July 25, 2024
Australia Skincare Products Market

Skin Care Products Is The Largest Segment Driving The Growth Of Australia Skincare Products Market

The global Australia Skincare Products Market is estimated to be valued at US$ 2338.37 Bn or in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview

Skin care products are used to maintain skin health and restore natural beauty. These products hydrates the skin and protects from sun damage and aging signs such as wrinkles and fine lines. Skin care products containing natural ingredients are gaining popularity as they are gentle on sensitive skin.

Market key trends

Increasing awareness about skin health among millennials is driving the growth of natural and organic skincare products in Australia. Younger consumers are opting for natural skin care products due to rising concerns about toxic chemicals in cosmetic products. They are willing to pay premium price for organic ingredients based skin care. Online beauty and skincare bloggers are playing an influential role in educating people about benefits of natural skincare. This is prompting leading brands to introduce natural and organic ranges.

SWOT Analysis

Strength: The Australia skincare products market has a large customer base due to growing awareness about personal care and skincare products. The presence of key international brands provides customers with a wide range of product options.

Weakness: High costs of skincare product development and marketing activities undertaken by brands may lead to higher prices of products. This can restrain the market growth to some extent.

Opportunity: Increasing demand for natural/herbal and organic skincare products due to rising health and wellness trend offers scope for market expansion. Rapid adoption of digital platforms for shopping provides an opportunity for online sales of skincare products.

Threats: Strict government regulations pertaining to product quality and composition can hamper the easy launch of new products. Intense competition among existing players also poses threats.

Key Takeaways

The Australia Skincare Products Market Demand  was valued at US$ 2338.37 billion in 2023 and is expected to grow at a CAGR of 4.7% during the forecast period. The market is driven by increasing consciousness among consumers regarding personal appearance and their overall well-being.

Regional analysis: The skincare products market in Australia is dominated by South Australia region due to hot weather conditions promoting hydrating and sun protection products sales. However, New South Wales region is expected to witness fastest growth during the forecast period supported by wider availability of products in this region.

Key players: Key players operating in the Australia skincare products market are Beiersdorf AG, L’Oreal SA, Procter & Gamble, Unilever, Bioderma Laboratories, Clarins Group, Dermalume Skincare, Johnson & Johnson Inc., Estee Lauder Inc., Miranda Kerr Pty Ltd (Kora Organics), Jurlique International Pty Ltd, and Natio. These players are focusing on new product launches and enhanced marketing strategies to strengthen their market position.=

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