Skin care products Market to Reach $241.5 Billion, Globally, by 2031 at 3.6% CAGR: Allied Market Research

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May 10, 2023, 11:23 ET

PORTLAND, Ore., May 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Skin Care Products Market By Type (Face Cream, Body Lotion, Face Wash, Others), By End User (Women, Men), By Price Point (Mass, Premium), By Distribution Channel (Supermarkets And Hypermarkets, Specialty Stores, Online Channels, Others): Global Opportunity Analysis And Industry Forecast, 2021-2031". According to the report, the global skin care products industry generated $170.7 billion in 2021, and is anticipated to generate $241.5 billion by 2031, witnessing a CAGR of 3.6% from 2022 to 2031.

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Prime determinants of growth

The growth of the global skin care products market is driven by the shifting lifestyle patterns in emerging countries due to rapid urbanization, increased knowledge of skin care with sophisticated skin care products, and rising demand for skin care products. However, increasing prices of packaging and ingredients and probable negative effects of chemical ingredients hamper the growth of the market. On the contrary, new product innovation and increasing investment in emerging countries are expected to offer remunerative opportunities for the expansion of the skin care products market during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2022–2031
Base Year	2021
Market Size in 2021	$170.7 billion
Market Size in 2031	$241.5 billion
CAGR	3.6 %
No. of Pages in Report	300
Segments covered	Type, End User, Price Point, Distribution Channel, and Region.
Drivers	Changing lifestyle patterns in emerging countries due to rapid urbanization Rising awareness towards skin care with advanced skin care products Increasing demand for skin care products
Opportunities	New product innovation Increasing investment in emerging countries
Restraints	Increasing prices of packaging and ingredients Probable negative effects of chemical ingredients

Covid-19 Scenario

The Covid-19 pandemic had a slight positive impact on the skin care products market owing to an increase in skin care activities by consumers during the lockdowns.
Many consumers attempted to adopt healthy skin care routines during the pandemic lockdown period and to incorporate these routines as habits, which resulted in a beneficial impact on the market both during and after the pandemic.

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The face cream segment to maintain its leadership status throughout the forecast period

Based on type, the face cream segment held the highest market share in 2021, accounting for around two-fifths of the global skin care products market revenue and is estimated to maintain its leadership status throughout the forecast period, as facial skin creams contain ingredients that assist in healing skin damage and nourish skin cells. However, the body lotion segment is projected to manifest the highest CAGR of 3.9% from 2022 to 2031, as body lotions are necessary for supplying hydration to the skin of the body and prevention of skin disorders such as dryness, peeling, and even eczema.

The women segment to maintain its lead position throughout the forecast period

Based on end user, the women segment held the highest market share in 2021, accounting for more than two-thirds of the global skin care products market revenue and is estimated to maintain its leadership status throughout the forecast period. This is because women often use skin care products like as sunscreen, anti-aging creams, body lotion, serums, body oils, and others to keep the youthful quality of their skin and to avoid symptoms of ageing and sun damage. However, the men segment is projected to manifest the highest CAGR of 3.9% from 2022 to 2031, owing to an increase in the understanding of the necessity of skin care and effective practices of skin care among men.

The mass segment to maintain its leadership during the forecast period

Based on price point, the mass segment accounted for the largest share in 2021, contributing to nearly three-fourths of the global skin care products market revenue and is projected to maintain its lead position during the forecast period, because skin care products that are mass-produced are those that are used on a daily basis to hydrate the skin and offer smoothness and radiance at lower prices. The premium segment is expected to portray the highest CAGR of 3.7% from 2022 to 2031, as premium skin care products offer long-lasting benefits and can seal in moisture without leaving the skin looking sticky or oily.

The supermarkets and hypermarkets segment to maintain its leadership throughout the forecast period

Based on distribution channel, the supermarkets and hypermarkets segment held the highest market share in 2021, accounting for more than half of the global skin care products market revenue and is estimated to maintain its leadership status throughout the forecast period, as skin care products from several different categories and brands in one location assists consumers in forming a connection between the company and the shopper. However, the online channels segment is projected to manifest the highest CAGR of 4.1% from 2022 to 2031, owing to the increase in online order reliability and quality assurance of skin care products through trusted manufacturers and online personal care stores.

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Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global skin care products market revenue, owing to their readily available in addition to the wide variety of skin care products available in the region. However, Asia-Pacific is expected to witness the fastest CAGR of 4.6% from 2022 to 2031, as there are numerous regional skin care product companies that make things within the preferred budget range of the region's consumers, allowing the market to thrive.

Leading Market Players:

Estee Lauder Companies Inc.
Johnson & Johnson
Kao Corporation
LOREAL S. A.
LVMH
Procter & Gamble
Revlon, Inc.
Shiseido Company, Limited
Unilever
Weleda AG

The report provides a detailed analysis of these key players of the global skin care products market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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