NEW YORK, Jan. 27, 2022 /PRNewswire/ -- The skincare products market is expected to witness significant growth in the coming years with the increasing number of fashion-conscious consumers worldwide. There has also been a paradigm shift in the preference toward anti-aging products, natural and organic skincare products, and multifunctional skincare products among consumers.
The millennial population is beauty conscious and is an important consumer segment for vendors. The population segment is exhibiting high demand for skincare products such as moisturizers for specific skin-related issues and sunburn-related issues such as severe acne, tenderness, and itching. This is creating significant opportunities for market players.
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Key Skincare Products Market Report Highlights:
Market growth 2019-2024: USD 50.04 billion
Growth momentum & CAGR: Accelerate at a CAGR of 6%
YoY growth (%) in 2021: 5.01%
Performing market contribution: APAC at 47%
Key consumer countries: China, the US, Japan, Germany, and the UK
Regional Market Analysis
With 47% of the growth originating from APAC, this region will record a faster growth rate during 2019-2024.
Rising concerns for personal hygiene and wellness is one of the key factors driving the demand for skincare products in APAC. In addition, the increasing number of beauty salons, rise in social media campaigns and celebrity endorsements, and the expanding e-commerce industry are expected to foster the growth of the skincare products market in APAC.
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Key Vendors and Vendor Strategies
Beiersdorf AG, CHANEL Ltd., Groupe Clarins, Johnson & Johnson, Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., The Procter & Gamble Co., and Unilever Group are some of the dominant players in the skincare products market.
The skincare products market is fragmented. The market is characterized by the presence of a large number of vendors competing on factors such as product differentiation, product portfolios, quality, and pricing. Most of the vendors are focusing on expanding their business in emerging markets such as APAC. Vendors are also focusing on launching innovative products to remain competitive in the market.
Beiersdorf AG: The company offers a wide range of professional skincare under different brands that include La Prairie, Eucerin, and NIVEA.
CHANEL Ltd.: Key products offered by the company include Hydra Beauty Micro Serum and Le Lift Creme.
Groupe Clarins: The company offers various skincare products such as serums, face moisturizers, and creams under the brand name Clarins.
Johnson & Johnson: The company offers various skincare products such as MORNING BURST Facial Cleanser, CLEAN & CLEAR Daily Pore Cleanser, and Neutrogena Hydro Boost Water Gel.
Revlon Inc.: The company offers various skincare products under the brands Revlon and Elizabeth Arden.
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the skincare products market.
Growing adoption of home salon and spa services:
Personalized home salons and spa services are gaining immense popularity in both developed and developing countries across North America, Europe, and APAC. There are several home salon and spa service providers that offer various services in the market. For instance, Housejoy, home and personal salon service provider in India offers home salon services such as makeup and spa services. The company also offers a number of grooming and pampering packages, such as Monthly Essential Package, Monthly Grooming Package, Tip to Toe Package, Skin Radiance Package, and Summer Skin Package. The availability of such services is increasing the consumption of skincare products and is expected to fuel the growth of the market during the forecast period.
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Skincare Products Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 6%
Market growth 2021-2025
USD 50.04 billion
YoY growth (%)
APAC, Europe, North America, South America, and MEA
Performing market contribution
APAC at 47%
Key consumer countries
China, US, Japan, Germany, and UK
Leading companies, competitive strategies, consumer engagement scope
Beiersdorf AG, CHANEL Ltd., Groupe Clarins, Johnson & Johnson, Revlon Inc., Shiseido Co. Ltd., The Estee Lauder Companies Inc., The Procter & Gamble Co., and Unilever Group
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.
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