Skincare Products Market size is set to grow by USD 42.41 bn from 2023-2027, growing adoption of home salon and spa services to boost the market growth, Technavio

NEW YORK, May 13, 2024 /PRNewswire/ -- The global skincare products market size is estimated to grow by USD 42.41 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 5.6% during the forecast period. 

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Market Driver

The skincare market is witnessing substantial investment from conglomerates, driven by the demand for advanced, multifunctional products. These companies are prioritizing R&D to cater to consumers seeking cost-effective, multitasking solutions. L'Oreal SA, for example, offers BB Creams like MAGIC BY STUDIO SECRETS Skin Beautifier, which hydrate, correct, and even out skin tone, using antioxidant vitamins C and E. Key trends include online retail, clean-label, free-from claims, anti-aging creams, face oils, facial serums, skin-lightening products, and more. Brands like Beiersdorf, Natura, and others focus on skin integrity, attractiveness, and addressing skin disorders such as premature aging, acne, and black patches. The personal care industry emphasizes moisturizing, hydrating, cleansing, and offers alternatives to synthetic chemicals with leaf and root extracts. Amidst nationwide lockdowns, the market for skincare products remains robust, with a focus on skin strength, elasticity, softness, and supple, wrinkle-free skin. 

Market Challenges

• The US skincare market is governed by the Food and Drug Administration (FDA), which regulates toxic ingredient usage but does not pre-test products. Labeling is emphasized, with the FFD&C Act and FPLA regulating cosmetics and skincare. Key ingredients like retinol, AHAs, and BHA require caution, as excessive use may lead to health hazards. Natural and organic sources, such as Vitamin E, are popular, while counterfeit goods pose risks. Online distribution channels, including Amazon and eBay, are common, as are anti-pollution and anti-aging products. Brands like Dr. Royal Fern and Augustinus Bader prioritize quality and innovation. Consumer demographics include younger women, and trends include price sensitivity, brand loyalty, and the use of cannabinoids for skin metabolism and inflammation.

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Segment Overview 

This skincare products market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Product 
• 2.1 Face skincare products
• 2.2 Body skincare products
3. Product Specification 
• 3.1 Moisturizers
• 3.2 Anti-aging skincare products
• 3.3 Skin brightening products
• 3.4 Sun protection products
• 3.5 Others
4. Geography 
• 4.1 APAC
• 4.2 North America
• 4.3 Europe
• 4.4 South America
• 4.5 Middle East and Africa

1.1 Offline- Amidst the global business disruptions in 2022, the skincare products market experienced significant challenges due to supply chain disruptions, labor shortages, and government restrictions. Despite these hurdles, the offline distribution channel, particularly specialty stores in urban areas, continued to dominate the market. Consumers sought touch-and-feel experiences with antiaging products, addressing concerns of dull skin and the need for moisturization. Cruelty-free and vegan skincare products, incorporating plant-based ingredients, gained popularity. Product types such as creams and lotions, cream moisturizers from brands like Biologi, and anti-wrinkle face creams from SkinBetter Science and Verily, remained in demand. However, conventional skincare products containing synthetic substances like parabens, triclosan, formaldehyde, and phenoxyethanol faced increasing consumer skepticism. Cleansers and toners, body lotions, oils, and serums, eye creams infused with collagen, continued to be essential offerings in specialty stores. The sheet mask trend persisted, offering a quick and effective solution for various skincare concerns.

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Research Analysis

In the dynamic skincare market, urban consumers seek effective solutions for aging skin concerns. Brands like Biologi offer a range of products, including sheet masks, cream moisturizers, anti-wrinkle creams, face serums, eye creams, cleansers, toners, body lotions, oils, and creams. These skincare essentials are formulated with natural ingredients and advanced actives such as Retinol, Alpha-hydroxy acids, and Beta-hydroxy acids. Synthetic chemicals with harmful effects are increasingly being replaced by nourishing, hydrating, and cleansing ingredients. Skincare routines now include powders to improve quality and provide additional benefits. The market caters to various skin types and concerns, ensuring consumers can make informed choices to maintain healthy, radiant complexions.

Market Research Overview

In the vast and expanding market of skincare products, various brands and companies offer an array of solutions to cater to diverse consumer needs. Creams, masks, serums, and lotions are common types of skincare products, each designed to address specific concerns such as aging, acne, or dryness. Brands utilize innovative technologies and ingredients like hyaluronic acid, vitamin C, and retinol to create effective formulations. The market is segmented based on product type, distribution channel, and region. Brands focus on organic and natural ingredients to cater to the growing demand for clean beauty. Consumers seek personalized skincare routines, leading to the rise of customizable and subscription-based services. The market is expected to grow significantly due to increasing awareness and the desire for healthy, radiant skin.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Product
• Face Skincare Products
• Body Skincare Products
• Product Specification
• Moisturizers
• Anti-aging Skincare Products
• Skin Brightening Products
• Sun Protection Products
• Others
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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