GVR Report cover Skin Care Products Market Size, Share & Trends Report

Skin Care Products Market Size, Share & Trends Analysis Report By Product (Face Creams & Moisturizers, Shaving Lotions & Creams), By Gender, By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: 978-1-68038-902-9
  • Number of Pages: 127
  • Format: Electronic (PDF)

Report Overview

The global skin care products market size was valued at USD 130.50 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2022 to 2030. Escalating demand for face creams, sunscreens, and body lotions across the globe is expected to have a positive impact on the market growth over the forecast period. Moreover, the flourishing e-commerce sector is anticipated to boost market growth further.

U.S. skin care products market size, by product, 2020 - 2030 (USD Billion)

The COVID-19 pandemic has had a devastating impact on the beauty and cosmetics industry. Store closures due to strict lockdown measures resulted in disastrous consequences, with sales decreasing by 60-70% from March to April 2020 globally. The companies responded positively to the crisis by addressing and increasing their production capacities by offering hand sanitizers and cleaning agents, as consumers spent less on beauty and grooming products.

Personalized products have been gaining traction among consumers in the U.S. With the growing consumer inclination toward natural beauty products, the concept of creams, serums, and moisturizers infused with natural ingredients is expected to witness significant demand over the forecast period. Such products are considered to be more effective and have few or no side effects, which, in turn, is expected to increase their application among consumers.

Increasing investments in the research & development of products, coupled with the rising trend of natural ingredient-based skincare products, have encouraged manufacturers to launch new products. For instance, in June 2021, Hale Cosmeceuticals, a well-established product manufacturer in the U.S., launched two natural ingredient products - Natural AZA Cleanser and Date Palm Deep Moisturizer - for the U.S. market.

Face creams and moisturizers are gaining increasing popularity globally, as people are becoming more conscious of their physical appearance along with being more concerned about skin disorders and malignancies of the skin. Furthermore, with a rising number of consumers opting for cruelty-free products due to their increased consciousness regarding animal welfare and the environment, the demand for vegan or blends of plant-based ingredients in these products has increased.

The online distribution channel has significantly changed the shopping habits of people as it offers benefits such as doorstep delivery, easy payment methods, heavy discounts, and the availability of a wide range of products on a single platform. Key players in the market are increasingly launching e-commerce websites in large lucrative markets owing to the rising internet penetration and increasing propensity of mobile shopping among consumers.

Gender Insights

The female segment held the largest revenue share of over 60.0% in 2021 and is expected to maintain its lead over the forecast period. Women are increasingly adding personal grooming products to their daily routines to enhance their confidence and appearance, which is significantly contributing to the segment growth. Furthermore, the importance of self-care in recent years has encouraged women to proactively create relaxing self-care experiences through complex skincare routines at home. This trend is driving the demand for skincare products with active ingredients that have healing and nourishing properties, including creams and lotions, repair creams, peels, masks, serums, powders, and scrubs.

The male segment is projected to register the fastest CAGR of 5.0% from 2022 to 2030. The growing awareness among males regarding personal hygiene and regular grooming, increased product launches, celebrity endorsements, and rising disposable income are the major factors fuelling the expansion of the men's skincare market. The appetite of men for skincare products is evolving beyond traditional grooming products such as deodorants, razors, and face wash to more specific skincare products like anti-aging and sun protection creams. The demand for anti-aging creams and sunscreens among men is expected to witness substantial growth in the near future.

Product Insights

Face creams and moisturizers held the largest revenue share of over 40.0% in 2021 and are expected to maintain their lead over the forecast period. Face creams and moisturizers are among the most used items as these are frequently applied. Apart from benefits such as instant hydration, reduced breakouts, and refreshed skin, moisturizers are an easy-to-use, hassle-free, and quick solution for combating dry skin. Furthermore, with a rising number of consumers opting for cruelty-free skincare products due to their increased consciousness about animal welfare and the environment, the demand for vegan or blends of plant-based ingredients in skincare products has increased. This presents the face creams and moisturizers segment with significant growth options for the future.

The shaving lotions and creams segment is projected to register the fastest CAGR of 5.5% from 2022 to 2030. The growth is mainly owing to an increasing number of people becoming a part of corporate culture and giving importance to personal grooming. The market is anticipated to be driven by increased spending. Consumers generally practice shaving for the removal of their facial hair. Growing awareness with regard to self-grooming, coupled with the rising disposable income, is expected to positively impact the market growth. Increasing awareness through advertisements, social media blogs, YouTube channels, and influencers is likely to augment the demand further.

