Skincare Market Predicted to Reach USD 273.3 Billion, Globally, by 2031 at 6.7% CAGR, Says Allied Market Research
Growing customer preference for natural and organic products and increasing acceptance of environmentally-friendly products drive the growth of the global skincare market.
PORTLAND, Ore, March 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Skincare Market by Products (Creams and Moisturizers, Powder, Cleansers and Face Wash, Others), by Distribution Channel (Online, Offline), by Gender (Male, Female), by Packaging (Tubes, Bottles and Jars, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global skin care industry was estimated at $146.7 billion in 2021, and is anticipated to hit $273.3 billion by 2031, registering a CAGR of 6.7% from 2022 to 2031.
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Drivers, restraints, and opportunities-
Growing customer preference for natural and organic products and increasing acceptance of environmentally-friendly products drive the growth of the global skincare market. On the other hand, the fact that some people are allergic to specific ingredients that can cause certain skin issues restrains the market growth. However, expansion in R&D activities has paved the way for lucrative opportunities in the industry.
Impact of Covid-19 on Skin Care Market:
- As consumers spent more time at home and wore masks in public, the skincare and cosmetics sectors were highly affected.
- Also, customers were only seen to buy online cosmetics, which again had an adverse impact on the global skincare market altogether.
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The creams and moisturizers segment to rule the roost-
By products, the creams and moisturizers segment accounted for the highest share in 2021, holding more than two-fifths of the global skincare market revenue. The same segment would also showcase the fastest CAGR of 7.0% from 2022 to 2031. This is because creams and moisturizers perfectly maintain the skin's equilibrium.
The female segment to dominate by 2031-
By gender, the female segment contributed to the major share in 2021, generating nearly three-fourths of the global skincare market revenue, and is projected to retain its dominance by 2031. The same segment would portray the fastest CAGR of 6.8% from 2022 to 2031. This is attributed to the fact that females all around the world rely on skin care products since they have an empowering influence on them. As a result, women have more access to cosmetics such as moisturizers, lipsticks, eye shadows, and nail polishes.
The tubes segment to retain its dominance by 2031-
By packaging, the tubes segment garnered the highest share in 2021, generating more than half of the global skincare market revenue. The same segment would also cite the fastest CAGR of 6.9% throughout the forecast period. This is due to the fact that cosmetic tubes are one of the most inventive cosmetic packaging products. Tubes are used to transport, carry, and store cosmetics. Product tubes are commonly used as primary packaging in the cosmetic market.
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Asia-Pacific garnered the major share in 2021-
By region, Asia-Pacific generated nearly half of the global skincare market share in 2021, holding the highest market revenue and is projected to rule the roost by 2031, owing to the growing preference toward both high-end and mass-produced cosmetics across the region. North America, simultaneously, would portray the fastest CAGR of 7.4% during the forecast period. The presence of well-known product manufacturers in North America, such as Procter & Gamble and Unilever, as well as the expanding retail infrastructure, has boosted the market growth.
Key players in the industry-
- Unilever
- Procter & Gamble
- Estée Lauder Inc.
- Shiseido Co. Ltd.
- L'Oréal Professional
- Natura & Co.
- Kao Corporation
- Johnson & Johnson Services Inc.
- Avon Products Inc.
- Beiersdorf AG
The report analyzes these key players in the global skincare market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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