Skincare Market Comprehensive Statistics, Growth Rate, and Future Trends 2035
The global skincare market size is projected to grow from US$184 billion in 2024 to US$407 billion by 2035, representing a CAGR of 7.5%, during the forecast period, 2024-2035.
The skincare industry is a vast and dynamic global market, valued at billions of dollars, that offers a diverse array of products and services aimed at enhancing and preserving the health and appearance of the skin. From cleansers and moisturizers to serums and specialized treatments, the industry caters to the diverse needs, concerns, and preferences of consumers across various skin types. The industry is marked by a continuous cycle of innovation, with the introduction of new ingredients, technologies and trends constantly shaping consumer demand and market dynamics. As consumers become increasingly conscious of clean beauty, sustainability, and personalized solutions, the industry has adapted to meet these evolving preferences, ensuring it remains responsive to the changing needs of its global customer base.
The global beauty and cosmetics industry is fueled primarily by the Gen Z population. Further, awareness for personal care products has become mainstream largely through social media over the years, propelling the market ahead.
Market landscape of leading players in the skincare industry
Presently, over 40% of the revenues generated by the global beauty and cosmetics industry is entitled to skincare products. Leading players in the skincare market are highly fragmented, featuring the presence of established companies, as well as emerging start-ups. Examples of some companies set up post-2000 include Cult Beauty (2008), Deciem (2013) and Glossier (2014). Close to 45% of the leading players engaged in the skincare market are headquartered in Europe; of these, ~90% are very large firms.
Presently, L’Oreal, along with Unilever, Estee Lauder, Procter & Gamble, Coty and Shiseido capture the majority share of the global beauty market. Close to 70% of the leading skincare product manufacturers provide solutions for both men and women; additionally, close to 20 of these companies claim to provide anti-aging products.
The increasing awareness in the domain of skincare solutions is evident from number of key strategic initiatives undertaken by leading companies in the recent past.
With a strong focus on continuous innovation and sustainability, companies, including Amorepacific and other leading players claim to redefine beauty standards globally through their various collaborations and initiatives in the personal care industry.
In order to augment the skin care products portfolio, we expect the companies to continue seeking collaboration opportunities with other leading players that offer innovative solutions and expand their respective offerings.
Foreseeing lucrative returns, many new entrants are stepping into the market; however, a number of factors presently affect the overall skincare industry, which need to be considered by these new players.
The high costs involved in developing cosmetic products pose a significant barrier for firms looking to exit the industry. Recouping the investments made in production equipment and machinery is challenging, as disposing of these specialized assets at fair market value is difficult. This capital-intensive nature of the cosmetics industry creates an exit barrier, deterring firms from easily leaving the market even if they are not achieving desired profitability levels.
In addition, the skincare market is a flourishing domain wherein the product providers are currently focusing on developing clean beauty products in order to cater the growing demands of their clientele.
We analyzed the various trends that are likely to impact the beauty and skincare market, to determine industrial shifts and upcoming future market opportunities.
As we ease into the pace of technology revolution, certain skincare and makeup trends are emerging as the frontrunners in the beauty industry, capturing the attention of consumers and gaining momentum.
It is worth highlighting that beauty personalization is a growing trend in the skincare industry, where products are tailored to individual skin concerns, preferences, and goals, offering a more targeted and effective approach to skincare routines.
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