Skin Care Products Market to Reach Valuation of USD 165.3 Billion by 2028 - Increasing Demand for Skin Care Products Market for Anti-Aging Products to Drive the Market Growth

Vantage Market Research

Jun 06, 2022

From the period of 2022 to 2028, the Global Skin Care Products Market is expected to reach USD 165.3 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 3.90%.

The purpose of Skin Care Products is to improve and preserve the appearance of human skin. Cleansers, toners, body lotions, oils and serums, and creams with alpha-hydroxy acids, beta-hydroxy acids, and retinol as major constituents are among the items available on the market. These solutions help to replenish dying skin cells on a regular basis and combat aging indications like wrinkles, fine lines, and age spots while also maintaining general skin health. The worldwide Skin Care Products Market is highly diversified since it differs by location, catering to a vast range of skin types found all over the world. Increasing demand for face creams, sunscreens, and body lotions around the world is likely to boost market growth during the forecast period. Furthermore, the thriving e-commerce sector is expected to enhance market growth even more. Furthermore, increased awareness of the adverse consequences of chemicals and synthetic items is fueling market expansion.

Key Highlights from the Report

  • On the basis of Gender, the market is segmented into Male and Female. In 2021, the female segment had the highest revenue share of more than 60.0 percent, and this is likely to continue throughout the projection period. Women are increasingly incorporating personal grooming items into their daily routines in order to boost their confidence and looks, which is driving the segment growth. Furthermore, the importance of self-care has prompted women to construct calming self-care experiences at home through elaborate beauty routines in recent years. This trend is fueling demand for Skin Care Products such as creams and lotions, repair creams, peels, masks, serums, powders, and scrubs that include active ingredients with healing and nourishing effects.
  • On the basis of Product, the market is segmented into Face Creams & Moisturizers, Cleansers & Face Wash, Sunscreen, Body Creams & Moisturizers, Shaving Lotions & Creams, and Others. In 2021, face creams and moisturizers had the highest revenue share, and this trend is likely to continue throughout the forecast period. Face creams and moisturizers are regularly used goods. Moisturizers are an easy-to-use, hassle-free, and quick solution for addressing dry skin, in addition to benefits like rapid hydration, fewer breakouts, and revitalized skin. Furthermore, as more people choose cruelty-free skincare products as a result of their growing concern for animal welfare and the environment, the demand for vegan or plant-based ingredient blends in skincare products has grown. This promises huge potential growth opportunities for the face creams and moisturizers industry.

  • Asia Pacific is the fastest regional segment in terms of growth. The rise of the chemical sector in India and China, both of which have regulatory support, is predicted to ensure continuing raw material access to skincare product makers, and thus be a positive factor for the Asia Pacific market over the projection period. In terms of consumption and production, China is one of the primary contributors to the global cosmetics and Skin Care Products Market's growth. Various government measures are also encouraging people to use skin care products.

Market Dynamics:

Growing Demand for Anti-aging and Anti-pollution Ranges

Anti-aging products such as anti-wrinkle cream, face cream, serum, eye cream, and others are in high demand on the market. Furthermore, problems such as pollution and hard water conditions are blasting the need for such products. A growing number of people are becoming aware of the effects of pollution on the skin.

Growing Demand for Organic Ingredients

Consumers all around the world are gravitating toward organic Skin Care Products as demand for organic components rises, which is projected to fuel market expansion throughout the forecast period. Furthermore, increased public awareness of the adverse consequences of chemicals and synthetic items is another driver driving market expansion. The majority of people prefer to purchase products that are labeled as natural or organic, which fuels the market growth.

Over the projection period, Asia Pacific is expected to have tremendous growth. In highly growing economies such as China, South Korea, India, and Indonesia, rising population and rapid urbanization, as well as increased per capita spending on personal care goods, are all contributing to the region's skincare industry growth. Furthermore, the growing availability of affordable skincare products contributes to the growth of the skincare market.

Skin Care Products Market Size, Share & Trends Analysis Report by Gender (Male, Female), by Product (Face Creams & Moisturizers, Cleansers & Face Wash, Sunscreen, Body Creams & Moisturizers), by Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Pharmacy & Drugstore, Online), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)