The Skin Care Products Market is projected to reach $199.42 billion by 2030, at a CAGR of 5.2% from 2024 to 2030. Skin care includes products that enhance appearance, relieve skin conditions, and rejuvenate skin. Skin care products massage, cleanse, stimulate, and beautify a person's skin. The growth of the skin care products market is driven by several factors, including increasing consumption of anti-aging products, increasing adoption of organic skin products, growing importance for personal grooming, increased consumer knowledge of beauty and personal care, and increased spending on personal care. Factors such as the growing penetration of e-commerce, rising demand for men’s skin care products, and the emergence of organic products are a few of the opportunities that would help grow the market in the future. However, consumers' reluctance to use facial care products due to the presence of toxic and harmful chemicals and the greenwashing of skin care products restrain the market's growth to a considerable extent. Moreover, initiatives toward ending colorism affect the adoption of skin tone creams.

Increased Consumption of Anti-aging Products

Anti-aging products include creams or moisturizers that contain active ingredients such as various vitamins, hyaluronic acid, and niacinamide, among others. These products are known to offer benefits such as improving skin tone and texture and reducing lines and wrinkles on a person's face.

According to a survey conducted by the Sun Safety Report by RealSelf (U.S.), in 2020, approximately 62% of Americans were found to be using anti-aging products as a part of their skincare regimen to treat damages caused by pollution. People are using these products to make themselves look younger and make their skin wrinkle-free. These details have led people to use more anti-aging products to look healthy and young. Companies are aiming to manufacture anti-aging products using natural ingredients to decrease the use of toxic chemicals and products. In May 2022, Ame Organics (India), a skin and wellness company, launched the Age Defying Serum, which is a serum that uses organic products to reactivate cell regeneration processes.

The demand for these products is increasing over time as they help maintain skin elasticity and radiance, increase confidence, and prevent uneven pigmentation and skin discoloration that can happen due to prolonged or continuous exposure to UV rays.

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Growing Importance of Personal Grooming and Evolution of Skin Care

Personal grooming is the practice of grooming and maintaining one’s body or parts of the body. Maintaining personal hygiene not only keeps the person fresh and clean but also helps to protect the body against infections and diseases. It also enhances the person’s personality and productivity. For this, skin care products come into use that cleanse, enhance, and alter a person's appearance.

Companies such as Unilever PLC (U.K.) are undertaking various strategic developments to enhance their portfolios. Unilever-owned brands, such as Dove and Vaseline, that provide hair and skin care are aiming to create a portfolio of products that would disregard stereotypes and promote people positive beauty that will be inclusive, equitable, and regenerative.

Neutrogena has a vast product portfolio of skin care products; one is a digitally designed face mask, Neutrogena MaskiD, developed using Johnson & Johnson’s in-house 3D Printing Center. The person can personalize their skincare face mask with the help of the Neutrogena Skin360 tool. This helps create the face mask as per the customization, and the individual can also choose the active ingredient in the mask. The mask can also be customized based on the type of skin the person has. Such specifications have led to the increased popularity of skincare products and regimens, which drive the market's growth.

Key Findings of the Skin Care Products Market Study

The Facial Care Segment is Expected to Account for the Largest Share of the Market in 2024

Among all the types studied, in 2024, the facial care segment is expected to account for the largest share of the market. Facial care products help maintain the sensitivity of the skin of the face. Products such as face washes, face oils, moisturizers, sunscreens, and many more rejuvenate the skin, remove dirt from the face, and help unclog all the pores on the face. They help reduce stress at some levels, leading to the strengthening of muscles present on the face. They also make the person look younger and control skin aging. The increased awareness of such facial care products, coupled with high accessibility through various distribution channels, supports the large share of the segment.

