New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Skin Care Products Global Market Report 2023" - https://www.reportlinker.com/p06351357/?utm_source=GNW
, Himalaya, Lotus Herbals., Neutrogena, Olay, and Shiseido.
The global skin care products market grew from $138.9 billion in 2022 to $150.21 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The skin care products market is expected to grow to $197.23 billion in 2027 at a CAGR of 7.0%.
The skin care products market consists of sales of skin care products such as moisturizers, serums and eye creams.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Skin care refers to the products that help to support skin integrity, and enhance its appearance.These products are sold in various types such as creams, serums, and lotions.
Skin care products are used to improve the appearance and texture of the skin, and also, moisturize and cleanse the face, hands, and body, as well.
Asia-Pacific was the largest region in the skin care products market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the skin care products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of skin care products are anti-aging products, skin whitening products, sensitive skin care products, anti-acne products, dry skin care products, infant skin care products, and others.Anti-aging products are primarily moisturizer-based and marketed with the promise of making the consumer look younger by reducing, masking, or preventing signs of skin aging.
The different distribution channels include hypermarkets, supermarkets, cosmetics stores, online stores, and others. It is used by several end users such as males, females, and kids.
The rising awareness regarding the various benefits of using personal care products is expected to propel the growth of the skin care products market going forward.Using personal care products in daily routine helps in maintaining hygiene and helps in the prevention of catching and spreading germs and diseases.
For instance, in July 2021, according an article published by Edge by Ascential, a US-based online price and promotion analytics service provider, the Health, Beauty, and Personal Care category is expected to grow rapidly, with sales increasing by 305.2 billion USD between 2021 and 2026. Meanwhile, e-commerce sales growth in this industry will outpace store-based sales growth by a 12.1% CAGR from 2021 to 2026. Over the next five years, the Health, Beauty, and Personal Care sector is expected to grow at a CAGR of 5.3% in ecommerce sales, surpassing the Edible Grocery segment and placing itself just behind Household and Petcare goods. Therefore, the increase in awareness regarding the various benefits of using personal care products are driving the growth of the skincare products market.
The emergence of artificial intelligence is a key trend gaining popularity in the skin care products market.Major companies operating in the skin care products sector are focused on launching new AI-powered products to enhance their position in the market.
For instance, in January 2020, L’Oréal, a French-based manufacturer of cosmetics and personal care products, launched a 3 in 1 device, Perso, which works on an AI-powered technology home system for beauty personalization. This device is designed by L’Oréal Technology Incubator and helps to deliver on-the-spot skincare and cosmetic formulas that optimize for increasing levels of personalization. "Perso" will be used to analyze the user’s skin pattern and dispense a customized amount of lotion.
In April 2021, L’Oréal, a France-based personal care company, acquired Takami Co. for an undisclosed amount. The acquisition would allow L’Oréal to expand its business in Japan and other Asian countries. Takami Co. is a Japan-based company that develops premium skincare products.
The countries covered in the skin care products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The skin care products market research report is one of a series of new reports that provides skin care products market statistics, including skin care products industry global market size, regional shares, competitors with skin care products market share, detailed skin care products market segments, market trends and opportunities, and any further data you may need to thrive in the skin care products industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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