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

Skin Care Products Market Size, Share & Trends Analysis Report By Gender (Female, Male), By Product (Face Creams & Moisturizers, Cleansers & Face Wash), By Distribution Channel, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Oct, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-902-9
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 125

Report Overview

The global skin care products market size was valued at USD 129.23 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028. 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 the market growth. The COVID-19 pandemic has had a devastating impact on the beauty and cosmetics industry. Store closures due to the strict lockdown measures resulted in disastrous consequences, with sales decreasing by 60% - 70% from March to April 2020 globally. The companies have been responding positively to the crisis by increasing their production capacities and offering hand sanitizers and cleaning agents as consumers intend to spend less on beauty and grooming products.

U.S. skin care products market size, by product, 2018 - 2028 (USD Billion)

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 growing trend of natural ingredient-based skin care products, have encouraged manufacturers to launch new products. For instance, in June 2021, Hale Cosmeceuticals, a well-established skin care 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 skin care products due to their increased consciousness about animal welfare and the environment, the demand for vegan or blends of plant-based ingredients in skin care 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 2020 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.

The male segment is projected to register the fastest CAGR of 5.1% from 2021 to 2028. The growing awareness among males regarding personal hygiene and regular grooming, increased product launches, celebrity endorsements, and rising disposable income are the major factors driving the segment.

Product Insights

Face creams and moisturizers held the largest revenue share of over 40.0% in 2020 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.

The others segment is projected to register the fastest CAGR of 5.7% from 2021 to 2028. The other segment includes various types of skin care products such as face masks and serums. Facial masks are filled with antioxidants and other key ingredients that are beneficial for various types of skin. Face masks offer a spa-like experience, which is majorly attracting consumers towards them.

The cleansers and face wash segment is expected to register a significant CAGR from 2021 to 2028. Cleansers have been gaining increasing popularity across the globe, especially in Asia Pacific and the Middle East & Africa, due to the presence of a huge amount of dirt particles and pollutants in these regions.

Distribution Channel Insights

The supermarkets and hypermarkets segment held the largest share of over 45.0% in 2020 and is expected to witness the fastest growth over the forecast period. Supermarkets and hypermarkets offer significant advantages to consumers, such as freedom of selection, lower prices, and high visibility of international brands. These factors make them a suitable platform for all types of customers of skin care products.

Global skin care products market share, by distribution channel, 2020 (%)

The convenience stores segment is projected to register a CAGR of 4.5% from 2021 to 2028. Some customers choose to buy skin care products from these 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 care products owing to the growing consumer preference for the same.

The pharmacy and drug store segment is projected to witness significant growth from 2021 to 2028. A majority of the consumers rely on pharmacists and drugstore attendants to help them navigate through the multitude of products available and at times, to enquire about the application of such products. Numerous market players prefer to sell their moisturizers, face wash, scrubs, body lotions, and face creams through these stores as they offer more accountability with respect to the overall customer service.

Regional Insights

Asia Pacific held the largest share of over 35.0% in 2020 and is expected to witness the fastest growth over the forecast period. 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 skin care product manufacturers. This is expected to be a positive factor for the market growth in Asia Pacific over the forecast period.

North America is expected to register a CAGR of 4.5% from 2021 to 2028. 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 presence of well-established skin care 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+. Similarly, in June 2021, P&G’s Good Skin 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’Oreal 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 2021

USD 134.70 billion

Revenue forecast in 2028

USD 188.24 billion

Growth Rate

CAGR of 4.8% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

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’Oreal 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

Avail customized purchase options to meet your exact research needs. Explore purchase options


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 2016 to 2028. 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, 2016 - 2028)

    • Male

    • Female

  • Product Outlook (Revenue, USD Million, 2016 - 2028)

    • Face Creams & Moisturizers

    • Cleansers & Face Wash

    • Sunscreen

    • Body Creams & Moisturizers

    • Shaving Lotions & Creams

    • Others

  • Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

    • Supermarkets & Hypermarkets

    • Convenience Stores

    • Pharmacy & Drugstore

    • Online

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.