Skin care Products Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCPG1245 | Last Updated On: Jul 08 2022 | Available Formats

> Global Skin care Products Market Expected to reach at a high CAGR of 8.2% by 2029: DataM Intelligence

Global Skincare Products Market is segmented By Product type (Facial Care Products (Skin-brightening creams, Anti-aging creams, Face moisturizers, Others (Toners, Cleansers, Face Masks, Face Scrubs, And Sun Protection Creams)), Body care products (Lotions, Massage Oils, Others)), By Distribution channel (Offline distribution channel, Online distribution channel), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Skin care Products Market" is expected to grow at a high CAGR of 8.2% during the forecasting period (2022-2029).

Skin care body products are products that help to maintain skin integrity, improve appearance, and alleviate skin issues. These are applied to the skin to prevent early aging symptoms like acne and dark spots. The global skin care body products market is highly diversified as it varies from region to region, catering to a wide range of skin types present across the globe. Increasing demand for body oils, sunscreens, and body lotions worldwide is likely to boost market growth during the forecast period. Furthermore, the flourishing e-commerce sector is expected to boost the market growth.

Market Dynamics

Increasing awareness of personal grooming among all age groups to drive demand

The need for skin nourishment products has increased due to rising worries about skin nourishment caused by a variety of issues such as the increased occurrence of acne, black spots, scars, dullness, and tanning. Consumer purchasing patterns on premium beauty care items are expected to change, supporting the market's overall growth. Furthermore, demand for body lotions and creams is rising as people become more aware of the negative effects of prolonged sun exposure. According to a survey performed by Unilever in February 2021, 74 percent of respondents favor the beauty and personal care industry, which focuses more on helping people feel better. The survey included 10,000 respondents from nine countries, including the United States, India, and China.

On the other hand, regular use of cosmetic products for an extended period can cause skin irritation, redness, burning sensations, discoloration, and premature aging of skin cells. Some nourishing skin products are designed specifically for certain skin types, such as dry or oily skin. On the other hand, consumers tend to buy products based on the brand name and neglect other product characteristics, which can harm their skin. Furthermore, due to specific components that are not good for the individual, a few products might cause allergic responses and the development of pimples. Excessive use can potentially lead to serious problems, such as skin cancer such as melanoma. Therefore, these are some of the major restraining factors responsible for hampering market growth.

Market Segmentation:

Body lotions and moisturizers segment accounted for the highest share in global skin care body products market

Body lotions and moisturizers had the highest revenue share of more than XX percent in 2021, which is likely to continue throughout the projection period. Body lotions and moisturizers are among the most commonly used products since they are used regularly. Moisturizers are an easy-to-use, hassle-free, and quick alternative for addressing dry skin and benefits such as rapid hydration, fewer breakouts, and refreshed skin. Furthermore, as more consumers choose cruelty-free skincare body products due to their growing concern for animal welfare and the environment, the demand for vegan or plant-based ingredient blends in skincare products has grown. This provides huge potential growth opportunities for the face creams and moisturizers industry.

In 2021, the female segment had the highest revenue share of over XX percent, which is likely to continue throughout the projection period. Women increasingly incorporate personal grooming items into their daily routines to boost their confidence and appearance, driving the segment growth. Furthermore, the importance of self-care has prompted women to construct calming self-care experiences at home through elaborate beauty routines in recent years. This trend fuels the demand for skincare products such as creams and lotions, repair creams, peels, masks, serums, powders, and scrubs that include active ingredients with healing and nourishing effects.

Geographical Penetration:

Asia-Pacific is the dominating region during the forecast period

In 2021, Asia Pacific had the highest revenue share of over XX percent. Growing population and rapid urbanization, along with the increase in per capita spending on personal care products in highly developing economies such as China, South Korea, India, and Indonesia, contributing to the growth of the skin care body products market in this region. Furthermore, the expansion of the chemical sector in India and China, both of which have regulatory support, is predicted to ensure continuing raw material access to skincare body product makers and thus be a positive factor for the Asia Pacific market over the projection period. China is one of the primary contributors to the global cosmetics and skin care body products market's growth in terms of consumption and production. Various government measures are also encouraging people to use skincare body products.

North America is predicted to grow at a CAGR of XX percent during the forecast period. Consumers in North American countries like the United States and Canada are willing to pay a premium for a more youthful appearance and glowing skin. Personalized beauty products are predicted to grow in popularity as customer demand for specialized skincare body treatments grows, as does consumer awareness of certain chemicals. The presence of well-known product manufacturers in North America, such as Procter & Gamble and Unilever, and expanding infrastructural facilities for retailers are likely to promote skincare product demand.

Competitive Landscape:

Due to a variety of local and international companies in the global marketplace, the global skincare body industry is extremely fragmented. Manufacturers are concentrating on creating environmentally friendly packaging options and sustainable products in terms of ingredients used, such as organic and vegan products. Manufacturers are focusing on employing diverse botanical extracts as raw materials to meet increasing customer demand for safe and less hazardous products, attracting a consumer base. Shiseido Co. Ltd., for example, announced the launch of ULTIMUNE Power Infusing Concentrate III in Japan in July 2021, which is a refresh of the famous serum ULTIMUNE Power Infusing Concentrate N. The product would be sold at around 380 outlets across the country, as well as on the beauty website watashi+.

COVID-19 Impact:

Negative impact on the global skin care body products market.

The COVID-19 pandemic has impacted the demand for skincare body products in various regions. As lockdowns were imposed across the globe, the supply chain was disturbed. Various businesses and industries were closed, which adversely affected the business. This pandemic has also impacted logistics suppliers and farmworkers. Due to the nationwide lockdowns, all the shops and industries were closed. This adversely affected the sales of skincare body products; however, the industry is expected to gain momentum in the next few years. As customers spent less on beauty and grooming items, corporations responded favorably to the issue by addressing and boosting their production capacities by selling hand sanitizers and cleaning agents.

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