Skincare Products Market Research Report and Outlook by 2028

The skincare products market was valued at approximately US$ 115,386.46 million in 2021 and is anticipated to grow to around US$ 213,363.09 million by 2028. This growth represents a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028.

Skincare plays a vital role in personal care routines, encompassing a wide range of activities from correction to prevention. The market has seen a surge in makeup products that also offer skincare benefits. Additionally, the increasing demand for face creams, sunscreens, and body lotions worldwide is expected to positively influence the growth of the skincare product market. The rise of social media influencers promoting their skincare routines has contributed to the growing popularity of daily skincare practices among consumers. As individuals become more aware of their physical appearance and concerned about skin issues, the importance of a consistent skincare routine has become evident. Such routines are essential for maintaining skin health and addressing common skin concerns, including acne and scarring. Innovations in the ingredients used in skincare products are also enhancing their effectiveness and appeal.

Skin is particularly vulnerable to damage from external factors like ultraviolet (UV) radiation and pollution, which has led to an increased commitment to regular skincare regimens. This trend is becoming a fundamental aspect of personal wellness, thereby driving the growth of the skincare products market during the forecast period.

The skincare products market can be categorized by distribution channels, which include supermarkets and hypermarkets, specialty stores, online retail, and other outlets. In 2020, the segment of supermarkets and hypermarkets held the largest share of the market. These large retail establishments provide a diverse array of products, including groceries and personal care items, at competitive prices. Consumers appreciate the convenience of finding various brands in one location, often benefiting from attractive discounts and multiple payment options. Due to the high foot traffic in these stores, manufacturers of skincare products frequently choose to distribute their items through well-known supermarkets such as Walmart, Kroger, and Lidl, which boast extensive customer reach and distribution networks.

Regionally, the skincare products market is divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, the Asia Pacific region dominated the global skincare products market and is expected to experience the fastest growth in the coming years. Changing lifestyle preferences in this region are significantly influencing the skincare market. Increased awareness of skin-nourishing products, coupled with better access to a variety of brands, is likely to propel market growth. According to the International Trade Administration, skincare products represented 53% of the Japanese cosmetics market in 2019. Furthermore, there is a high demand for anti-aging, brightening, and hydrating products across the region.

The growth of the skincare products market can be attributed to several factors, including a rising interest in health-promoting and self-care products, an increasing focus on skincare regimens, and heightened promotion of skincare items on social media platforms. As wellness-conscious consumers seek reliable daily routines, this trend further stimulates the growth of the skincare products market.

Key players in the skincare products market include L'Or?al Groupe, Beiersdorf, Shiseido CO., LTD., Procter and Gamble, Unilever, Himalaya Wellness Company, Lotus Herbals, VLCC Wellness, Avon Products, and Johnson and Johnson Services, Inc.

The overall size of the global skincare products market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants to validate the findings and gain deeper analytical insights. These participants included industry experts such as vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in the skincare products sector.