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The Art and Science of Skin Care: A thorough examination of the multifaceted global market for beauty and wellness products, from natural remedies to high-tech innovations, directs the market to grow with a 6.22% CAGR by 2023–28. – Bonafide Research
Apr, 30
2023

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The Art and Science of Skin Care: A thorough examination of the multifaceted global market for beauty and wellness products, from natural remedies to high-tech innovations, directs the market to grow with a 6.22% CAGR by 2023–28. – Bonafide Research

 

Skincare, the practise of nurturing and maintaining the health of the skin, is a vital aspect of self-care and overall well-being. Human skin, being the largest organ of the body, serves as a protective barrier against environmental factors and plays a crucial role in physical appearance and confidence. It is subjected to various external and internal influences, such as exposure to harsh weather conditions, pollution, stress, diet, and hormonal changes, which can impact its health and vitality. Therefore, adopting a regular skincare routine tailored to one's unique needs and concerns is essential to promoting healthy, radiant, and youthful-looking skin. From cleansing to moisturising, exfoliating to protecting, skincare encompasses a wide range of practises and products that are designed to nourish, repair, and maintain the skin's integrity. In this fast-paced world, where self-care has become more crucial than ever, investing in a thoughtful and effective skincare routine can be a powerful act of self-love and self-care that can help one glow from within and radiate confidence. In recent years, skincare has emerged as a top priority for many individuals, transcending just being a beauty trend. People are becoming increasingly aware of the importance of maintaining optimal skin health. They understand that healthy skin is not only about appearance; it also plays a crucial role in protecting the body from external environmental factors such as UV radiation, pollution, and pathogens. As a result, skincare has become a priority to safeguard the skin's barrier function and overall well-being. The skincare industry has witnessed tremendous growth, with an array of skincare products and treatments now available on the market. From basic skincare essentials to advanced treatments, there is a wide range of options catering to different skin types, concerns, and budgets. This has made skincare more accessible and customizable, enabling individuals to find products and treatments that suit their specific needs and preferences.

According to the research report, "Global Skincare Market Outlook, 2028," published by Bonafide Research, the market was valued at USD 178.21 Billion, which is expected to cross USD 254 Billion by the end of the forecast period. The market is anticipated to grow at 6.22% CAGR by 2023–28. Rapid urbanisation, changing lifestyles, and increasing disposable incomes have influenced consumer preferences and purchasing patterns. Urban dwellers are exposed to environmental pollutants, stress, and lifestyle-related skin issues, leading to a higher demand for skincare products that address these concerns. Skincare products that offer pollution protection, stress relief, and skin repair have gained traction in urban markets, driving the growth of the global skincare market. In addition to that, the global population is ageing, and as people age, there is a rising demand for skincare products that target signs of ageing such as wrinkles, fine lines, and sagging skin. Anti-ageing skincare has become a major driver in the skincare market, with consumers seeking advanced formulations that offer visible results in reducing the appearance of ageing signs and promoting youthful-looking skin. Skincare preferences can vary significantly across different cultures and regions. Certain regions may prioritise traditional or culturally specific skincare practises and ingredients, which can drive demand for specific types of skincare products. For example, Korean skincare, with its multi-step routine and emphasis on hydration and brightening, has gained popularity globally, leading to increased demand for Korean skincare products. Similarly, regions with high levels of air pollution may drive demand for skincare products with pollution protection properties. Skin concerns such as acne, rosacea, hyperpigmentation, and sensitivity are prevalent among consumers globally, driving the demand for skincare products that address these issues. Skincare companies are developing specialised products, such as acne treatments, sensitive skin care, and skin brightening products, to cater to the needs of consumers with specific skin concerns. This has led to the growth of niche skincare segments and the development of targeted skincare solutions.

The global skincare market is segmented into five major regions, including North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Among them, the Asia-Pacific region will dominate the market in 2022 with more than 45% of the market share. The Asia-Pacific region, including countries like China, Japan, South Korea, and India, is a rapidly growing and dynamic skincare market. This region has witnessed tremendous growth in recent years, driven by factors such as rising disposable incomes, changing beauty ideals, and a growing awareness of skincare routines. The Asian skincare market is known for its emphasis on skincare as a self-care ritual, with consumers seeking products that provide hydration, brightening, and anti-ageing benefits. The popularity of K-beauty (Korean beauty) and J-beauty (Japanese beauty) trends has also influenced skincare preferences in the Asia-Pacific region, with demand for products that offer innovative formulations, unique ingredients, and multiple skincare steps. In addition to that, the skincare market in North America, including the United States and Canada, is a mature and well-established one. Consumers in this region prioritise skincare products that focus on anti-ageing, sun protection, and skin hydration. The market is driven by the growing awareness of the importance of skincare, high disposable incomes, and a preference for premium skincare products. The demand for natural and organic skincare products, as well as products with advanced formulations and innovative ingredients, is also on the rise in North America.

Based on the country, China will lead the market in 2022. In China, skincare is not just seen as a beauty routine but also as a symbol of social status and a way to demonstrate self-care and self-expression. Skincare is deeply ingrained in Chinese culture, with a long history of using natural ingredients and traditional remedies for skincare purposes. Ancient Chinese beauty practises, such as the use of herbal remedies, jade rollers, and facial cupping, are still popular in modern skincare routines. Also, fair and flawless skin is often considered a beauty ideal, and skin-whitening products are particularly popular. Lightening and brightening skincare products, such as whitening creams, serums, and sheet masks, are in high demand as Chinese consumers believe that fair skin signifies beauty, purity, and success. Skin-whitening products often contain ingredients such as niacinamide, vitamin C, and arbutin, which are known for their skin-brightening properties. Chinese consumers are also early adopters of skincare devices such as facial cleansing brushes, LED therapy devices, and smart beauty tools, as well as incorporating advanced skincare techniques such as double cleansing and layering multiple products in their skincare routines. Traditional Chinese Medicine (TCM) has a strong influence on skincare in China, with a growing preference for natural and herbal skincare products. Ingredients such as ginseng, goji berry, pearl powder, and green tea are popular in Chinese skincare products due to their perceived health and wellness benefits.

