DUBLIN–(BUSINESS WIRE)–The “Skincare Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type, Category, End User and Distribution Channel” report has been added to ResearchAndMarkets.com’s offering.
The skincare products market was valued at US$ 115,386.46 million in 2021 and is projected to reach US$ 213,363.09 million by 2028. It is expected to grow at a CAGR of 9.2% from 2021 to 2028.
Skincare is an essential part of personal care. It includes everything, from correction to prevention, in the process of skincare. Makeup with skincare benefits has been prevailing in the market. Further, escalating demand for face creams, sunscreens, and body lotions across the globe is expected to impact the skincare product market growth positively. There is a rising popularity of the daily skincare routines amongst the populace due to social media influencers who promotes their skincare routines.
Globally, people are becoming more conscious of their physical appearance and being more concerned about skin disorders and virulence of the skin. A skincare routine helps the skin to stay in good condition. Skin care products are used to address basic skin problems ranging from acne to scars. There are various advancements in the ingredients used to offer skin care products to consumers.
Skin is one of the organs that receive the most damage, owing to exposure to external factors such as ultraviolet (UV) rays and pollution. Consequently, there has been an increase in the tendency toward engaging in a regular skincare routine, making it an integral part of personal well-being. Thus, the growing trend of skincare routines is boosting the skincare products market growth during the forecast period.
Based on distribution channel, the skincare products market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment accounted for the largest market share in 2020. Supermarkets and hypermarkets are large retail establishments that offer a wide range of products, such as groceries, personal care products, and household goods.
Products from various brands are available at reasonable prices in these stores, allowing consumers to find the right product quickly. Moreover, these stores offer attractive discounts, multiple payment options, and a pleasant customer experience.
Manufacturers of skincare products usually prefer selling through supermarkets and hypermarkets due to heavy customer footfall. Many leading manufacturers of skincare products sell their products through well-known supermarkets such as Walmart, Kroger, and Lidl, owing to their vast customer reach and wide distribution network.
In 2020, Asia Pacific held the largest share of the global skincare products market and is projected to register the fastest growth over the forecast period. The changing lifestyle preferences in Asia Pacific are having a significant impact on the skincare products market in Asia Pacific.
The growing awareness of skin-nourishing products due to improved access to various brands is likely to drive the skincare market in the coming years. According to the International Trade Administration, in 2019, skincare products accounted for 53% of the Japanese cosmetics market. Moreover, antiaging, brightening, and hydrating products are highly demanded across the region.
The skincare products market growth can be attributed to a few factors such as growing desire for health-promoting and self-care products, increasing interest in regimens and routines, and rising promotions of skincare products on social media. Thus, wellness customers are inclined to seek out and stick to daily routines they can trust and rely on, further boosting the skincare products market growth in the region.
Key Market Dynamics
- Growing Consumption of Anti-aging Products
- Rising Demand for Organic Skin Care Products
- Concerns around PFAS Chemicals Found in Skin Care Products
- Ascending Demand for Men’s Skin Care Products
- Growing Trend of the Skin Care Routine
- L’Oreal Groupe
- Shiseid- Co.Ltd.
- Himalaya Wellness Company
- Procter & Gamble
- Lotus Herbals
- Vlcc Wellness
- Avon Products
- Johnson & Johnson Services, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/k69ndx