Skin care products market is anticipated to grow at a considerable CAGR of 8.4% during the forecast period (2024-2031). Skincare products are items designed to cleanse, moisturize, protect, and treat the skin that includes include cleansers, moisturizers, serums, masks, exfoliants, and sunscreens, among others. These products are formulated with various ingredients to address specific skin concerns like dryness, acne, ageing, or sensitivity.

Market Dynamics

Growing Consumer Demand

Consumer preferences in skincare often revolve around efficacy, safety, and convenience. People look for products that deliver visible results, whether it's reducing wrinkles, improving skin texture, or providing hydration. Natural and organic ingredients are gaining popularity due to concerns about synthetic additives and potential side effects. Moreover, consumers seek products tailored to their skin type and specific concerns, whether it's acne, sensitivity, or ageing. In January 2022, Galderma  acquired Alastin Skincare Inc., a specialized aesthetics firm committed to the creation of pioneering, clinically-proven skincare solutions for distribution through healthcare professionals in a move to expand its products offerings to meet consumer demand.

Advancements in Anti-Aging Skincare Products

Concerns about ageing drive a significant portion of the skincare market. As people age, they become more conscious of fine lines, wrinkles, loss of elasticity, and other signs of ageing. Consequently, they seek products with anti-ageing properties such as retinol, peptides, antioxidants, and collagen-boosting ingredients. Sunscreen use is also emphasized to prevent premature ageing caused by UV exposure. Overall, consumers are increasingly investing in skincare as a preventive measure against ageing rather than just treating existing concerns. For instance, in January 2024, BeautyStat unveiled its latest breakthrough in skincare technology with the introduction of the Peptide Wrinkle Relaxing Moisturizer+. This innovative product marks a significant milestone in the beauty industry, offering consumers an advanced solution for addressing the signs of ageing. By harnessing the power of peptides, this moisturizer promises to diminish wrinkles and promote smoother, more youthful-looking skin. BeautyStat continues to demonstrate its commitment to delivering cutting-edge skincare solutions that meet the evolving needs of consumers.

Market Segmentation

Our in-depth analysis of the global skin care products market includes the following segments by type, product, and technology:

• Based on type, the market is sub-segmented into facial care, lip care and body care.

• Based on category, the market is sub-segmented into premium skincare products and mass skincare products.

• Based on distribution channel, the market is sub-segmentedinto supermarkets & hypermarkets, convenience stores, pharmacy & drugstore and others (online).

Facial Care is Projected to Emerge as the Largest Segment

Based on the type, the global skin care products market is sub-segmented into facial care, lip care and body care. Among these, the facial care sub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includes the increasing awareness and importance of skincare routines for maintaining healthy and youthful-looking skin. Consumers are becoming more proactive in their skincare habits, emphasizing prevention and early intervention to address concerns such as ageing, acne, and uneven skin tone. Facial care products, including cleansers, moisturizers, serums, and masks, cater to these specific needs, offering targeted solutions for various skin types and concerns.

Premium Sub-segment to Hold a Considerable Market Share

The pemium sub-segment commands a significant market share in the global skincare products market due to its focus on premium ingredients, advanced formulations, and innovative technology, appealing to discerning consumers seeking effective and indulgent skincare experiences. These brands invest heavily in branding, packaging, and marketing to convey exclusivity and prestige, fostering strong consumer loyalty. With the rise of affluent consumers and the influence of social media and celebrity endorsements, luxury skincare products continue to attract a diverse and growing consumer base, reinforcing their position as leaders in the skincare market. For instance, in November 2023, Dior launched a luxury skincare line for infants called Baby Dior that will help infants keep their baby soft skin.

Regional Outlook

The global skin care products market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America). 

North America to Exhibit Considerable Market Growth

North America is the fastest-growing skincare products market due to the increasing awareness and emphasis on skincare routines and anti-ageing solutions among the population. Additionally, the region benefits from a strong economy, high disposable incomes, and a large consumer base willing to invest in premium skincare products. Innovation and product development in the region also contribute to its growth, with companies continuously introducing new and advanced formulations to meet consumer demands and also the influence of social media, celebrity endorsements, and beauty trends further drives demand for skincare products in North America. 

Global Skin Care Products Market Growth by Region 2024-2031

Asia-Pacific Holds Major Market Share

The Asia-Pacific region dominates market due to its large and growing population, cultural emphasis on skincare routines, and reputation for innovation in formulations and technology, particularly in South Korea and Japan. The influence of K-beauty and J-beauty trends, along with the expanding middle class and effective social media marketing, further contribute to the region's market leadership. As consumers in countries like China, India, and Indonesia gain greater purchasing power, they increasingly invest in skincare products, driving continued growth in the Asia-Pacific skincare market. For instance, in April 2022, Belviso introduced its premium skincare product range in India under the eponymous brand name. The debut collection features a selection of meticulously crafted formulations designed to target various skin concerns. From the Belviso Vitamin C Serum to the Belviso Transformation Cream, each product offers a tailored solution for achieving healthy, luminous skin. With its emphasis on quality and efficacy, Belviso aims to establish itself as a trusted name in the realm of skincare, catering to the diverse needs of consumers in the Indian market.

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the global Skin Care Productsmarket includeAmorepacific Corp., LVMH, Procter & Gamble, Unilever PLC, Colgate-Palmolive Co., and others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in January 2022, L'Oreal and Verily unveiled an exclusive strategic partnership dedicated to advancing skin health within the beauty industry. This groundbreaking collaboration marks a significant milestone, as it brings together the expertise of both companies to delve deeper into the mechanisms of skin and hair ageing. Through two distinct initiatives, the partnership aims to enhance the understanding of these ageing processes, thereby informing L'Oreal's precision beauty technology strategy and driving innovation in product development.

The Report Covers

• Market value data analysis of 2023and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global skin care products market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.