Global skincare market growing steadily

By 2024, the global skincare market is projected to reach USD1,66,870.4 million, according to the latest report from Future Market Insights. From 2024 to 2034, the market is projected to grow at a compound annual growth rate of 8.6%. By 2034, it is anticipated that sales of skincare products will total US$ 3,80,492.2 million. 

An upsurge in the demand for body lotions, face creams, and sunscreens can contribute to the skincare product market’s growth. The dermatology product market growth is expected to be aided by the thriving eCommerce sector. Influencers who create viral content and the growing popularity of organic skincare products have triggered the skincare market’s growth.

Consumers in the United States are continually showing interest in personalised products. A significant demand for creams, serums, and moisturisers containing natural ingredients is driven by the increasing trend of consumers switching toward natural beauty products.

In APAC, market growth is driven by consumers' focus of skincare as a component of holistic well-being (Photo by Igor Skryagin I Dreamstime)

K-beauty influence in the beauty products industry

Korea's emphasis on innovation, distinctive formulas, and multi-step skincare routines have significantly impacted the skincare market. A focus on natural ingredients, cutting-edge technology, and a broad skincare approach reflect the influence of K-beauty.

Powered by the success of Korean dramas and pop culture, the trend gained global recognition for its gentle yet effective skincare products. With a focus on aesthetically pleasing designs, its influence extends to the aesthetics of product packaging. K-beauty, a cultural export, impacts skincare habits and preferences, accelerating the sales of skincare products.

Hurdles affecting the growth of the skincare market

• Since high-quality ingredients and thorough research are used in skincare products, they are frequently expensive. Consumers' sensitivity to price constrains market expansion.
• Skincare product manufacturers face difficulties due to strict laws and inconsistent standards. Complying with these regulations can take a lot of time and money.

Regional landscapes in the skincare market

• The strong growth of the Asia Pacific market is driven by rising disposable incomes and a focus on skincare as a component of holistic well-being.
• The thriving eCommerce industry and growing awareness of sophisticated personal care and skincare regimens drive the skincare market growth.
• The skincare industry is driven by a growing desire for clean, sustainable beauty in North America, which reflects a trend towards morally and environmentally conscious products.
• In the intense skincare market of North America, technological advancements are crucial for assessing consumer preferences.
• European consumers are known for their enthusiasm for advanced skincare products and diverse cultural backgrounds, fostering innovation and a broad range of specialised offerings.
• Europe experiences an uptrend in demand for skincare products with formulations that have been clinically proven, consistent with the preference for beauty products endorsed by science.

“The skincare industry is growing steadily due to shifting beauty standards, consumer awareness, and a stronger emphasis on wellness. Personalized solutions, sustainability, and innovation impact the skincare product market,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).

Key takeaways 

• The skin care cosmetics segment in the product type category is expected to grab a share of 76.6%.
• In the skin type category, the oily skin segment is estimated to acquire a market share of 34.9%.
• The United States market is anticipated to surge at a CAGR of 3.9% through 2034.
• Germany’s skincare product market is expected to develop at a CAGR of 5.2% through 2034.
• The skincare product demand in the United Kingdom is expected to witness a CAGR of 5.6% from 2024 to 2034.
• Skincare product sales in China are expected to surge at a CAGR of 11.2% until 2034.
• The Indian skincare industry is anticipated to grow at a CAGR of 12.9% over the forecast period.