At 5.9% CAGR, Skincare Market Size is Projected to Reach USD 198.13 Bn by 2027, Says Brandessence Market Research

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PUNE, India, Dec. 8, 2021 /PRNewswire/ -- According to Brandessence Market Research, the skincare market size reached USD 132.64 Billion in 2020 and Global Skin Care Market Size is expected to reach USD 198.13 Billion by 2027 The skincare market size is poised to grow at significant pace, as covid-19 pandemic continues to shift demand from make-up demand to skincare, along with increased consumer awareness.

The skincare market is likely to grow at 5.9% CAGR during the 2021-2027 period. According to published academic studies summarizing Google trends, or social media comments, words like, "Abosorb, good, effect, moisture, nourishing," remain highly associated with skincare today. The growing concern about factors like air pollution, erratic weather, and increased demand for social media appearances are likely to drive major growth for skincare products like skin-moisturizers in the near future. The demand for oils, lotions aimed at skin-moisturizing remains at an all-time high.

According to a study published in the MPDI open access journal in June 2020, women who applied skincare products for a period of 28 days showed significant improvement in self-esteem, improved feelings of empowerment, and happiness. Furthermore, the study reported that the feelings continued for two-weeks after the skincare treatment. These improvements also included growth in energy, vitality, personal pleasure, routine activity, and physical state. Such studies across cultures have been compared, and delivered promising results. The growing aging population, association of beauty with mental wellbeing, and increased availability of natural skincare remain key drivers of growth in the global skincare market.

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News: Lancer Skincare Partnered with ByondXR to Launch Virtual Lancer Dermatology Shop - "On November 22nd, 2021; ByondXR announced the launch of the Virtual Lancer Dermatology Shop. It was the first-ever for a prestige skincare brand in the U.S. Led by world renowned celebrity dermatologist Dr. Harold Lancer."

According to Google statistics, global population took 93 million selfies on average every day in 2014. Generations like millennial remain leading driver of the selfie-craze, with an average of 25,700 selfies in their lifetime. Furthermore, over 17 million selfies were shared through platforms like Instagram, Facebook, Snapchat, and Twitter, with 10 new selfies coming up every 10 seconds on Instagram alone. Moreover, studies from Georgic Institute of Technology report that 57% selfies were taken by people between age group of 18-35 year olds. Furthermore, 30% selfies were taken by people under the age of 18, and 59% selfies were posted by women. Additionally, individuals between 16-25 spend 5 hours a week taking selfies each week as per the report. The growing demand for beautification and increased association of beauty with socio-economic status, opportunities, and progression remain key drivers of skincare market growth.

Skincare Market: Competitive Analysis

The skincare market remains a fragmented, competitive, and innovative landscape. The end-players in the skincare market have continued to meet demand for natural skin care with addition of herbal and other natural ingredients, marketing most products as natural. Some top companies in the global skincare market are.

"L'Oréal Professional, Revlon Consumer Products Corporation, Shiseido Company Limited, Unilever N.V, Estée Lauder Companies Inc., Avon Products, Inc., Coty Inc., Procter & Gamble (P&G), Beiersdorf AG, and Johnson and Johnson"

Skincare Market Segmentations: An Overview

The skin care industry growth took a major leap amidst the coronavirus pandemic, as consumers quickly adapted from conventional make-up products to skincare routine. The mental derogatory effect of global lockdowns, and increased need to avoid social events drove a greater need to adapt to skincare routine for men and women across the globe. The pandemic has also had some adverse effect on skin care industry growth, with the closure of various bricks and mortar stores. Furthermore, the derailment of supply chains has also resulted in delays, with consumers increasingly taking time to search for the best skincare products for their needs. The increased impact of social media influencers remains apparent as more players in the skincare market deploy social media influencing via channels like Instagram to drive traction.

Skincare market segmentation divides products into lotions, creams, powder, sprays, and others. The skincare market segmentation also includes packaged form including tube, bottle, jar, and others. Furthermore, the skincare market segmentation also includes gender, and distribution channel like cosmetic stores, supermarkets, and online sales. Among the product category, the lotions and creams are expected to promise major growth due to their convenient to use, attractive, and informative packaging. The growing demand for information-based products in the global skincare market remains a major trend.

By Product:

• Cleansers and Toners
• Face Moisturizers
• Body Care
• Serum

By Distribution:

• Supermarkets & Hypermarkets
• Convenience Stores
• Pharmacy & Drug store
• Online
• Others

By Gender:

• Male
• Female
• Infant

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Skincare Market: Key Trends

• Skin minimalism remains a key trend driving growth of products like moisturizers, ointment, supportive of skin maintenance. The trend topped the list of Pinterest prediction in its 2021 report. The trend signals increased consumer adoption of natural texture of skins, and simplifying skincare routine to drive less demand for skin-makeup. While using less make-up, and opting for natural skincare products, consumers continue to drive demand for smarter products to ease the burden of skincare, and with a growing demand for skin maintenance rather than accessorizing.
• Social media influencing, and celebrity-driven marketing campaigns remain a prominent feature of the skincare market. Global celebrities like Alicia Keys, Rihanna, Jennifer Lopez have jumped into the skincare line-up with their own products, hoping to capture on growing demand for skincare routine in general. On the other hand, as men show increased willingness to adopt to skincare, there is a tremendous boom to capture the new audience with male-driven brands.
• Home-skin care treatments continue to rise with increased experimentation with devices like facial rollers to drive facial message. This is in line with increased maintenance of skincare, with demand for beautification tools which can provide a long-term benefit, and promise realistic goal of beautification like messaging skin everyday, continue to drive growth for products in the skincare market. Do-It-Yourself skincare devices also promise a natural look, increasing becoming appealing to consumers globally.
• As demand for skincare routine for aged individuals rises, the demand for sustainable skincare also increases. Many consumers remain fully-aware of the psychological boost of skincare products, and wish to minimize damage of chemicals, and other agents while opting for a sustainable skincare.

Skincare Market: Regional Analysis

The skincare market report covers key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America promises to hold the largest share of total revenues during the 2021-2028 period. The growing demand for skincare routine among middle-aged women, and growing elderly population in countries like the US remain key drivers of the skincare market growth. The large population of Asia Pacific, and promising appeal of conventional skincare product lines like herbal remain key drivers of growth in the skincare market.

North America

• U.S, Canada

Europe

• Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC,

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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