The Creams Segment is Expected to Account for the Largest Share of the Market in 2024

Among all the products studied, in 2024, the creams segment is expected to account for the largest share of the market. Skin creams are common types of skin care cosmetics. Creams are generally preferred over other cosmetic products due to their better absorption rates. They have light textures and are partially made of water. Cosmetic creams act as a barrier that protects the skin and maintains moisture, leading to its increasing adoption. People favor creams as they are comfortable and non-sticky most times and are also easily available in different materials. The high adoption of creams in various cosmetic routines supports the large share of the segment.

The Natural Composition Segment is Projected to Register the Highest CAGR During the Forecast Period

Among all the compositions studied, the natural composition segment is projected to register the highest CAGR during the forecast period. The high growth of the segment is attributed to the rising inclination towards the adoption of organic cosmetics, reduced exposure to potentially harmful chemicals, and reduced irritation and inflammation. Additionally, key players are also launching natural composition skin care products. For instance, in June 2021, SO’BiO étic, a brand of LÉA NATURE group (France), launched Pour une Peau Parfaite, a skin care product made using lotus flowers from Vietnam, in the U.S.

The Tube Segment is Expected to Account for the Largest Share of the Market in 2024

Among all the packaging types studied, in 2024, the tube segment is expected to account for the largest share of the market. Tube is the most preferred form of skin care packaging for gels, creams, lotion, scrubs, and others. Tube packaging caters to a large number of applications, contributing to the large share of the segment. Tube packaging is cost-effective and convenient, owing to which key market players are adopting tube packaging for the packaging of skin care products.

In 2024, the Supermarkets Segment is Expected to Account for the Largest Share of the Market

Among all the distribution channels studied, in 2024, the supermarkets segment is expected to account for the largest share of the market. Supermarkets are preferred over other distribution channels due to the high availability of various products in one place. People prefer supermarkets over online channels due to in-person quality checks, immediate buying of products, and freedom of choosing the type of products and availing exclusive deals and offers.

In 2024, the Mass Skin Care Products Segment is Expected to Account for the Largest Share of the Market

Among all the price categories studied, in 2024, the mass skin care products segment is expected to account for the largest share of the market. Mass skin care products are manufactured on a large scale, designed according to a basic protocol, and suitable for everyone using standard ingredients. They are manufactured for sale at retail distributors such as supermarkets, departmental stores, pharmacies, and specialist retail stores, among others.

In 2024, the Female Segment is Expected to Account for the Largest Share of the Market

Among all the user groups studied, in 2024, the female segment is expected to account for the largest share of the skin care products market. The growing preference for skincare products containing natural and organic ingredients, along with increasing disposable incomes, is driving women to invest more in their skin care regimen. The availability of skin care products targeted at women in the market is higher than in comparison to men. Furthermore, the adoption of and spending on skin care products are higher among women than in men, making the female segment the largest contributor to the market share.

Asia-Pacific: Fastest-growing Regional Market

The growth of this market is primarily driven by the growing number of manufacturers of skin products in the region, the increased consumer pool due to the increase in population, and the increasing youth population using and following beauty care regimens in countries like China and Japan. Additionally, the growing middle class, rising spending on personal care products, and growing demand for organic products are driving the market’s growth in this region.

Key Players

The key players profiled in the skin care products market report are L'Oréal S.A. (France), Johnson & Johnson, Inc. (U.S.), Unilever PLC (U.K.), Revlon, Inc. (U.S.), Avon Products, Inc. (U.S.), Colgate-Palmolive Company (U.S.), Shiseido Co., Ltd. (Japan), The Procter & Gamble Company (P&G) (U.S.), Oriflame Holding Limited (Switzerland), Estee Lauder Companies, Inc. (U.S.), Beiersdorf AG (Germany), Coty Inc. (U.S.), Kao Corporation (Japan), Amorepacific Corporation (South Korea), and Caudalie (France).

The report includes a competitive landscape based on an extensive market assessment based on type, product, distribution channel, price category, user group, and geography. The report also provides insights into major market players' geographic presence and key growth strategies in the last three to four years.

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