Skin Care Products Market Report

Face creams are used to enhance the look of facial skin and are formulated to restore the skin's nutrients, fade dark spots, and provide a radiant complexion. Facial creams are formulated for particular skin types in order to reduce problems since facial skin is delicate and using an incompatible cream can result in skin damage. Because of these factors, face creams have a substantial market share in the skincare products industry. Additionally, consumers are increasingly looking for anti-wrinkle creams and eye creams infused with vitamins C and E to address aging signs and enhance skin quality, resulting in a thriving market.

In regions with high pollution levels, individuals are depending more on skincare products to counter the impact of environmental pollutants. Companies such as Estee Lauder are responding to this trend by introducing innovative products like the Perfectionist Pro Multi-Defense UV Fluid SPF 45, which is designed for customers worried about protecting their skin from city pollutants and losing moisture. According to a report from NOAA, 2023 witnessed rising emissions of carbon dioxide by people through methane or nitrous oxide, the three main climate change gasses. During this same year’s twelve months, the average figure on CO2 measured 419.3 parts per million as it added 2.8 parts per million from the previous year. The current atmospheric CO2 levels are over 50% greater than they were before the industrial revolution.

The presence of counterfeit skincare products could hinder the market's expansion. The beauty and personal care products are said to pose a danger to the health of consumers due to counterfeiting. The increase of e-commerce platforms has directed to an increase in counterfeit goods sales globally. Consumers have difficulty deciding apart from fake and authentic original products. Counterfeits are in demand due to price sensitive customer. The existence of these counterfeit products negatively impacts the market's leading companies' sales and pricing tactics.

In addition, with the rising counterfeiting of products, the overuse of chemical-based skincare items can result in issues such as redness, discoloration, irritation, and allergies, which restrict the use of non-organic products. Moreover, using facial products not intended for skin type can also increase the chances of experiencing negative side effects. However, due to such concerns, approval for skincare products can be complicated because of the different regulations in various countries. For instance, as per the changes in the ‘Modernization of Cosmetics Regulation Act of 2022' (MoCRA) one of the changes is that fragrance allergens must be labeled on personal care products by 2024.

competitors, and purchasing companies to grow their customers and enhance their range of products. In January 2024, Dermatologists advised using Eucerin, a skincare brand that has released a new Immersive Hydration Collection with advanced scientific technology. Immersive Hydration Serum offers continuous hydration for 24 hours and instantly improves the appearance of skin. This brand claims that its face care collection is the sole mass-retail product to utilize multi-weight hyaluronic acid in a complete line-up. The new range works well for all types of skin, even sensitive skin, and includes items that enhance beauty routines.

However, in February 2024, L'Oréal Paris has introduced its latest product for the Indian market, the Glycolic Bright Dark Circle Eye Serum, aiming to capitalize on the growing demand in the eye serum category. Renowned for its creativity, L'Oréal Paris guarantees prominent outcomes with this serum that was developed using knowledge, stating that it can decrease dark circles by as much as 49% within a mere two-week period. The product aims to address issues under the eyes such as hyperpigmentation and puffiness, establishing a higher standard in skincare solutions for contemporary women.

Moreover, in June 2024, the Estée Lauder Companies Inc. (ELC) has completed its acquisition of DECIEM Beauty Group Inc., a Canadian-based, vertically integrated, multi-brand company. ELC first put money into DECIEM in 2017, raised its share to a majority by 2021, and just used its right to purchase the rest of the interests. The transaction, finalized on May 31, 2024, involved a cash payment of approximately US$860 million, totalling an estimated US$1.7 billion investment over three stages, excluding cash balances. Final amounts remain subject to customary post-closing adjustments as per the agreement terms.

During the forecast period, it is expected that the skin care products market will be led by the Asia Pacific region. In rapidly expanding economies like China, South Korea, India, and Indonesia, the increasing population, fast urbanization, and higher per capita spending on personal care products are all driving the growth of the skincare market in the region. However, China has a massive population, with a significant number of individuals being beauty-conscious consumers, especially women. This leads to a large domestic market that drives innovation and the development of products. Euromonitor International's recent study reveals that sales of beauty and personal care in China grew by more than 10%.

The skin care products market is expected to see the fastest growth in the North America region over the forecast period. Americans invests on skin and personal care products, and they are interested to test new products, particularly those with clean labels and free-from claims, which has resulted in a significant rise in sales in the country. In addition, the growing elderly population in North America has driven up the need for anti-aging and skincare products. For instance, by 2050, Americans aged 65 and older are expected to grow by 47%, accounting for 23% of the population. This aging trend is accompanied by rising racial and ethnic diversity among older persons, in contrast to the younger population, which is already primarily non-Hispanic white.