April 24, 2024
Skin Care Products Market

The Skin Care Products Market is Trending due to Rising Self-Awareness among Consumers

The skin care products market comprises of various products such as creams, lotions, cleansers, masks, scrubs etc. targeted towards protecting, treating and improving the overall health and appearance of the skin. These products help maintain the pH levels of skin, keep it hydrated and also provide protection against environmental damages.

The global skin care products market is estimated to be valued at US$ 176.64 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the skin care products market are Kaps GmbH & Co. KG, Carl Zeiss Meditec AG, CooperSurgical, Inc, DYSIS Medical Inc, ATMOS Medizin Technik GmbH & Co. KG, Olympus Corporation, McKesson Medical-Surgical Inc., Ecleris, Optomic, Seiler Instrument Inc. The growing awareness about overall appearance and looks among both men and women is fueling the demand for various skin care products globally. There is also a rise in discretionary spending on personal care products which is positively impacting the market growth. With growing consciousness, people are increasingly adoption preventive measures to delay skin aging and take corrective actions like microdermabrasion, chemical peels etc. This has boosted the global expansion of skin care products industry across all regions.

Market Key Trends
A key trend witnessed in the Skin Care Products Market Size is an increasing preference for natural and organic ingredients based products. Consumers are more inclined towards plant-based, hypoallergenic and dermatologically tested products with minimal chemicals. They are concerned about the potential side effects of synthetic ingredients. As a result, demand for natural skin care lines with natural emollients, extracts and antioxidants is witnessing strong growth. Companies are focusing on clean label products made from ingredients such as aloe vera, jojoba oil, tea tree oil, chamomile, vitamin E etc. to cater to this consumer shift towards green beauty regime.

Porter’s Analysis

Threat of new entrants: High initial capital investment requirements restrict new companies from entering the market.

Bargaining power of buyers: The presence of several Skin Care Products Market brands gives buyers multiple options to choose from.

Bargaining power of suppliers: Suppliers have low bargaining power due to fragmented nature of industry and availability of substitute suppliers.

Threat of new substitutes: Moderate threat as new ingredients and delivery methods can disrupt existing product categories.

Competitive rivalry: Intense competition exists between major brands as they focus on product differentiation through ingredients and formulations.

The Asia Pacific region holds the major share of the global skin care products market. India, China, and Japan have emerged as the largest markets due to the rising awareness about skin care amongst consumers and improving spending power.

North America is expected to be the fastest growing regional market due rising geriatric population, increasing prevalence of skin diseases, and technological advancements in skin care products. Additionally, growing preference for organic and natural ingredients based products in the U.S. and Canada is driving market growth.

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