Skincare refers to the range of products and practices designed to maintain and enhance the health, appearance and texture of the skin. Skincare is an essential component of personal care, catering to the diverse needs of individuals for purposes such as hydration, protection, treatment and aesthetic enhancement.
The skincare market consists of sales, by entities (organizations, sole traders, or partnerships), of skincare products and related services that are used by individuals of all ages and genders, with applications ranging from daily maintenance routines to specialized treatments addressing specific skin conditions like acne, aging and sensitivity.
The global skincare market was valued at $110,344.92 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 5.00%.
Increased Spending On Self-Care
Increased spending on self-care has acted as a key driver of growth in the skincare market in the historic period. As individuals prioritize well-being and health, investing in skincare has become an essential part of self-care routines. With heightened awareness of the importance of maintaining healthy, radiant skin, consumers are allocating more resources to purchase products that cater to specific skin concerns and promote overall skin health. The rise of self-care trends, such as mindfulness and holistic wellness, has encouraged consumers to adopt comprehensive skincare routines, contributing to the growing demand for a variety of skincare solutions. Additionally, the accessibility of a wide range of products through online platforms and retail channels has made it easier for consumers to access self-care products, further driving market expansion. For instance, in September 2024, according to a report published by the U.S. Bureau of Labor Statistics, a US-based government agency, average annual expenditures for self and personal care products and services increased to $950 in 2023, up from $866 in previous years, a 9.7% increase. Therefore, the increased spending on self-care supported the growth in the skincare market.
Expanding Market Reach Through Partnerships And Collaborations
Major companies operating in the skincare market are adopting a strategic partnership approach to enhance technology integration and expand market reach. A strategic partnership typically refers to a collaborative relationship between two or more organizations where they combine their resources, expertise and efforts to achieve common goals or objectives. For instance, in August 2024, Curology, a US-based personalized skincare brand, announced its retail expansion with Walmart Inc., a US-based retail corporation. All non-prescription skincare products will be available at 3,338 Walmart stores nationwide at affordable prices. Walmart will also offer an exclusive acne care kit featuring Curology's acne cleanser (80 ml), cream moisturizer (50 ml) and emergency spot patch (20 ct). This partnership aims to make dermatologist-approved skincare accessible to more consumers, delivering effective solutions for improved skin health.
The global skincare market is concentrated, with large players operating in the market. The top ten competitors in the market made up to 41.47% of the total market in 2023.
Skincare Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global skincare market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for skincare? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The skincare market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider skincare market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product type, by gender, by distribution channel and by packaging type.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the skincare market.
- Global Market Size And Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by product type, by gender, by distribution channel and by packaging type in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for skincare providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Product Type: Creams; Lotions; Powders; Sprays; Other Products
- 2) By Gender: Men; Women
- 3) By Distribution Channel: Stores; Supermarkets; Online; Other End-Users
- 4) By Packaging Type: Tube; Bottle; Jar; Other Packaging Types
- Companies Mentioned: L'Oreal; Estee Lauder Companies Inc.; Unilever plc.; Procter & Gamble Company (P&G); Beiersdorf AG
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; skincare indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.