of skin care products is impeding global skin care product growth over the forecast period. More individuals are aware and conscious of skin care products as a result of the growing working population, rising public knowledge, and growing disposable income. Moreover, innovative promotions and marketing are fuelling customer demand. Consumer purchasing power has increased as a result of growing urbanisation and a trend towards organic skin care products. Millennials want a wider range of skin care products. Organic skin care products have become a major driver of the global market for skin care products. The customers prefer products that contain organic and natural ingredients and are free of harmful chemicals. As a result, the demand for skin care products is growing at a rapid pace. People are quite conscious of their skin tone and texture. Thus, the major market players are developing and launching skin care products that fulfil all the requirements of the people. As a result, growing standards of living and increased awareness regarding a wide range of skin care products are driving the growth of global skin care products over the projection period.

According to the research report, "Global Skincare (Facial Care, Body Care & Lip Care) Market Overview, 2023–28," published by Bonafide Research, the market was valued at USD 178.21 billion, which is expected to cross USD 254 billion by the end of the forecast period. The market is anticipated to grow at 6.22% CAGR by 2023–28. Skincare culture is becoming more inclusive and diverse, with a focus on catering to different skin types, tones, and needs. Brands are recognising the unique requirements of diverse skin types and developing products that cater to a wider range of skin tones and textures. There is also a push for more representation and inclusivity in skincare marketing and advertising, with an emphasis on promoting self-acceptance and embracing diversity. Korean beauty (K-Beauty) and Japanese beauty (J-Beauty) have gained significant influence in the global skincare culture. K-Beauty is known for its multi-step skincare routines, emphasis on hydration, and innovative ingredients like snail mucin and bee venom. J-Beauty, on the other hand, focuses on simplicity, minimalism, and using traditional Japanese ingredients like green tea and rice bran. These beauty philosophies have inspired skincare routines and product formulations in many other countries, leading to a global interest in Asian beauty practises. Based on these factors, the Asia-Pacific region will lead the market in 2022. Skincare is increasingly being viewed as an essential part of overall wellness, with a holistic approach that encompasses not just topical skincare products but also lifestyle and dietary factors. People are recognising the connection between skincare, diet, stress management, and overall health and are adopting holistic approaches to skincare that focus on nourishing the skin from within. However, social media continues to play a significant role in shaping skincare culture globally. Skincare influencers and beauty bloggers share skincare tips, routines, and product recommendations on social media platforms, creating trends and driving consumer preferences.

Based on the product types, the body care segment is growing with higher revenue generation in the global market, closely followed by face care. Face creams and moisturisers were the major sub-segments in face care products in 2022. Face creams and moisturisers are among the most frequently used items, as they are frequently applied. Moisturisers are an easy-to-use, hassle-free, and quick solution for addressing dry skin, in addition to providing benefits such as rapid hydration, fewer breakouts, and refreshed skin. Furthermore, with a rising number of consumers opting for cruelty-free skincare products due to their increased consciousness about animal welfare and the environment, the demand for vegan or blends of plant-based ingredients in skincare products has increased. This provides huge potential growth opportunities for the face creams and moisturisers industry. Serums and beauty masks, on the other hand, are expected to expand at a considerable CAGR during the projection period. Antioxidants, which aid in the fight against free radical damage, are commonly found in serums. They may also contain antiaging chemicals like retinol and peptides, which stimulate collagen synthesis. Skincare serums, mainly for facial care, are suitable for sensitive and oily skin. A few popular products in the skincare serum market are antiaging, skin whitening, anti-acne, glowing skin, and anti-blemish serums. The increased awareness about skincare routines encouraged by the fashion and cosmetic industries is propelling the need for skincare serums. It has been observed that people have started using facial care products at a very young age to delay the signs of ageing. Hence, the consumer base for these products has expanded to include younger people as well.

According to the distribution channel segmentations, specialty retail shops offer updated, diverse, and visible products. These stores sell MAC Cosmetics and Loreal SA because they are convenient for customers and suppliers. To entice more clients, some competitors are embracing extravagance. The customised approach, specialised products, personalised services, and availability of beauty items for various skin types need to enhance sales in specialty stores. These stores sell creative beauty products with one-of-a-kind applications and packaging. Skin care product sales are expanding as a result of dedicated specialists who can define the benefits of the goods, get speedy feedback, and resolve client problems and inquiries. Specialist stores compete with internet retailers and hypermarkets and supermarkets, despite their consumer-friendly attitude. Supermarkets and hypermarkets are two more important sales channels for skin care products around the world, where manufacturers can showcase their diverse brand portfolios. However, a recent obvious change in the skin care products market is the increasing use of internet platforms to reach a bigger customer base. To increase revenue, astute businesses and dealers are increasingly resorting to e-commerce. Based on the price range, the mass segment is dominating the market with over 6% CAGR by 2023–28.

