The "Skincare Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.

The Skincare Market was valued at USD 154.88 billion in 2023, and is projected to reach USD 220.75 billion by 2029, rising at a CAGR of 6.08%.

The global skincare market is fragmented, with diverse players ranging from multinational corporations to niche brands. Major multinational corporations such as L'Oréal, Estee Lauder, Procter & Gamble, Unilever, LVMH, Beiersdorf's, and others dominate the global skincare market with their extensive portfolios of well-established brands like Lancôme, Clinique, Olay, and others. These companies leverage their vast resources to drive R&D, allowing them to introduce innovative products that cater to a broad spectrum of skin concerns. Their strength lies in their ability to invest heavily in marketing, distribution, and brand loyalty programs, ensuring their products remain visible and desirable to consumers worldwide.

Shifting Preference to Clean Beauty and Natural Ingredients

The skincare market has shifted towards clean and natural ingredients as consumers become more aware of the health risks associated with conventional chemicals. This trend has led to a rise in the popularity of clean beauty brands that use organic ingredients and focus on sustainability. In April 2024, AFFOREST Green Beauty launched India's first Jackfruit skincare range, featuring a foaming cleanser, gel-cream moisturizer, under-eye cream, and bedtime serum. The new line focuses on combating pigmentation and hyperpigmentation with the high-performance benefits of jackfruit extracts. Furthermore, in November 2023, NUXE launched the Sweet Lemon range, a new line of organic skincare products designed for Gen Z, featuring a lemon meringue scent and eco-friendly formulas. The collection includes hand and nail cream, lipstick, and lip balm, which offer a fresh alternative to their existing lines. The company has increased its product portfolio and has attracted more market consumers.

Growing Adoption of E-commerce and Digital Channels

The surge in demand for e-commerce and digital channels is a transformative trend reshaping the global economy and consumer behavior in the skincare industry. The exponential growth of e-commerce is driven by several interrelated factors, including technological innovation, changing consumer expectations, and collaboration with influencers. In August 2024, Estee Lauder launched the Clinique brand on Amazon's Premium Beauty store, significantly expanding the brand's reach. The new storefront, introduced on March 27, has contributed to Clinique's growth in both moisturizers and makeup in the US. Estee Lauder's new Clinique Dermatologist Creator Council, featuring dermatologists on social media, has boosted influencer media value by 80%. The company also leverages AI with partners like Microsoft and Google Cloud to enhance its products and marketing.

Regulatory Hurdles

The skincare market faces significant challenges with regulatory compliance due to the complex and constantly evolving nature of regulations across different markets. In January 2024, California banned six beauty ingredients under its Toxic-Free Cosmetics Act due to health and environmental concerns. Lily aldehyde (lilial) and acetaldehyde are fragrances linked to potential skin irritation and possible carcinogenic effects in acetaldehyde's case. Cyclotetrasiloxane, a silicone, raises environmental worries due to its persistence in water and soil. Phytonadione (vitamin K1) may cause allergic reactions and lacks substantial cosmetic benefits. Formaldehyde, a known carcinogen, is used in some nail and hair products but poses significant health risks. Lastly, PFAS "forever chemicals" are banned because of their persistence in the environment and potential long-term health effects.

GEOGRAPHICAL ANALYSIS

APAC region accounted for the highest revenue share in the global skincare market. Particularly in South Korea and Japan, there's a growing interest in innovative, multi-step skincare routines and advanced formulations. Also, cultural attitudes towards beauty and skincare significantly shape demand in the APAC. Many APAC cultures have a long-standing tradition of valuing and investing in personal appearance and grooming. This cultural emphasis on beauty has been reinforced by media and advertising, further driving consumer interest in skincare products. For instance, in countries like China, traditional beauty practices and ingredients are often incorporated into modern skincare routines, creating a fusion of heritage and innovation that appeals to consumers.

In North America, there's a strong emphasis on high-tech, ingredient-focused products with a significant demand for anti-aging solutions. Also, the demand for skin care products in North America has increased robustly over the years, influenced by demographic shifts, heightened skincare awareness, advancements in product formulations, and evolving consumer behaviors. Furthermore, Europe, known for its rich skincare traditions, prefers natural and organic products, with sustainability being a key trend. Meanwhile, in Latin America and the Middle East, skincare market growth is driven by a burgeoning interest in premium and luxury skincare products.

