Understand How The Skincare Market Is Set To Grow In Through 2023-2032
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The global skincare market is set to experience significant growth, expanding from $125.08 billion in 2022 to $134.10 billion in 2023 at a compelling Compound Annual Growth Rate (CAGR) of 7.2%. Looking ahead, the market is projected to reach $170.42 billion in 2027, sustaining a robust CAGR of 6.2%.
The Beauty of Personal Grooming
The increasing awareness of personal grooming emerges as a key driver propelling the skincare market forward. Personal grooming encompasses a range of practices, from maintaining cleanliness and hygiene to well-groomed nails, hair, and proper dressing. Skincare plays a vital role in personal grooming, offering the essential tools like serums, moisturizers, exfoliators, body lotions, and eye creams for maintaining healthy and appealing skin.
- US Survey Insights: A New York Post survey in October 2022 revealed interesting insights into personal grooming habits. While 73% of both men and women find hygiene simple, only one in ten women agreed. The majority prioritize washing hands and bodies, with men focusing on nail trimming and face shaving, while women emphasize bathing ‘intimate areas’ and skincare routines.
- Cosmetics Business in Canada: According to the International Trade Administration, the Canadian cosmetics business earned approximately USD 1.24 billion in 2021. The industry is expected to grow by 1.45% annually, reaching USD 1.8 billion by 2024, indicating a significant market presence.
Industry Leaders Shaping Beauty
Major players contributing to the vibrant skincare market include Cardinal Health Inc., LVMH Moët Hennessy Louis Vuitton S.E., Unilever PLC, and an array of other prominent entities.
- Global Giants: Industry leaders such as Johnson & Johnson and Procter & Gamble Company showcase a global influence, underlining the international reach of the skincare market.
- Diverse Portfolio: Companies like L’Oréal S.A and Estée Lauder Companies Inc. bring a diverse range of skincare products, meeting the distinct needs of consumers across the globe.
Trending Towards Innovation: Product Innovations
A key trend gaining momentum in the skincare market is product innovation. Companies are prioritizing innovative products to maintain a competitive edge in the market.
- Faber-Castell’s Mechanical Makeup Pencil: In April 2023, AW Faber-Castell Cosmetics GmbH introduced a groundbreaking product—a rechargeable mechanical makeup pencil. Part of their Protopia line, the pencil offers two vegan and clean textures for lips, eyes, and brows. This innovation is hailed for its sustainability, representing a step forward in environmental friendliness.
Market Segmentation: Tailoring Beauty Solutions
To understand the diverse landscape of the skincare market, a closer look at its segmentation based on product type, packaging type, gender, and distribution channel is crucial.
- Product Type: The market includes a variety of products such as Creams, Lotions, Powders, Sprays, and other skincare essentials, catering to different preferences and applications.
- Packaging Type: Segmentation based on packaging involves Tubes, Bottles, Jars, and other packaging options, offering diverse choices for consumers.
- Gender: The market caters to both Men and Women, recognizing the unique skincare needs of each gender.
- Distribution Channel: Further segmentation based on distribution channels includes Stores, Supermarkets, Online platforms, and other end-users, reflecting the evolving landscape of consumer preferences.
Regional Dominance: Asia-Pacific Leading the Beauty Parade
As of 2022, Asia-Pacific emerges as the largest region in the skincare market and is expected to be the fastest-growing region in the forecast period, underscoring the region’s pivotal role in shaping global beauty trends.
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The Skincare Global Market Report 2023 provides an overview of the skincare market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The skincare market forecast analyzes skincare market size, skincare market share, leading competitor and their market positions.
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