April 17, 2024
Australia Skincare Products Market

Australia Skincare Products Market is thriving on rising beauty consciousness by Australians

The Australia skincare products market consists of various products like facial cleansers, moisturizers, face masks, sunscreens, and toners amongst others that help nourish and protect skin. Rising awareness about the importance of adopting skincare routines and protecting skin from pollution, UV rays, and environmental damage has boosted the demand for these products in Australia. The growing preference for organic and natural ingredients based products had further augmented the demand. The Global Australia Skincare Products Market is estimated to be valued at US$ 2693.81 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Australia skincare products market size are Graphic Packaging International, Dart Container Corporation, Konie Cups International Inc., Huhtamaki OYJ, Kap Cones Private Limited, Eco-products Inc. (Waddington North America), Phoenix Packaging Operations LLC, Detmold Group, Benders Paper Cups, Georgia Pacific LLC (Koch Industries Inc.), Go-Pak UK Ltd, and Genpak LLC (Great Pacific Enterprises Inc.). The growing awareness about skin and personal care has boosted the demand for innovative and effective skincare products in Australia. Australian consumers are willing to pay higher prices for skincare products that deliver quality results without harmful ingredients. Leading companies are expanding their portfolio of organic and natural formulations with added skin benefits to capitalize on this opportunity. Thanks to the growing expatriate population and rise of medical tourism in Australia, international brands are looking at Australia as an important market and are strengthening their presence through acquisition, partnerships, and innovation.

Market key trends
One of the major trends witnessed in the Australia skincare market is the increasing demand for multifunctional products providing multiple benefits like anti-aging and brightening along with moisturization and sun protection. Consumers look for 2-3 benefits in a single product to simplify their routines. Natural and organic claims are also crucial while purchasing skincare. Around 70% of Australians favor skincare products with natural extracts and formulations without harsh chemicals. Sustainable and eco-friendly packaging is another trend gaining prominence as consumers become environment-conscious. Brands are adopting glass, recyclable plastics and FSC-certified paper packaging for sustainable credentials.

Porter’s Analysis
Threat of new entrants: The skin care products market in Australia is a saturated market and requires significant investment in marketing, distribution and brand promotion to gain consumer awareness and market share. Thus the threat of new entrants is moderate.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many established brands in the market providing variety of products at different price points. Switching costs are low for customers.

Bargaining power of suppliers: Suppliers have low bargaining power due to the presence of many raw material suppliers and manufacturers in the market.

Threat of new substitutes: Threat of new substitutes is low as skin care products have well established consumer base and substitutes take time to gain consumer acceptance in the market.

Competitive rivalry: The competitive rivalry is high due to presence of global as well as local players competing on basis of product quality, innovation, brand image and promotion.

Geographical regions of concentration
The geographical region where the Australia skincare products market is highly concentrated in terms of value is New South Wales. It accounts for over 30% of the total skincare products market in Australia. Victoria is the second largest region followed by Queensland.

Fastest growing region
Western Australia region is expected to be the fastest growing geographical region for Australia skincare products market during the forecast period from 2024 to 2030. The annual growth rate for skincare products market in Western Australia is projected to be over 8% driven by urbanization, rising disposable incomes and increasing consumer spending on personal care and cosmetic products.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine informaation and compile it