How Is the Skin Care Products Market Expected To Grow Through 2023-2032?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Skin Care Products Global Market Report 2023, the global skin care products market will rise from $138.9 billion in 2022 to $150.21 billion in 2023, with an 8.1% CAGR. By 2027, it is projected to reach $197.23 billion, growing at a 7.0% CAGR.
Asia-Pacific held the largest skin care products market share and was the fastest-growing region in 2022.
Skin Care Products Market Driver
Rising awareness of personal care product advantages will drive skincare market expansion. These items promote hygiene and disease prevention. According to Edge by Ascential, the Health, Beauty, and Personal Care category’s sales will grow by $305.2 billion from 2021 to 2026. E-commerce sales in this sector will surpass store-based sales, with a 12.1% CAGR from 2021 to 2026. Over the next five years, the Health, Beauty, and Personal Care sector is anticipated to achieve a 5.3% CAGR in e-commerce sales, trailing only Household and Petcare products, due to heightened awareness of personal care product benefits.
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Key Skin Care Products Market Segments
The global skin care products market is segmented –
1) By Product Type: Anti-Aging Products, Skin Whitening Products, Sensitive Skincare Products, Anti-Acne Products, Dry Skin Care Products, Infant Skin Care Products, Other Product Types
2) By Distribution Channel: Hypermarket, Supermarket, Cosmetics stores, Online Stores, Other Distribution Channels
3) By End User: Male, Female, Kids
Skin Care Products Market Prominent Players
Major players in the skin care products market are L’Oréal S.A., Beiersdorf AG, Shiseido Co. Ltd., Procter & Gamble, Unilever, Johnson & Johnson Inc., Avon Products Inc., Coty Inc., Colgate-Palmolive Company, Revlon, The Estée Lauder Companies Inc., Himalaya, Lotus Herbals., Neutrogena, Olay, and Shiseido.
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Prominent Skin Care Products Market Trend
The skincare market witnessed a rising trend in AI adoption. Key players aim to enhance their market position through AI-based product introductions. L’Oréal launched “Perso” in January 2020, a 3-in-1 AI-driven beauty personalization device designed by L’Oréal Technology Incubator. It assesses skin patterns and delivers tailored skincare and cosmetic formulas, optimizing personalization.
The Skin Care Products Global Market Report 2023 provides comprehensive insights on the skin care products market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the skin care products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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