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.
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.
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.
Several emerging trends are expected to positively impact the global skincare market over the next few years. The top skincare trends include:
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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:
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: