Skin Care Products Market is Expected to Reach USD 248.17 billion by 2030
The global surge in demand for innovative and eco-friendly products, the growing levels of pollution, and the rise in skin disorders are driving the growth of the skin care products industry.
According to a new research report by Next Move Strategy Consulting, the Skin Care Products Market size was valued at USD 145.68 billion in 2022, and is expected to reach USD 248.17 billion by 2030, with a CAGR of 6.03% during the forecast period, 2023–2030.
The skin care products market is experiencing a significant boost, driven by the escalating levels of pollution and the surge in the occurrence of skin disorders. As environmental pollution continues to rise, individuals increasingly seek effective solutions to counter its detrimental effects on their skin. This has led to a growing demand for skin care products that offer protection against pollutants and help maintain healthy skin.
Simultaneously, the prevalence of various skin disorders has witnessed a notable growth, prompting consumers to turn to skin care products that address specific concerns and provide therapeutic benefits. In this context, the market for skin care products is witnessing a remarkable rise, as people prioritize the importance of skin care in combating the adverse impacts of pollution and managing skin-related issues.
Moreover, the skin care products market is currently witnessing a substantial surge in growth, primarily propelled by rising demand for innovative and eco-friendly products. In an era where environmental consciousness holds paramount importance, consumers are increasingly seeking skin care solutions that address their diverse needs and resonate with their eco-friendly values. This burgeoning appetite for sustainable and environmentally conscious options has acted as a catalyst for skin care companies to develop pioneering formulations and packaging. They utilize materials and manufacturing processes that align with responsible environmental practices.
For instance, in February 2021, Gillette introduced Planet KIND, a new shaving and skin care brand for the protection of the skin and the planet. Planet KIND packaging has the recyclable properties, and manufacturing using 85% recycled plastic, 85% recycled paper, and infinitely recyclable aluminium. The company collaborated with Plastic Bank. Every Planet KIND product will stop 10 plastic bottles from entering the ocean. As a consequential outcome, the market is undergoing a remarkable growth, driven by willingness of consumers to invest in products delivering effective results while concurrently minimizing their ecological footprint. This emphasis on innovation and eco-consciousness emerges as a pivotal driving factor behind the ongoing expansion of the skin care products market.
Moreover, the rapid expansion of the e-commerce sector stands as a significant driving force behind the growth of the skin care products market. As online shopping becomes increasingly convenient and accessible to the global audience, consumers are embracing the digital platform to explore and purchase skin care products from the comfort of their homes. The seamless online shopping experience and the availability of a diverse range of skin care options have revolutionized how individuals discover and acquire their desired products.
Moreover, e-commerce companies provide a platform for skin care brands to showcase their offerings, engage with customers, and provide personalized recommendations. This, in turn, enhances customer engagement and loyalty. This thriving synergy between the skin care industry and the e-commerce sector has resulted in an accelerated market expansion, with the digital realm serving as a vital conduit for reaching and catering to a broader consumer base.
On the contrary, the growth of the skin care products market is constrained by two significant factors. They include the high cost of skin care products and their limited shelf life. The elevated price point of many skin care items can create a barrier for a portion of potential consumers, deterring them from making regular or extensive purchases. Additionally, the limited shelf life of certain skin care products poses challenges regarding product longevity and consumer investment. As consumers may hesitate to invest in products that have a short lifespan, this factor can impede the overall growth potential of the skin care products market.
However, the introduction of artificial intelligence (AI) in skin care and various technological advancements are anticipated to raise the demand for skin care products. By incorporating augmented reality (AR) and virtual reality (VR) along with AI and 3D printing in skin care, the beauty sector is undergoing a rapid transformation. Moreover, several brands are adopting innovative strategies to pair consumers with dermatology practitioners to get personalized skin care recommendations.
Additionally, innovations in procedures, virtual acne diagnosis, and smart mirrors with AR and VR are implemented by various giants to customize their products. For instance, in October 2022, A.S. Watson, one of the world’s largest international health and beauty retailers, launched the Skinfie Lab. This innovative skin analysis tool creates highly personalized skin care product recommendations based on customers’ selfies. The launch of Skinfie Lab in Asia is the latest development by A.S. Watson to deliver a truly O+O (Offline plus Online) customer experience. These factors are expected to create future opportunities for the skin care products across the world.
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According to the report, leading players operating in the skin care products market include Procter & Gamble (P&G), Unilever PLC, Natura & Co., Beiersdorf AG, The Estée Lauder Companies, Inc., Johnson & Johnson, Abbott Laboratories, Colgate-Palmolive Company, L’Oreal, Shiseido Ltd., Galderma, Revlon, Coty, Inc., Kao Corporation, Pfizer, Inc., and others.
Key Insights from the Skin Care Products Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the skin care products market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of the players in the global skin care products market along with their competitive analysis are provided in the report.