Skincare Products Market to grow by USD 42.41 billion from 2022 to 2027; Growing adoption of home salons and spa services boosts the market growth – Technavio

NEW YORK, Jan. 15, 2024 /PRNewswire/ — The skincare products market is estimated to grow by USD 42.41 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  5.6% during the forecast period. However, the growth momentum will progress. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 49%. 

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Global Skincare Products Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on distribution channel (offline and online), product (face skincare products and body skincare products), product specification (moisturizers, anti-aging skincare products, skin brightening products, sun protection products, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). 

The market share growth by the offline segment is significant during the forecast period. Offline sales stand out as the most impactful and influential sales method, offering consumers a hands-on experience. 

Geography Overview
By geography, the global skincare products market is segmented into APAC, North America, Europe, South America, and Middle East, and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global skincare products market.

APAC accounts for 49% to the growth of the global market during the forecast period. The region has witnessed a rise in social media campaigns and endorsements by celebrities, particularly for natural skin care products.

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Global Skincare Products Market – Market Dynamics
Key factor driving market growth
The growing adoption of home salons and spa services is notably driving market growth.  Numerous providers offer home salon and spa services in the market. Housejoy, for instance, extends personalized salon services directly to homes in India, encompassing offerings like makeup and spa services.

Leading trends influencing the market 

The growing demand for cannabidiol (CBD) skincare products is a primary trend in the market. Cannabidiol (CBD), the non-addictive compound derived from hemp or marijuana, has gained widespread recognition for its numerous skin benefits. This has led to its incorporation into a variety of skincare products, including oils, creams, lotions, balms, and serums. 

Major challenges hindering the market growth

The availability of counterfeit skincare products may impede the growth of the market. Counterfeit beauty and personal care products are claimed to pose health risks to users. The rise of e-commerce has contributed to a significant increase in the global sales of counterfeit goods which hinders the market.

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What are the key data covered in this Skincare Products Market report?

CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of the skincare products market between 2023 and 2027Precise estimation of the skin care products market size and its contribution to the market in focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the skincare products market across APAC, North America, Europe, South America, and the Middle East and AfricaA thorough analysis of the market’s competitive landscape and detailed information about companiesComprehensive analysis of factors that will challenge the growth of skincare products market players

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In the dynamic skincare products market, consumers seek diverse solutions, from basic cleansers, moisturizers, and sunscreens to specialized products like anti-aging serums, exfoliants, and acne treatments. The growing demand for organic/natural ingredients, sensitive skin formulations, and potent bioactives like vitamin C, hyaluronic acid, retinol, and peptides is evident. Dermatologist-recommended, vegan, and cruelty-free options are increasingly preferred, alongside the popularity of K-Beauty innovations like sheet masks. There’s also a surge in men’s skincare, luxury and drugstore brands, and eco-friendly packaging. Probiotic skincare is gaining traction, as are digital skincare advisors providing personalized online consultations and app-based guidance.

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1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Distribution Channel

7 Market Segmentation by Product Specification

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio