In the last 5 to 6 years, there has been an increase in demand for personal care products, especially skincare, owing to a growing awareness of the need for such products. While face creams and moisturizers continue to dominate the space, they will also remain the largest revenue generators in the forecasts generated by the industry. presenting the industry forecast and trends for global skin care.
Skin care refers to a life practise that helps any person enhance the texture and appearance of their skin. We continuously look out for products that help us maintain our skin’s glow, making us look better and better. Several product types, such as lotions, powders, cleansers, masks, and serums, as well as creams containing beta-hydroxy acids, retinol, and alpha hydroxy acids, are among the most demanded products on the market. They not only help one look confident but also appeal to the public.
So, what are the global skin care market’s dynamic drivers?
Increased awareness: more and more women are incorporating grooming products into their daily routines to boost their appearance as well as their self-esteem. Alongside women’s skincare, men’s skincare is expanding too, as they too are becoming more conscious of their personal hygiene and regular grooming. Their preferences for skin care products are finally expanding beyond those used for traditional grooming.
- Improvement in living standards as well as in disposable income: Since the consumers’ ability to spend has increased and improved greatly, owing to a rise in people’s living standards fueled by rapid urbanization, global skin care awareness and demands have exponentiated big time.
- Increased demand for natural, organic products: UV rays can damage one’s skin in case of prolonged exposure and so can pollution and other factors which are prevalent today. Thus, consumers are automatically turning more and more towards such products since they are skin-friendly, free of chemicals as well as free of allergic and rash-causing agents.
Global Skincare market overall forecasts and trends
This market, which is analysed as per trends, products, country, packaging type, pricing, distribution, and end-user, can be summarised as follows:
To begin with, the Asia-Pacific region is expected to witness a faster-growing CAGR (compound annual growth rate) until 2030. This is mainly due to the growing middle-class population along with the rising per capita income of consumers in growing economies like China, Japan, India, as well as South Korea.
North America, which accounts for the largest share in skin care products due to the rising demand for anti-ageing ones too, will witness a rise in these in the next few years, owing to the fact that, upon survey, a single consumer picks up six to seven products at a time from trending skin care collections. Thus, in terms of market share and revenue, the US market is expected to be the most profitable between 2022 and 2032. Consumers in the US are willing to pay a higher price for a more youthful experience as well as brighter, healthier skin.
Also, the presence of well-known product manufacturers like Unilever and Procter & Gamble in the US, which are developing retail infrastructure too, is expected to drive the demand for skin care products throughout the projected period.
While in 2022 the skin care industry grew at a steady 7% CAGR for the UK, the increasing SSI services in the UK would surely be a factor boosting the demand for these products.
While the financial crisis and aftereffects of the pandemic will surely impede the market growth for South Africa, this market is expected to develop slowly at a CAGR of roughly around 5.5% during the forecast phase.
Another contributing factor is also a four-fold increase in the sanitiser segment since the market for the same has expanded post-pandemic.
Accordingly, during the forecast period, the global skin care market is expected to rise significantly at a CAGR of 8.1%. While the markets were expected to grow and reach a market worth of US$ 131 billion by 2022-2023, this figure is predicted to reach US$ 230.21 billion by 2032.
Global warming and climatic changes are contributing factors that have increased the demand for skin care products drastically. A person’s skin might tend to get overly dark, cracked, or dry as a result of the growing dry, dusty weather, strong sunshine, and other strong climatic conditions. These climatic changes are driven by the increased number of industries, which in turn boost the demand for skin care products.
In Conclusion
Post-pandemic, the synergy, the drivers, and the ergonomics have all changed for skin care in line with and tandem with the growing awareness and needs of the consumers. This lineation with their demands for better and more sustainable products, along with balancing other macro-factors, is what will determine the course of the industry’s movement and trends in the coming period.
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