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Skin Care Products Market To Reach $196.20Bn By 2030

Skin Care Products Market To Reach $196.20 Billion By 2030

July 2023 | Report Format: Electronic (PDF)

Skin Care Products Market Growth & Trends

The global skin care products market size is expected to reach USD 196.20 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.7% from 2023 to 2030. The rising concerns regarding skin problems are driving the skin care products industry. The growing demand for concern-specific skin care products such as face creams, body lotions, shaving lotions & creams, and face sunscreens is likely to fuel the overall demand.

Rising awareness regarding the various benefits of skin care products has resulted in a rise in their demand over the last few years. Moreover, an inclination toward natural and organic skin care products is observed, making it a major sector in the cosmetics and wellness industry. Organic products are derived from natural resources and are free of harmful chemicals, and hence it has become a thriving sector.

The female segment held the largest market share in 2022 and is expected to maintain dominance over the forecast period. Women are increasingly adding personal grooming products to their daily routines to enhance their confidence and appearance. The increased demand for face creams, sunscreens, and body lotions across the globe is expected to have a positive impact on the market.

The supermarkets & hypermarkets segment contributed a majority of the share to become the largest division of global revenue in 2022. A large number of consumers prefer buying skin care products from hypermarkets & supermarkets due to the shopping experience offered by these stores. The ability to physically verify these products, along with expert assistance, is another major factor contributing to this distribution channel’s growth. The market for skin care products is consolidated in nature with the presence of several international players and a few regional players.

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Skin Care Products Market Report Highlights

The Asia Pacific region was the largest revenue division for global revenue in 2022. The emerging markets of China and India due to a growing number of new product launches and rising concerns about skin health, harmful effects of UV rays, and skin conditions are likely to positively influence the Asia Pacific market for skin care products
In terms of product, the others segment is projected to grow at a substantial rate from 2023 to 2030. The other segment includes various types of skin care products such as face masks and serums. Serums are generally used to get a fresher, younger skin appearance
Based on distribution channel, the supermarkets & hypermarkets segment is expected to register the fastest growth during the forecast period. Owing to the increasing demand for cosmetic products and rising shelf space, these stores have placed trained professionals in the cosmetics and beauty aisles to provide customers with expert guidance and recommendations