Distribution Channel Insights

The supermarkets and hypermarkets segment held the largest revenue share of over 40.0% in 2021. Supermarkets and hypermarkets offer significant advantages to consumers, such as freedom of selection, lower prices, and high visibility of international brands, which makes them a suitable platform for all types of customers. According to an Entrepreneur Handbook article published in July 2021, Tesco, Sainsbury’s, Asda, and Morrisons supermarkets accounted for 63% of the retail sale in the U.K. Since supermarkets/hypermarkets offer significant advantages to consumers, such as freedom of selection, lower prices, and high visibility of international brands, it makes them a suitable platform for all types of customers of skincare products.

Global skin care products market share, by distribution channel, 2021 (%)

The convenience stores channel is projected to register a CAGR of 4.9% from 2022 to 2030. Some customers choose to buy these products from such stores because of the ease of purchase, their extensive network, and the ability to purchase the same products on a regular basis. Such stores accommodate more cosmetic and skin-oriented products owing to the growing consumer preference for the same. These stores offer a moderate range of product choices and help consumers make quick purchase decisions. Some of the popular convenience stores are 7-Eleven, Inc.; Alimentation Couche-Tard Inc.; Sainsbury’s Local; Londis; Krystals Express; and Casey’s General Stores.

Regional Insights

Asia Pacific held the largest revenue share of over 35.0% in 2021. The expansion of the chemical industry in India and China, both of which are backed by regulatory support, is expected to ensure continuous raw material access to skincare product manufacturers and thus, be a positive factor for the market in Asia Pacific over the forecast period. China is one of the major countries contributing to the growth of the global cosmetics and skin care products market, in terms of consumption as well as production. Various government policies are also promoting the demand for skin care products in the country.

North America is expected to register a CAGR of 4.3% from 2022 to 2030. Consumers in North American countries such as the U.S. and Canada are willing to pay a high price for a more youthful appearance, along with brighter and glowing skin. The rising consumer demand for specific skincare solutions and increasing consciousness regarding specific ingredients are expected to boost the demand for personalized beauty products. The presence of well-established product manufacturers in North America, such as Procter & Gamble and Unilever, along with the growing infrastructure facilities for retailers, is expected to support the demand for skin care products.

Key Companies & Market Share Insights

The market is characterized by the presence of a few established players and new entrants. Companies have been expanding their product portfolios by incorporating new and innovative skin care products to widen their consumer base. For instance, in July 2021, Shiseido Co. Ltd. announced the launch of ULTIMUNE Power Infusing Concentrate III in Japan, which is a renewal of the iconic serum ULTIMUNE Power Infusing Concentrate N. The product will be available in approximately 380 stores nationwide and on its beauty website watashi+.

In addition, in June 2021, Beiersdorf AG’s NX NIVEA Accelerator expanded into China and selected the top five startups for a new program in Shanghai. The brand signed a partnership agreement with China’s leading e-commerce platform Tmall and is focusing on collaborating with beauty startups from the areas of indie brands, beauty technology, personalization, and platform business models with a high degree of digitalization. In June 2021, P&G’s GoodSkin MD was launched on CVS Pharmacy’s offline and online stores. The brand will be offering six products: sunscreen, vitamin C and vitamin B serums, a night cream, a rescue cream, and a cleanser. Some prominent players in the global skin care products market include:

  • L’Oréal S.A.

  • Beiersdorf AG

  • Shiseido Co., Ltd.

  • Procter & Gamble (P&G)

  • Unilever

  • Johnson & Johnson, Inc.

  • Avon Products, Inc.

  • Coty Inc.

  • Colgate-Palmolive Company

  • Revlon

Skin Care Products Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 135.83 billion

Revenue forecast in 2030

USD 196.20 billion

Growth rate

CAGR of 4.6% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Gender, product, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; China; Japan; India; Brazil; Saudi Arabia

Key companies profiled

L’Oréal S.A.; Beiersdorf AG; Shiseido Co., Ltd.; Procter & Gamble (P&G); Unilever; Johnson & Johnson Services, Inc.; Avon Products, Inc.; Coty Inc.; Colgate-Palmolive Company; Revlon

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global skin care products market report on the basis of gender, product, distribution channel, and region:

  • Gender Outlook (Revenue, USD Million, 2017 - 2030)

    • Male

    • Female

  • Product Outlook (Revenue, USD Million, 2017 - 2030)

    • Face Creams & Moisturizers

    • Cleansers & Face Wash

    • Sunscreen

    • Body Creams & Moisturizers

    • Shaving Lotions & Creams

    • Others

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

    • Supermarkets & Hypermarkets

    • Convenience Stores

    • Pharmacy & drugstore

    • Online

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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