Skincare Market Opportunities, Trends, Growth Analysis and Forecast to 2028
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The global skincare sector was valued at $163.5 billion in 2023 and is forecast to record a compound annual growth rate (CAGR) of 3% during 2023–28 (forecast period), reaching $189.5 billion in 2028. In volume terms, the sector is forecast to grow from 21.4 billion units in 2023 to 22.8 billion units in 2028. In 2023, facial care was the largest category in both value and volume terms, with shares of 75.3% and 71.6%, respectively. Asia-Pacific represented the largest region with a value share of 54.3% in the same year, followed by the Americas with 24.6% share. The skincare sector in these regions is set to record the fastest value CAGR at 3.1% each over the forecast period.
Provides an overview of current skincare scenario regarding the future outlook in terms of ingredients, product claims, labeling, distribution, and packaging. The analysis also covers regional overview across five regions — Asia-Pacific, Middle East and Africa, Americas, Western Europe, and Eastern Europe — highlighting industry size, growth drivers, latest developments, and future inhibitors for the regions.
Scope
This report brings together multiple data sources to provide a comprehensive overview of the global skincare sector, analyzing data from 108 countries. It includes analysis on the following –
Sector overview: Provides an overview of the current sector scenarios in terms of ingredients, manufacturer claims, labeling, and packaging. The analysis also provides a regional overview across five regions—Asia-Pacific, Middle East and Africa (MEA), the Americas, Western Europe, and Eastern Europe—highlighting sector size, growth drivers, the latest developments, and future challenges for each region. This data includes both on-trade and off-trade data.
Change in consumption: Provides an overview of consumption changes in the overall cosmetics and toiletries (C&T) industry, including skincare products, over 2018–28 at global and regional levels.
High-potential countries: Provides risk–reward analysis of the top high-potential countries in each region based on market assessment, economic development, governance indicators, sociodemographic factors, and technological infrastructure.
Country and regional analysis: Provides a deep-dive analysis of 10 high-potential countries covering value growth during 2023–28, key challenges, consumer demographics, and key trends. It also includes regional analysis covering the future outlook for each region.
Competitive environment and brand shares: Provides an overview of the leading companies and brands at global and regional levels. Market shares of brands and private labels in each region are also detailed.
Key distribution channels: Provides an analysis of the leading distribution channels in the global skincare sector in 2023. It covers “dollar stores”, variety stores and general merchandise retailers, cash & carries and warehouse clubs, chemists/pharmacies, convenience stores, department stores, direct sellers, e-retailers, health & beauty stores, hypermarkets & supermarkets, parapharmacies/drugstores, and others.
Packaging analysis*: The report provides percentage share (in 2023) and growth analysis (during 2023–28) for various pack materials, pack types, closures, and primary outer types based on volume sales of skincare products.
Key Highlights
With growing health and wellness among consumers, there has been an increase in demand for natural and plant-based ingredients in skincare products. Consumers are looking for chemical-free ingredients and are avoiding ingredients such as parabens and sulfates. As a result, manufacturers are formulating male toiletries products using naturally sourced and safe ingredients. The skincare industry is highly regulated in terms of labeling, while manufacturers are expected to produce clean-label items with good-quality ingredient formulations. Consumers are increasingly opting for products that provide clear information. Therefore, brands are focusing on strengthening their communication on pack labels, to increase safety in product usage.
Reasons to Buy
Manufacturers and retailers seek latest information on how the market is evolving to formulate their sales and marketing strategies. There is also demand for authentic market data with a high level of detail. This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities of growth within the sector in the region
The report provides a detailed analysis of the countries in the region, covering the key challenges, competitive landscape and demographic analysis, that can help companies gain insight into the country specific nuances
The analysts have also placed a significant emphasis on the key trends that drive consumer choice and the future opportunities that can be explored in the region, than can help companies in revenue expansion
To gain competitive intelligence about leading brands in the sector in the region with information about their market share and growth rates
The Estée Lauder Companies
Beiersdorf
Procter & Gamble
Unilever
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