COMPETITIVE LANDSCAPE

Key Developments in the Global Skincare Market

• In August 2024, Lakme launched a new suncare range featuring the ultra-light Lakme Sun Expert 1% Hyaluronic Complex Aqua Sun Gel and the Invisible SPF 50 Sunscreen Stick. Their Sun Tinted Spray and 1% Nia-C Complex Aqua Sun Gel combine sun protection with skincare benefits, including niacinamide and vitamin C, for added radiance.
• On May 31, 2024, Estee Lauder acquired Deciem Beauty Group Inc., enhancing its stake to full ownership. DECIEM, known for its brands like The Ordinary and NIOD, is a Toronto-based beauty company focusing on consumer-centric and science-driven skincare.
• L'Oreal is committed to improving skin care by developing innovative solutions and enhancing awareness. Their Spotscan by La Roche-Posay uses artificial intelligence to offer personalized diagnoses and routines for acne-prone skin.
• In 2023, Lancome launched an unprecedented collection of skincare products in collaboration with the Louvre Museum.

Key Company Profiles

• Beiersdorf
• Estee Lauder Companies
• L'Oréal
• LVMH
• Procter & Gamble
• Shiseido Company, Limited
• Unilever

Other Prominent Vendors

• AFFOREST Green Beauty
• AFRICAN BOTANICS
• AMOREPACIFIC
• AURELIUS
• Bee Rx
• Biotique
• Body Cupid
• BYROE
• CAUDALIE
• Chanel
• Colgate-Palmolive Company
• Consonant Skin+Care
• COSMETIZE B.V.
• Coty
• Eclat Official
• Embryolisse
• Emma Hardie
• FOREO
• Groupe Clarins
• Himalaya Wellness Company
• Honasa Consumer
• Huda Beauty
• Innovist
• Jahwa
• Johnson & Johnson
• Kao
• Khadi Natural Healthcare
• L'Occitane
• LAMIOR
• Lumene
• Mary Kay
• mCaffeine
• Nairobi
• NAOS
• Natura &Co
• NecessaryGood
• Officina Profumo Farmaceutica di Santa Maria Novella
• Oriflame Cosmetics Global
• Pai Skincare
• PAPATUI
• PROVEN
• Puig
• Sisley Paris
• Sofina
• SUGAR Cosmetics
• The Good Glamm Group
• THG
• True Botanicals
• TYMK Health & Wellness
• Wardah

Key Attributes:

Key Topics Covered:

1. Scope & Coverage

2. Premium Insights

3. Market at a Glance

4. Introduction

4.1. Overview

4.1.1. Factors and Trends Shaping Cosmetics Market

4.2. Strategic Moves of Companies in Premium and Clean Skincare Markets

4.3. Value Chain Analysis

4.3.1. Inputs to Production

4.3.2. Manufacturing

4.3.3. Distribution & Wholesale

4.3.4. Retail & Beauty Services

4.3.5. Consumers

5. Market Opportunities & Trends

5.1. Shifting Preference to Clean Beauty and Natural Ingredients

5.2. Influence of Dermatology

5.3. Rise of Minimalist Skincare

6. Market Growth Enablers

6.1. Growth in Awareness of Skin Health

6.2. Growth in Adoption of E-Commerce and Digital Channels

6.3. Growth in Outlook of Anti-Aging and Preventive Care Products

7. Market Restraints

7.1. Regulatory Hurdles in Market

7.2. Allergic Reaction from Skincare Products

7.3. Growth in Adoption of DIY

8. Market Landscape

8.1. Market Overview

8.2. Demand Insights

8.3. Market Size & Forecast

8.4. Five Forces Analysis

9. Product

9.1. Market Snapshot & Growth Engine

9.2. Market Overview

9.3. Cream

9.4. Lotion

9.5. Others

9.6. Spray

9.7. Powder

10. Distribution Channel

10.1. Market Snapshot & Growth Engine

10.2. Market Overview

10.3. Offline

10.4. Online

11. Category

11.1. Market Snapshot & Growth Engine

11.2. Market Overview

11.3. Mass

11.4. Luxury

12. Care

12.1. Market Snapshot & Growth Engine

12.2. Market Overview

12.3. Facial

12.4. Body

12.5. Lip and Eye

13. Packaging

13.1. Market Snapshot & Growth Engine

13.2. Market Overview

13.3. Tube

13.4. Bottle

13.5. Jar

13.6. Others

14. Geography

14.1. Market Snapshot & Growth Engine

14.2. Geographic Overview

15. APAC

16. Europe

17. North America

18. Latin America

19. Middle East & Africa

20. Competitive Landscape

21. Key Company Profiles

22. Other Prominent Vendors

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