Meticulous Research®, a prominent firm specializing in market research, recently released a comprehensive report titled, ‘Skin Care Products Market by Type (Facial, Lip, Body) Product (Cream, Lotion, Powder, Lotion, Moisturizer, Toner) User Group (Male, Female, Unisex) Price Category (Mass, Premium) Distribution Channel (Supermarket, Retail, Online) – Global Forecast to 2030.’
As per the most recent report by Meticulous Research®, the skin care products market is expected to attain a value of $199.42 billion by 2030, showcasing a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. Factors propelling this growth include rising consumer interest in anti-aging solutions, the uptake of organic skincare items, the surge in personal grooming practices, enhanced consumer awareness regarding beauty and personal care, and heightened expenditures on personal wellbeing.
Key Players
The leading companies highlighted in the skin care products market report include L'Oréal S.A. (France), Johnson & Johnson, Inc. (U.S.), Unilever PLC (U.K.), Revlon, Inc. (U.S.), Avon Products, Inc. (U.S.), Colgate-Palmolive Company (U.S.), Shiseido Co., Ltd. (Japan), The Procter & Gamble Company (P&G) (U.S.), Oriflame Holding Limited (Switzerland), Estee Lauder Companies, Inc. (U.S.), Beiersdorf AG (Germany), Coty Inc. (U.S.), Kao Corporation (Japan), Amorepacific Corporation (South Korea), and Caudalie (France).
The skin care products market is divided based on various factors including type (facial care, lip care, and body care), product (creams, lotions, powders, moisturizers, cleansers, toners, exfoliators, and other skin care products), composition (chemical composition and natural composition), packaging type (tube, jar, bottle, and other packaging type), distribution channel (supermarkets, specialist retail stores, e-commerce, pharmacies, and other distribution channels), price category (mass and premium skin care products), and geography. The report also assesses competitors in the industry and provides analysis on regional and national market dynamics.
Among the types, in 2023, the facial care segment is projected to dominate the market, attributed to its focus on cleansing, moisturizing, and maintaining facial health. This segment's prominence is vital due to the face's smaller cells compared to other body parts, emphasizing the necessity for regular upkeep to achieve hydrated and radiant skin, thereby bolstering its significant market share.
Among products, in 2023, the creams segment is anticipated to hold the largest market share. Creams play a crucial role in skin hydration and elasticity maintenance. Additionally, they facilitate skin repair, enhance blood circulation, and mitigate the adverse impacts of pollution on the skin. Certain creams incorporate natural ingredients, offering benefits without posing harm, unlike some chemical-based products.
Among compositions, in 2023, the chemical composition segment is projected to dominate the market, primarily due to the widespread availability of skincare products based on chemical compositions, their affordability, longer shelf life, and enhanced product stability. Nonetheless, there is a growing trend towards natural compositions, which is anticipated to diminish the segment's share in the foreseeable future.
Among packaging types, in 2023, the tube segment is anticipated to hold the highest market share. This is primarily because tube packaging offers various advantages, including clean and effortless dispensing, cost-effectiveness, convenience, and protection against contamination. Furthermore, the recyclability and reusability of tube packaging contribute to its environmental friendliness, thereby bolstering its significant market share.
Among distribution channels, in 2023, the supermarkets segment is projected to hold the largest market share. Supermarkets are retail outlets where customers can freely browse and select from a diverse array of skincare products, catering to various product types, skin types, and materials. These establishments often provide special promotions and discounts to attract consumers to make purchases in-store rather than online. Offline shopping offers advantages such as the ability to inspect product quality and the freedom to choose from a wide range of brands, contributing to its popularity.
Among price categories, in 2023, the mass skin care products segment is anticipated to hold the dominant market share. These products are produced in large quantities and distributed to various retail outlets like supermarkets, department stores, and online platforms. They often feature discounted prices, making them more accessible to consumers. Due to their mass production, these products typically have generic formulations and ingredients that are generally suitable for all skin types.
Among user groups, in 2023, the female segment is projected to dominate the market, primarily due to the rising demand for skincare items incorporating natural and organic components, coupled with the increasing spending power of women. Women are more inclined to invest in their skincare routines, given the wider availability of products tailored specifically for them compared to men. Moreover, women tend to allocate higher budgets for skincare products and exhibit greater adoption rates, thereby making the female segment the leading contributor to market share.
Geographic Review
The research report conducts a thorough analysis of key geographical regions, encompassing North America (including the U.S. and Canada), Europe (with focus on Germany, France, U.K., Italy, Spain, Netherlands, Sweden, Switzerland, and other European nations), Asia-Pacific (covering China, Japan, India, South Korea, Australia, and other Asian countries), Latin America (encompassing Brazil, Mexico, and other Latin American nations), and the Middle East & Africa. In 2023, North America is projected to lead the skin care products market, followed by Europe and Asia-Pacific. The significant market share of North America is attributed to the increasing popularity of skincare products offering advanced features for skin health maintenance, coupled with the region's high disposable income levels.
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Key questions answered in the report-
• What are the market segments experiencing rapid growth in terms of product, type, composition, packaging type, distribution channel, price category, user group, and geography?
• What were the past market trends for skin care products worldwide?
• What are the projected market forecasts and estimations for the period spanning from 2023 to 2030?
• What are the primary factors fueling growth, hindering progress, presenting opportunities, and posing challenges in the skin care products market?
• Who are the key players in the skin care products market?
• How does the competitive environment look in the skin care products market, and which companies are leading the market?
• What are the latest advancements or updates in the global skin care products market?
• What strategies do the major players in the global skin care products market employ?
• What are the geographic patterns and regions/countries experiencing substantial growth trends?
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