The global facial skincare products market size was valued at USD 125,657.96 million in 2021. It is expected to reach USD 217,397.18 million by 2030, growing at a CAGR of 6.28% during the forecast period (2022–2030).
The pores of the facial skin cells become clogged by repeated exposure to polluted air, ultraviolet light, and dust. It might cause sunburns, tanning, and the emergence of acne breakouts. Numerous methods and therapies are used in facial care to improve the skin's suppleness and integrity while significantly lessening the effects of aging. The appearance of human skin is improved and maintained with the help of skincare products. Alpha-hydroxy acids, beta-hydroxy acids, and retinol are some of the main ingredients in various products sold on the market, including cleansers, toners, body lotions, oils and serums, and creams.
The demand for natural and organic products has grown in the global market for facial care products as consumers become more aware of the adverse effects of some ingredients, such as aluminum and paraben compounds, in skincare products, including facial care. Consumers frequently select brands based on their all-natural ingredients, increasing the demand for secure, natural, and organic deodorant. The primary factor driving the market is consumer desire for a presentable personal image and rising consumer awareness of personal hygiene practices. These factors pushed manufacturers to enhance their product lines to meet the constantly shifting needs of consumers. It is also anticipated that the region's demand for natural and organic beauty and personal care products will increase due to the rising trend of organic concept stores for organic cosmetics.
Globally, widespread internet use has significantly boosted consumer awareness of facial care products. Consumers are increasingly exposed to social media beauty posts, which has increased the demand for facial skincare products. These platforms have become an important marketing tactic for facial care companies looking to connect with a large audience. Along with a solid online presence, the market is further expanded by the ongoing development of mobile applications and the rise of e-commerce, making it more straightforward and accessible to shop for beauty, personal care, and facial care products.
The introduction of fake goods into the market has grown to be a severe threat to the economy. These counterfeits and copied skincare products are inexpensive compared to the organized market player offerings. These counterfeits adversely affect major firms' pricing and global sales tactics. Consumers purchasing counterfeit skincare products risk developing allergies and rashes due to using cheap/synthetic ingredients and lacking accredited manufacturing facilities, adequately staffed laboratories, or experts. Since consumers mistake these fake goods for the real thing, this diluting of original brands is another effect of these goods. As a result, the market's growing acceptance of fake goods impacts reputable businesses' sales and brand recognition.
Research and development advancements in formulation chemistry, backed by significant marketing budgets, have historically been the primary drivers of innovation in the beauty and personal care business. A more comprehensive range of new product innovations is now driven by shifting consumer preferences and expectations. Additionally, market participants are implementing strategic measures like partnerships and mergers and acquisitions to increase their presence and capture significant market shares. In addition, the market has seen a marked increase in packaging-related product innovation in response to shifting consumer preferences.
The endocannabinoid system may significantly impact skin health by influencing skin metabolism and inflammation. Skin issues such as sensitivity, dehydration, and persistent inflammation may benefit from their incorporation into new nutritional and topical skincare regimes and therapies. Cannabinoids are fully functional in the skin and have been shown to lessen skin inflammation and hyperactive allergic responses in skin cells. They also regulate inflammatory and metabolic reactions to support skin homeostasis. These factors are anticipated to hamper the market growth.
The global facial skincare products market is segmented by product type and distribution channel.
Based on product type, the global market is bifurcated into facial cleanser, toner, facial moisturizer (cream and gel-based), sunscreen (SPF) products, facial serums, eye creams, sheet masks, face masks (both leave-in and wash-off masks), and lip care products.
The facial moisturizer segment owns the highest market share and is expected to grow at a CAGR of 5.21% during the forecast period. The use of moisturizer helps the skin retain moisture and guards against dehydration. Additionally, moisturizers aid skin defense by erecting a barrier that prevents oil from evaporating and harmful external factors from irritating or drying out the skin. The demand for facial moisturizers has increased due to growing awareness of their numerous advantages over the forecast period. Additionally, consumers are becoming more concerned about avoiding parabens in skincare products, which include facial moisturizers. Due to the increased popularity of natural remedies, synthetic compounds like propylparaben and butylparaben are no longer considered harmless.
