Skincare Market Analysis - Industry Research, Trends and Forecasts
Skincare Market Size and Overview
The size of the global cosmetic skincare market will increase by USD 38 billion between 2020-2024, accelerating at a CAGR of 5% during the forecast period. This growth in market size will be attributed to the presence of premium brands as consumers are becoming more interested in expanding their knowledge about skincare. This factor helps premium skincare companies expand their market share, build up their digital appeal, and improve their credibility.
Consumers are increasingly focusing on protecting their skin with preventative skin care products as exposure to harmful UV radiations can cause premature aging of the skin, or even lead to skin cancer. Due to this factor, it is becoming imperative for consumers to use sun care products to protect their skin from damage. The demand for multifunctional products is expected to spur the growth of the sun care products market in the coming years. For example, BB creams act as moisturizers, serums, a foundation for makeup, and sunblock. Multifunctional products such as this are becoming increasingly popular because of the convenience associated with its use and will act as key skincare market trend in the coming years. Technavio forecasts the global sun care products market to grow USD 2.85 billion in market size between 2017-2022.
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Additionally, the growing preference for natural and organic skincare products will be another major trend expected to gain traction over the next five years. Consumers are opting for products that do not have chemicals and will continue to shift towards green cosmeceuticals, which provides natural alternatives to classical cosmeceutical treatments. This trend will have a significant impact on the growth of the organic skincare products market.
Players in the skincare industry are increasing their focus toward expanding their product portfolios. Prominent vendors are introducing natural and herbal skincare products to capitalize on the demand from maternity women. Many personal and skincare vendors are focusing on increasing sales through online portals as well as third party vendors. Few vendors are also offering customized services by providing expert suggestions based on skin tone and style preferences of the customer.
Skincare product manufacturers are consistently increasing their R&D efforts to develop products that enhance the health and appearance of the consumers’ skin. With growing competition and the rising consumer demand for innovative products, skincare product manufacturers are offering professional treatments and products that are priced higher than traditional skincare products. Consumers, particularly in the APAC region are increasingly becoming aware about the health benefits of using professional skincare products. Mainly driven by a strong demand for anti-aging products, the professional skincare market will grow by USD 4.65 billion during 2021-2025.
Skincare Market Insights and Trends
Skincare Market Research Insights
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The global skincare products market will grow USD 50.04 billion between 2021-2025. 47% of the market's growth will come from the Asia-Pacific region.
- Pigmentation, aging, and acne are some of the major concerns among customers within the men's skincare market. This is encouraging vendors to meet customer requirements by expanding their existing product lines and introducing new premium men's' skincare products.
Skincare Market Trends
Several emerging trends are expected to positively impact the global skincare market over the next few years. The top skincare trends include:
- The growing popularity of professional, at-home products and kits
- Rising demand for multifunctional and organic men's skincare products
- Current market players partnering with more salons and spas
- Use of nanotechnology in product development for suncare products
- Increased E-tailing and social media marketing
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Skincare Market Share and Segmentation
Within our skincare products market research, we provide deep insights into the market landscape, its segments, and their market share. Face skincare products hold a major advantage in market share over body care products. These products include skin-brightening creams, anti-aging creams, face moisturizers, toners, cleansers, face masks, face scrubs, and sun protection creams. The face skincare segment is expected to continue to hold the majority market share through 2021.
Our skincare market segmentation research offerings include:
- Facial Cream Market
- Moisturizers market
- Eye creams market
- Anti-aging creams market
- Toners Market
- Alcohol-based facial toners market
- Glycerin-based facial toners market
- Water-based facial toners market
- Cleansing Lotions Market
- Foam cleansers market
- Cream cleansers market
- Micellar cleansers market
- Oil cleansers market
- Gel cleansers market
- Facial Masks Market
- Cream masks market
- Clay masks market
- Gel masks market
- Sheet masks market
- Serums Market
- Anti-aging serums market
- Skin brightening serums market
- Acne fighting serums market
- Hydrating face serums market
- Exfoliating face serums market
- Reparative and renewing face serums market
- Sun Care Products Market
- Water-resistant sunscreen market
- Extended-wear sunscreen market
- Moisturizers and foundations with SPF market
We at Technavio, with our comprehensive understanding of the skincare market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our skincare market reports offer the following insights:
- Skincare market trends
- Skincare market share
- Skincare market size
- Skincare market growth
- Skincare market forecast
- Skincare market vendor landscape
- Skincare industry statistics
