Skincare Market Estimated to Experience a Hike in Growth by 2035
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The global skincare market size is projected to grow from US$184 billion in 2024 to US$407 billion by 2035, representing a CAGR of 7.5%, during the forecast period, 2024-2035.
From cleansers and moisturizers to serums and specialized treatments, the industry caters to the diverse needs, concerns, and preferences of consumers across various skin types. The industry is marked by a continuous cycle of innovation, with the introduction of new ingredients, technologies and trends constantly shaping consumer demand and market dynamics. As consumers become increasingly conscious of clean beauty, sustainability, and personalized solutions, the industry has adapted to meet these evolving preferences, ensuring it remains responsive to the changing needs of its global customer base.
The global beauty and cosmetics industry is fueled primarily by the Gen Z population. Further, awareness for personal care products has become mainstream largely through social media over the years, propelling the market ahead.
Various Segmentations covered in the report
Type of Product by Application
- Skin Cleansers
- Skin Moisturizers
- Anti-aging Products
- Sun Protectors and Others
Type of Product by Body Part
- Facial Care Products
- Body Care Products
- Lip and Eye Care Products
Distribution Channel
- Online Distribution Channels
- Offline Distribution Channels
Type of Offline Distribution Channels
- Convenience Stores
- Supermarkets
- Pharmacies
Type of Packaging
- Tubes
- Bottles
- Jars
- Others
Product Category
- Luxury Skincare Products
- Mass Skincare Products
Gender
- Men
- Women
- Other Genders
With a strong focus on continuous innovation and sustainability, companies, including Amorepacific and other leading players claim to redefine beauty standards globally through their various collaborations and initiatives in the personal care industry. The increasing awareness in the domain of skincare solutions is evident from number of key strategic initiatives undertaken by leading companies in the recent past.
It is interesting to know that presently, L’Oreal, along with Unilever, Estee Lauder, Procter & Gamble, Coty and Shiseido capture the majority share of the global beauty market. Close to 70% of the leading skincare product manufacturers provide solutions for both men and women; additionally, close to 20 of these companies claim to provide anti-aging products.
The high costs involved in developing cosmetic products pose a significant barrier for firms looking to exit the industry. Recouping the investments made in production equipment and machinery is challenging, as disposing of these specialized assets at fair market value is difficult. This capital-intensive nature of the cosmetics industry creates an exit barrier, deterring firms from easily leaving the market even if they are not achieving desired profitability levels.
The skincare market is expected to grow at a CAGR of around 8%, during 2024-2035. The anticipated future opportunity, in terms of annual product revenues, is expected to be well distributed across multiple segments, such as type of product, distribution channel, gender and key geographical regions. It is worth mentioning that amongst type of product (by application), skin cleansers are anticipated to dominate the overall skincare market in the coming future, capturing close to 40% share of the overall market, by 2035
Further, driven by the rising demand for skin rejuvenating products in the aging population, the focus on facial skin health has also risen over the years. Owing to this, facial care products are expected to dominate the market till 2035.
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