Skin Care Products Segment Is The Largest Segment Driving The Growth Of Skin Care Products Market
The global Skin Care Products Market is estimated to be valued at US$ 153.33 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Skin care products are topical formulations that help improve the appearance and health of the skin. They provide benefits such as protecting, repairing, and hydrating the skin. The rising awareness about early skin care and preventive measures against skin damage is driving the demand for skin care products.
Market key trends:
Growing millennial population is expected to boost the skin care products market growth during the forecast period. According to the UN population fund, over 60% of the millennials are living in Asia. Millennials, especially female population, pay special attention to their skin care and are willing to spend more on quality skin care products. Furthermore, changing lifestyles, increasing disposable incomes, and growing awareness regarding personal care have positively impacted the skin care market growth over the years. The youth has become more conscious about their appearance, which has augmented the demand for anti-aging products among the geriatric population as well.
SWOT Analysis
Strength: Skin care products have wide variety of usage ranging from daily cleansing to anti-aging. With increasing aging population, demand for anti-aging products is growing rapidly.
Weakness: High cost of innovative and premium skin care products restrict their adoption in low and middle income groups. Also, increasing awareness about side effects of certain chemical ingredients acts as restrain.
Opportunity: Growing e-commerce sector provides ample opportunities to market new products and build brands. Also, demand from young population for natural/herbal products opens up new segments.
Threats: Stringent regulations surrounding product testing and approval inhibits frequent new launches. Also, increasing preference for do-it-yourself natural remedies poses pricing and supply challenge.
Key Takeaways
The Global Skin Care Products Market Growth is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing awareness about benefits of personal care and greater focus on outer appearance. Moreover, increasing spending power in emerging economies and growing premiumization is further fueling market growth.
Regional analysis: Asia Pacific region dominates the global skin care products market and is expected to maintain its lead during forecast period as well. China, Japan and India along with other developing Asian countries have enormous potential and are fastest growing markets due to changing lifestyles and improving spending on personal care products. North America and Western Europe are other major skin care hubs owing to strong disposable incomes and demand for anti-aging and natural ingredients based premium brands.
Key players operating in the skin care products market are Unilever Plc., Coty Inc., Johnson & Johnson Inc., Proctor & Gamble Co., LOreal S.A., Revlon Inc., Kao Corporation, Avon Products Inc., Beiersdorf AG., Colgate Palmolive Company, Natura & co., and Estee Lauder Inc. These players are focusing on new product launches, especially natural/herbal ranges and premium offerings to cater to the increasing health conscious population globally. Partnerships and mergers are other important strategies to consolidate their positions.
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