The market experienced a sizable demand due to consumers' growing desire for natural facial skin care products like cleansers. Additionally, the market is expanding due to rising concerns about skin issues like burns and skin blackening. Instead of harsh chemicals, organic cleansers use the most concentrated fruit and vegetable extracts, herbs, and clays to deeply cleanse, repair, and nourish the skin.
Based on the distribution channel, the global market is bifurcated into hypermarkets/supermarkets, specialty stores, online retail stores, pharmacies and drug stores, and MLM channels.
The specialty stores segment owns the highest contributor to the market and is expected to grow at a CAGR of 5.35% during the forecast period. Specialty shops provide updated product types, a wide variety, and increased visibility. Famous brands and firms operating in the markets studied, such as MAC Cosmetics, L'Oréal SA, and The Body Shop, sell their wares in these stores because they provide a valuable distribution channel for consumers and suppliers. To draw more customers into their stores, these competitors are also implementing opulent décor. Specialty stores saw an increase in sales due to the tailored approach, specialized and specific products, individualized services, and accessibility of beauty products for skin types.
The convenience that e-commerce retailing offers customers is the primary factor driving the increase in sales. Customers can explore and purchase items around the clock, and it is simple to purchase a wide variety of personal care products from their favorite brands based on their tastes and requirements. As a result, online or e-commerce stores are expanding their market shares globally in terms of sales, popularity, and the variety of products they offer from domestic and foreign brands. Additionally, vendors are implementing online retail strategies to lower expenses and boost margins, which could be advantageous for the market during the forecast period.
By region, the global facial skincare products market is segmented into North America, Europe, South America, Asia-Pacific, and the Middle East and Africa.
Asia-Pacific is the most significant revenue contributor in the global facial skincare products market and is expected to grow at a CAGR of 7.04% during the forecast period. In the country's FMCG industry, cosmetics are one of the most popular segments, with many domestic players competing for market share with innovative products. Busier and more stressful lifestyles, worsening environmental conditions, and growing skin concerns increased consumer demand for skin-rejuvenating products. China's Tier 1 megacity consumes the most facial care products, but as China's middle class and cosmetics consumption expand, Tier 2 and Tier 3 cities are catching up. Chinese consumers are less brand loyal and price sensitive than Americans or Europeans, although some are willing to pay more for branded or premium products. This resulted in an increase in revenues for the premium product categories.
Europe is expected to grow at a CAGR of 4.21%, generating USD 31,801.15 million during the forecast period. Consumers in Germany are expected to increase their purchases of children's sun protection goods as more parents are becoming aware of the importance of protecting their children's delicate skin from the sun. The climate highly influences the demand for sun care products among adults. Also, many consumers approached sun protection more holistically, paying closer attention to UV levels and their potential effects on skin health and aging. The availability of organic skin care items with various requirements created especially for different skin types, including dry, regular, and oily, is one of the leading causes of the market expansion.
North American customers are drawn to 'no makeup' products like creams, moisturizers, and sunscreen. Products that protect the skin from ultraviolet radiation are widely regarded as necessary by medical professionals, which is particularly true with facial skin care products. The skin care industry in the US is prosperous. In 2019, the top-selling items in the US primarily consisted of facial cleansers and acne medications. More people in the country are starting to use skincare products, particularly those in the higher price range, as more people become aware of the benefits of doing so. The United States is North America's most important market because of the high demand for anti-aging products.
Provinces like Dubai and Abu Dhabi are renowned for their brisk pace of life, and lifestyle-related trends there are accelerating. Sales of skin care products benefit from the widespread acceptance of such items as an integral part of self-care rituals for improving general health and relieving stress. Dubai is one of the fastest-growing business and travel hubs for domestic and international consumers. As a result, more brands are likely to build awareness about new launches and the efficacy of their products in settings like malls and airports. Although the skincare market in the UAE is reasonably mature, industry players will continue to focus on innovation and new product development, and consumers will remain interested in cutting-edge products with multiple uses.
Despite a general decline in cosmetics spending in Brazil, the country's female population is keen on innovative skin and facial care approaches. This demonstrates how promising the Brazilian market is for skincare companies. The rising percentage of higher SPF products Brazilians purchase due to the country's climate is one of the key trends in demand for creams in Brazil. Brazilian women are increasingly using facial peels or masks significantly, which has increased demand for these products and anti-pollution facial products.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|