Skin Care Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast By 2033
- PUBLISHED ON
- 2023-05-31
- NO OF PAGES
- 284
- CATEGORY
- Retails & Consumer
Skin Care market size was valued at USD 146,000 million in 2022 and is projected to reach USD 159,000 million by 2033, growing at a CAGR of 7.5% during the forecast period.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 146,000 million |
Market Forecast in 2033 | USD 159,000 million |
CAGR % 2023-2033 | 7.5% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Estee Lauder Companies Inc., Johnson's & Johnsons, L'Oreal, Shiseido Ltd., Amore Pacific, Unilever plc, Deciem, Glossier, Gladerma, PROCTER & GAMBLE HYGIENE & HEALTH CARE Ltd |
Skin Care Market- Description
The skin care market is a thriving industry that focuses on products and practices to improve the health and appearance of the skin. It encompasses a wide range of products, including cleansers, moisturizers, serums, masks, sunscreens, and more. The market is driven by factors such as increasing consumer awareness about skincare, the desire for youthful and healthy-looking skin, and the influence of social media and beauty influencers.
Skin Care Market: Key Trends
• Advanced Technology
Skincare has witnessed advancements in technology, leading to the development of innovative products. These include devices such as facial cleansing brushes, LED therapy devices, and at-home beauty tools. High-tech ingredients, such as peptides, hyaluronic acid, and retinol, are being incorporated into skincare formulations for enhanced efficacy.
• Inclusivity and Diversity
The skincare industry is becoming more inclusive, recognizing the diverse range of skin tones and concerns. Brands are expanding their shade ranges in foundations and tinted moisturizers, as well as developing targeted products for specific skin concerns like hyperpigmentation and acne.
Skin Care market: Segmental Analysis
Product
• Creams and Moisturizers
• Powder
• Cleansers and Face Wash
• Others
Distribution Channel
• Online
• Offline
Skin Care market: Geographical landscape
The Skin Care market is geographically diverse, with key regions including North America, Europe, Asia Pacific, and Rest of the World. North America is one of the largest skin care markets globally, with the United States being a key contributor.
The skin care market in the Asia Pacific region is growing rapidly, driven by countries such as China, Japan, South Korea, and India. South Korea, in particular, is known for its advanced skincare and beauty culture, often referred to as K-beauty.
Skin Care Market- Recent Developments
• In 2023, M.A.C Cosmetics, a makeup brand under the ownership of Estée Lauder, is commemorating the introduction of Locked Kiss Ink. This collection of lip inks is promoted as exceptionally durable and comfortable. The brand has collaborated with renowned fashion houses Giambattista Valli, Balmain, and Rick Owens to provide makeup for their Paris shows. To celebrate the launch, M.A.C Cosmetics to host a gathering at a popular venue in Paris, attended by 800 individuals, including influential personalities.
Skin Care Market: Key Companies
• Estee Lauder Companies Inc.
• Johnson's & Johnsons
• L'Oreal, Shiseido Ltd.
• Amore Pacific
• Unilever plc
• Deciem
• Glossier
• Gladerma
• PROCTER & GAMBLE HYGIENE & HEALTH CARE Ltd
• Others
Skin Care Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The global Skin Care market size was valued at USD 146,000 million in 2022 and is projected to reach USD 159,000 million by 2033, growing at a CAGR of 7.5% during the forecast period.
What are the drivers shaping various markets?
Skincare has witnessed advancements in technology, leading to the development of innovative products. These include devices such as facial cleansing brushes, LED therapy devices, and at-home beauty tools. High-tech ingredients, such as peptides, hyaluronic acid, and retinol, are being incorporated into skincare formulations for enhanced efficacy.
Who are the key competitors of market Players?
Some of the major players operating within the market are Estee Lauder Companies Inc., Johnson's & Johnsons, L'Oreal, Shiseido Ltd., Amore Pacific, Unilever plc, Deciem, Glossier, Gladerma, PROCTER & GAMBLE HYGIENE & HEALTH CARE Ltd
What are the top performing segments, and countries / regions of each of the markets?
Europe is another significant market for skincare products. Countries like the United Kingdom, Germany, France, and Italy have well-established skincare industries. The market is driven by factors such as a high level of consciousness about personal grooming, an aging population, and an increasing demand for organic and natural skincare products.
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