by The Cosmetic Serum Market is estimated to be valued at US$ 3.86 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmetic serums are skincare products made with concentrated formulas to target specific skincare concerns such as signs of aging, wrinkles, acne, dark spots, and dullness. They contain active ingredients like vitamins, peptides, hyaluronic acid, retinol, and botanical extracts. Cosmetic serums are lightweight and gel-based formulations that deeply nourish the skin without feeling heavy or greasy. They are known for their potent anti-aging benefits due to the presence of hydrating and rejuvenating ingredients.
Market Dynamics:
Increasing awareness about skin health and personal care through digital and social media platforms is a key driver for the cosmetic serum market growth. According to the American Academy of Dermatology, nearly 95% of women and 65% of men use skincare products. Online skincare videos and blogs educating consumers about ingredients and their benefits are fueling serum sales. Additionally, busy lifestyles and growing working population contribute to the demand for targeted skincare solutions like serums. They provide quick absorption and visible results in a short time compared to creams. The availability of natural and organic serum options without harsh chemicals further opens growth opportunities in the market.
Segment Analysis
The cosmetic serum market is segmented into skin serums, hair care serums, and sun protection serums. The skin serums segment dominates the market and holds the largest market share. This is because skin serums help reduce skin aging signs like wrinkles and fine lines and provide hydration and nutrition to the skin. They contain active ingredients that penetrate deep into the skin layers to solve specific skin issues.
PEST Analysis
Political: Regulations related to product quality and testing influence the market. International standards ensure product quality and safety.
Economic: Rising disposable incomes and growing middle-class population boost consumer spending on premium cosmetic products. Additionally, the expanding online retail sector aids market growth.
Social: Increasing focus on aesthetics, growing awareness about cosmetic products, and changing lifestyles drive the demand. Also, the rise in social media and digital platforms impacts purchase decisions.
Technological: Advancements in formula, ingredients, and delivery systems aid in developing innovative serum products to target specific skin and hair issues effectively with minimal side effects.
Key Takeaways
The Global Cosmetic Serum Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand for multifunctional and results-oriented cosmetic products. The market size for 2023 is US$ 3.86 Bn.
The Asia Pacific region will be the fastest growing market during the forecast period due to the rising middle-class population, increasing disposable incomes, and growing awareness about personal grooming products. China, Japan, and India dominate the Asia Pacific cosmetic serum market.
Key players operating in the cosmetic serum market are L’Oréal S.A., Estée Lauder Companies Inc., Shiseido Company, Limited, Procter & Gamble Co., Johnson & Johnson Services, Inc., Beiersdorf AG, Unilever PLC, The Body Shop International Limited, Kao Corporation, Colgate-Palmolive Company, Amway Corporation, Avon Products, Inc., Mary Kay Inc., Clarins Group, Coty Inc. Key players are focusing on product innovation, expanding their product portfolio through acquisitions and strategic collaborations to gain a competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
