The Australia Skincare Products Market Is Estimated To Witness High...

The Australia Skincare Products Market Is Estimated To Witness High Growth Owing To Increasing Demand For Natural Skincare Products

Posted 2023-12-26 14:47:16

The global Australia Skincare Products Market is estimated to be valued at US$ 2338.37 Bn or in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Australia skincare products market encompasses a wide range of products used for skin care including anti-aging cream,skin brightening cream, anti-acne solutions, sun protection creams, moisturizers, cleansing lotions, face masks, scrubs and other advanced skincare products. Increasing awareness about taking care of one's appearance and prevent premature aging has been driving significant demand for these products.

Market Dynamics:
The Australia skincare products market is primarily driven by increasing demand for natural and organic skincare products. Consumers today are more informed and aware of ill-effects of chemicals present in synthetic skincare products. This has prompted them to switch to natural and organic products made from plant and herbal extracts. For instance, products containing ingredients like aloe vera, coconut oil, essential oils, honey etc. are gaining immense popularity. Additionally, rising disposable income and changing lifestyle leading to increased spending on personal care are also fueling market growth. However, availability of low cost counterfeit products remains a challenge. Strict regulations regarding ingredients and marketing claims are expected to curtail this threat to some extent over the forecast period.

SWOT Analysis

Strength: Australia skincare products market has a large consumer base due to growing aging population and increasing skin issues. Rising awareness about skincare benefits has led to higher product adoption. Significant investment in R&D has resulted in innovative products catering to diverse skin concerns. Established distribution channel reach products to both urban and rural locations easily.

Weakness: High price of premium and natural skincare products restricts its demand among lower income population. Rising trend of herbal and Ayurveda based products pose competition to conventional products. Lack of standard regulations allows entry of low-quality products affecting brands Loyalty.

Opportunity: Growing trend of male grooming and skincare presents new avenues. E-commerce platforms are promoting brands and products extensively increasing their reach. Rising disposable incomes allow consumers to spend more on quality products. Developing rural markets remain untapped providing scope for business expansion.

Threats: Intense competition from local and international players. Vulnerability to global economic slowdown impacts domestic demand. Stringent regulations around ingredients and formulations increases compliance cost.

Key Takeaways

The global Australia Skincare Products Market Demand is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing aging population and skin problems.

Market size for 2023 is US$ 2338.37 Bn. The market is primarily driven by growing awareness about skincare, rising spending on personal care, effective marketing campaigns promoting skincare regimes.

Regional analysis
The Australia region dominates Australasia skincare products market with around 45% share in 2023. Presence of key brands, retailers boost its prospects. Moreover, growing health consciousness and significant working population raise product usage. New Zealand follows behind Australia due to surging premium skincare demand associated with increasing disposable incomes.

Key players operating in the Australia skincare products are Beiersdorf AG, L'Oreal SA, Procter & Gamble, Unilever, Bioderma Laboratories, Clarins Group, Dermalume Skincare, Johnson & Johnson Inc., Estee Lauder Inc., Miranda Kerr Pty Ltd (Kora Organics), Jurlique International Pty Ltd, and Natio.