The female segment held the largest revenue share of over 55% in 2022 and is expected to maintain its lead over the forecast period. Women are increasingly incorporating personal grooming items into their daily routines to boost their confidence and attractiveness, which is driving market growth. Furthermore, the growing prominence of self-care has led women to consciously construct calming self-care experiences at home through complicated skincare routines. This trend is fuelling demand for skincare products containing active ingredients with healing and nourishing capabilities, such as creams and lotions, repair creams, peels, masks, serums, powders, and scrubs. However, the male category is expected to grow at the quickest rate between 2023 and 2028. Growing male awareness of personal hygiene and regular grooming, greater product launches, celebrity endorsements, and rising disposable income are the primary drivers driving the expansion of the men's skincare market. The appetite of men for skincare products is evolving beyond traditional grooming products such as deodorants, razors, and faces wash to more specific skincare products like anti-ageing and sun protection creams. Based on the ingredients, the chemical segment is leading the market in 2022, whereas the vegan segment is growing at a higher CAGR based on increasing awareness across the globe.



Recent Developments:
• In 2021, Gillette launched Planet KIND, a new shaving and recyclable skincare brand made with 85% recycled paper, 85% recycled plastic, or infinitely recyclable aluminium.
• In 2021, Beiersdorf introduced customised face care under the New Brand O.W.N. Only What's Needed" (OWN), which uses ingredients specially to fulfil the skincare needs.
• In November 2021, Victoria's Secret, the leading intimate specialty retailer, expanded its global presence with the launch of its first-ever beauty e-commerce store in India.
• In July 2021, Shiseido Co., Ltd. announced the launch of Ultramune Power Infusing Concentrate III in Japan, which is a renewal of the iconic serum Ultramune Power Infusing Concentrate N. The product will be available in approximately 380 stores nationwide and on its beauty website, Watashi+.
• In addition, in June 2021, Beiersdorf AG’s NX NIVEA Accelerator expanded into China and selected the top five startups for a new programme in Shanghai. The brand signed a partnership agreement with China’s leading e-commerce platform Tmall and is focusing on collaborating with beauty startups in the areas of indie brands, beauty technology, personalization, and platform business models with a high degree of digitalization.

Covid-19 Impacts:
Companies are having difficulty physically seeing their channel partners and finalising business deals due to lockdown restrictions in several nations throughout the world. This has an effect on the companies' product revenues. Furthermore, issues such as the closure of beauty retail locations and cosmetic firms, as well as a shortage of raw material supply as a result of tight restrictions, may have a significant impact on the global product consumption rate. People prefer to spend their time indoors to prevent being infected by the coronavirus. This shifts consumer behaviour towards personal care, wellness, and beauty at home, fuelling demand for skincare among residential consumers.

Major Companies present in the market:
L'Oreal S.A, Unilever Public Limited Company, Beiersdorf AG, The Estee Lauder Companies Inc., Johnson & Johnson , Natura&Co, Shiseido Company Limited, Procter & Gamble, Revlon, Inc., Clarins Group

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Skincare market with its value and forecast along with its segments
• Region-wise Skincare market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report:
• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa

By Product Type
• Facial care
• Body Care
• Lip Care

By Facial care
• Face cream
• Face Wash and Cleanser
• Sun Care (Sunscreen (SPF) Products)
• Facial Masks (sheet mask, Leave in & wash off)
• Toners
• Serums
• Shaving Lotions & Creams
• Others (Exfoliators, Eye Creams, scrub, bleach)

By Body care
• Body Lotions
• Body wash
• Others (Body Oil, Body Powder)

By Lip care
• Lip Balms
• Lip Scrubs
• Lip Masks
• Lip oil
• Others

By Body wash
• Body soap
• Shower gel

By End User
• Men
• Women
• Unisex

By Distribution channel
• Specialist Retail Stores
• Supermarkets/Hypermarkets
• Convenience Stores
• Online Retail Channels
• Other Distribution Channel

By Ingredients
• Chemical
• Natural/Organic
• Vegan

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Skincare industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.