Skin Care Products Market Size To Worth USD 218 Bn By 2032

The global skin care products market was valued at USD 148.16 billion in 2023 and is expected to reach around USD 218 billion by 2032, growing at a CAGR of 4.39% from 2023 to 2032.

Key Points:

Asia Pacific dominated the market and generated more than 36% of the revenue share in 2022.
The facial care type segment dominates the global market.
The female gender segment generated more than 61% of the revenue share in 2022.
The male segment is predicted to significantly boost from 2023 to 2032.
The tube packaging segment dominates the global market.
The face creams & moisturizers products segment captured more than 41% of revenue share in 2022.
The supermarkets & hypermarkets distribution channel segment dominated the market and accounted for over 41% of revenue share in 2022.

The creams, powders, and lotions are all examples of skin care products that improve and nourish the quality of skin. A variety of men and women use these items on a daily basis for a variety of reasons, including hydrating, moisturizing, and cleansing. The organic and natural skin care has become increasingly popular recently. This is due to public awareness of synthetic chemicals’ negative effects on the skin.

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The natural ingredients such as leaf extracts and root extracts are safe to use on the skin because they have no negative effects. The skin care products have seen an increase in demand in recent years as people have become more aware of the different benefits of utilizing them. As a result, the demand for natural and organic skin care products has increased, making it a key segment in the cosmetic and wellness market.

Regional Snapshot

Asia-Pacific is the largest segment for skin care products market in terms of region. This is due to the rising standard of life, the growing purchase population, and the growing working-class population in the region.

North America region is the fastest growing region in the skin care products market. The skin care products market in North America is predicted to rise due to greater awareness of skin nutrition products as a result of improved availability to a diverse range of brands.

Report Highlights

Based on the gender, the female segment dominated the global skin care products market in 2020 with highest market share. Females are more aware of the many skin care products available on the market for various applications, which is increasing product demand on a large scale.
Based on the products, face creams and moisturizers segment is estimated to be the most opportunistic segment during the forecast period. The brightening, acne removal, moisturizing, dark circle removal, oil reduction, sun protection, and night cream are just a few of the uses for them.
Based on the distribution channel, the supermarkets and hypermarkets segment dominated the global skin care products market in 2020 with highest market share. The convenience and ease with skin care products can be purchased from supermarkets and hypermarkets is likely to boost the market growth.

Table of Contents

Skin Care Products Market Scope

Report Coverage	Details
Market Size in 2023	USD 148.16 Billion
Market Size By 2032	USD 204.62 Billion
Growth Rate from 2023 to 2032	CAGR of 4.39%
Largest Market	Asia Pacific
Fastest Growing Market	North America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	By Type, By Packaging, By Products, By Distribution Channel, By End-User, By Category and By Ingredient

Skin Care Products Market Dynamics

Drivers

Surge in demand for anti–aging products

The old age people or geriatric population is growing at a rapid pace. This population faces skin care problems which can be treated with proper products and techniques. This has emphasized the importance of utilizing anti-aging products on a large scale. The anti-aging products help people to improve and enhance their skin complexion and quality. That’s the reason, the geriatric population is spending good amount of money on the purchase of anti-aging products such as face cream and anti-wrinkle cream. Moreover, the key market players have started investing heavily on the production of anti-aging products. The new product launch is also helping market players to tap the untapped markets globally. As a result, the surge in demand for anti-aging products is driving the growth of the global skin care products market over the projection period.

Restraints

High cost of skin care products

Some of the skin care products are very costly. The reason being that the organic products require long time period of production and extraction. The premium skin care products are expensive as compared to normal or regular skin care products. Thus, this factor is hindering the growth of the skin care products market during the forecast period.

Opportunities

Technological advancements

The skin care products soften the skin and revitalize the cells, resulting in a more youthful appearance. The artificial intelligence and internet of things-based gadgets that provide individualized skin nourishing solutions to individuals are gaining momentum in the personal care and beauty market, which is predicted to drive product demand. As a result, technological advancements is creating lucrative opportunities for the growth of the global skin care products market during the forecast period.

Challenges

Excessive use of skin care products

The burning sensations, redness, and skin irritation, quick ageing of skin cells, and discoloration can all come from long term usage of cosmetic and skin care products. Some skin care products are only for certain skin types such as oily and dry skin. The consumers, on the other hand, are prone to purchasing products based solely on the brand name and ignoring other product specifics, resulting in skin problems. Thus, the excessive use of skin care products is a major challenge for the market growth.

Key Developments

Shiseido Co. Ltd announced the launch of ULTIMUNE Power Infusing Concentrate III, a renewable of the iconic serum ULTIMUNE Power Infusing Concentrate N, in Japan in July 2021.
P&G’s Good Skin MD was launched in CVS Pharmacy’s offline and online stores in June 2021.
E’quipe Ltd, confirmed in December 2019 that its new brand Athletia will release on February 2020.
P&G announced the acquisition of Billie Inc. in January 2020. Billie is largely involved in supplying female beauty and grooming items, so this acquisition is expected to expand P&G’s product variety.
Gryphon Investors, based in San Francisco announced the purchase of anti-aging skincare brand RoC from Johnson & Johnson Consumer Inc. in 2019. Johnson & Johnson Consumer Inc’s RoC offers around 75 antiaging skin care products all around the world.