The Skincare Products Market Size, Growth driven by the growing consumption of antiaging products, rising demand for organic skincare products, the growing awareness about the health benefits of skincare products such as improved skin, protection from pollution, and others among consumers worldwide. The creams and lotions segment are projected to grow at the fastest CAGR during 2021-2028 owing to the growing demand for high-quality.
The leading players in the skincare products market include L'Oréal Groupe; Beiersdorf; Shiseido CO., LTD.; Procter and Gamble; Unilever; Himalaya Wellness Company; Lotus Herbals; VLCC Wellness; Avon Products; and Johnson and Johnson Services, Inc. These players are focusing on developing innovative products to meet the changing requirements of consumers.
Asia Pacific is projected to grow at the fastest CAGR in the global skincare products market over the forecast period. The growth of the skincare products market across Asia Pacific is attributed to the factors such as a rise in awareness about skin care with advanced skin care products and an increase in wellness spending in the region. Further, rising consumer awareness and income levels are fueling the demand for skincare products in the Asia Pacific. Furthermore, urbanization, international brand penetration, and rise of e-commerce platforms and offline channels such as hypermarkets focusing on the retailing of skincare products are expected to drive the region's market growth throughout the projection period.
Increasing awareness among males regarding personal skincare, hygiene, and grooming has been driving the demand for men's skincare products worldwide. At a macro level, factors such as rising disposable income among consumers and growing distribution channels are influencing the men's skincare products market growth. Moreover, the rising population of men's skincare solutions sourced from sustainable materials is a key factor driving the market growth. Prominent brands within the industry are increasingly focusing on green formulations in response to the growing demand for organic ingredients. For instance, Brickell Men's Product and Organic OM4 companies develop, manufacture, and offer a wide variety of natural and organic skincare and other grooming products for men. The average modern man is becoming increasingly desirous about caring for his skin, thereby encouraging many skincare product manufacturers to enter the men's category. With relatively tougher, oilier, and thicker skins than women, men face countless challenges distinct from that of women when it comes to skin health. Thus, the increasing awareness of men about skincare provides opportunities for skincare market brands. These brands are capitalizing on it by offering products to target males of all skin types.
Based on category, the skincare products market is segmented into organic and conventional. The conventional segment held a larger market share in 2020, and the organic segment is projected to grow at a faster CAGR over the forecast period. The organic beauty trend is part of a significant shift in consumer consciousness about health, wellbeing, and the environment. Consumers now have more information regarding skincare products than ever before due to a growing number of beauty blogs, influencers, and social media accounts dedicated to the benefits of chemical-free skincare products. Furthermore, increasing awareness about the harmful effects of chemicals on the skin, such as irritation and dullness, is the primary factor driving the skincare products market. Moreover, consumers seek eco-friendly and natural skincare products as they become aware of the benefits of products made with organic ingredients. Further, skin sensitivity is another factor propelling the demand for organic and natural skincare products.
Based on product type, the skincare products market is segmented into creams and lotions, cleansers, serums, and others. The serums segment is projected to grow at the highest CAGR over the forecast period. Serums usually contain antioxidants that aid in the battle against free radical damage. They may also include antiaging compounds, such as retinol and peptides, stimulating collagen formation. Skincare serums, primarily facial care, can be used on sensitive and oily skin types. A few popular products in the skincare serums market are antiaging, skin whitening, anti-acne, glowing skin, and anti-blemish serums. The increased awareness about skincare routines encouraged by fashion and cosmetic industries are propelling the need for skincare serums.
Based on end-user, the skincare products market is segmented into men, women, and others. The women segment accounted for the largest share in the skincare products market. However, the men segment is projected to grow at the highest CAGR over the forecast period. The increasing awareness about skincare products available for various purposes and skin types among the female population is further fueling the product demand. According to the Benchmarking Company, in 2018, more than half of women population within the age group of 18–24 years, wanted to include wrinkle-fighting treatments into their routine. Further, increasing willingness to spend on high-quality skincare products for enhanced appearance and rising skin issues are anticipated to drive the demand for skincare products among women. Moreover, the growing consciousness about appearance among the female population is expected to drive the skincare products market during the forecast period.
Various governments imposed multiple restrictions intended to slow down the spread of COVID-19, which influenced consumers' spending habits and purchase decisions, leading to a slight decline in the market in 2020. Some basic initiatives include social isolation directives, limitations on business opening hours, and travel restrictions. However, the sales of the products through online outlets escalated during the pandemic. For instance, according to the annual report 2020 of Zalando, Europe's fashion and lifestyle e-commerce company witnessed a Y-O-Y increase of 300' in sales of skin care, nail care, and hair care products in 2020. Thus, the increased sales of skincare products during COVID-19 has boosted the market growth.