As for Europe, the region is another significant market for skincare products. The European skincare market is characterised by a strong emphasis on premium and luxury skincare products, with a focus on natural and organic formulations. There is also a growing demand for anti-ageing skincare products as well as products targeted towards sensitive skin and specific skin concerns. Additionally, sustainability and ethical considerations play a significant role in consumer preferences, with a rising demand for cruelty-free, vegan, and eco-friendly skincare products. The South American skincare market is characterised by a preference for natural and organic skincare products, as well as products with sun protection properties, due to the region's high exposure to sunlight. Countries like Brazil, Mexico, and Argentina are major players in the South American skincare market, with consumers seeking skincare products that cater to specific skin concerns such as hyperpigmentation, dryness, and acne. The market is also influenced by cultural and regional preferences, with demand for traditional ingredients and beauty rituals. However, the Middle East and Africa skincare market is driven by factors such as a growing population, rising disposable incomes, and changing beauty ideals. Consumers in this region have a preference for skincare products with sun protection properties, as well as products that offer skin brightening and hydration benefits. The market is also influenced by cultural and religious factors, with demand for skincare products that cater to specific skin concerns, such as uneven skin tone and dryness, as well as products that comply with halal requirements.

According to the report, the market is segmented into three categories, including skin care, body care, and lip care. Among them, the body care segment is leading the market with more than half of the market share in 2022. The beauty and grooming industry is witnessing significant growth globally. The desire to look good and feel confident has led to increased demand for body care products and services. This includes a wide range of products such as body lotions, body scrubs, shower gels, and spa treatments, as well as grooming services such as waxing, threading, and body massages. Cultural and beauty standards play a significant role in driving body-care trends globally. Different cultures have varying perceptions of beauty and grooming, which influence the demand for body care products and services. For example, in some cultures, fair skin is considered desirable, leading to increased demand for skin whitening and brightening products, while in other cultures, a tan or darker skin tone may be preferred. In addition to that, social media and influencer culture have a significant impact on body care trends globally. Influencers and celebrities often promote body care products and treatments on social media, leading to increased awareness and demand for these products among their followers. The visual nature of social media also drives the desire to have a well-groomed body, as people aspire to the beauty standards portrayed on social media platforms. Face cream and face wash and cleanser segments will occupy more than 55% of the market in 2022.

Beauty standards are constantly evolving, and many cultures around the world place a high value on clear, youthful-looking skin. This has led to an increased demand for face care products that can address issues such as acne, dark spots, and signs of ageing, as well as lip care products that can keep the lips soft, smooth, and hydrated. As economies around the world continue to grow, disposable income levels are also increasing for many people. This has resulted in a greater willingness to spend on personal care products, including face and lip care products, as consumers seek to invest in their overall well-being and appearance. The skincare industry is constantly evolving, with new and innovative ingredients, formulations, and delivery systems being developed. This has led to the introduction of advanced face care and lip care products that claim to offer superior results, attracting consumers who are interested in cutting-edge skincare solutions. Social and cultural factors also play a role in driving demand for face care and lip care products on a global level. For example, in many cultures, skincare is considered an essential part of self-care and personal grooming, and people may prioritise spending on these products as a way to enhance their appearance and boost their confidence. Based on the face care category, body lotions are leading the market. As for the lip care category, lip balms are projected to lead the market by 2028.

Further, the beauty industry has witnessed a growing demand for gender-neutral and inclusive beauty products, including face care and lip care products. This has resulted in the development of products that cater to diverse skin types, tones, and concerns, appealing to a broader range of consumers. The male grooming and skincare market is expanding rapidly, driven by changing societal norms, increased awareness of grooming practises, and changing beauty ideals for men. Men are increasingly adopting skincare routines and seeking grooming products, including facial cleansers, moisturisers, and grooming tools. Skincare companies are tapping into this growing market by developing skincare products specifically for men with targeted formulations and packaging and marketing strategies that cater to male consumers. The segment is growing at a higher CAGR by 2023–28. Based on the price range, the market is segmented into mass and premium. This category includes skincare products that are widely available at affordable prices. These products are typically targeted at a mass audience and accessible to a wide range of consumers. They are often sold in drugstores, supermarkets, and online marketplaces. Mass-market skincare products usually have simpler formulations and packaging and may focus on basic skincare needs such as cleansing, moisturising, and sun protection. However, premium skincare products are positioned at a higher price point and marketed as offering higher quality, efficacy, and luxury. These products often use premium ingredients, advanced technologies, and sophisticated packaging. They focus on specific skincare concerns such as anti-ageing, brightening, or targeting specific skin conditions.

Based on the ingredients, the chemical segment is dominating the market. However, vegan and natural segments are projected to grow at an exponential rate. There is a growing demand for skincare products formulated with natural and organic ingredients. Consumers are increasingly seeking products that are free from harmful chemicals, artificial fragrances, and synthetic preservatives. Natural and organic skincare ingredients such as aloe vera, shea butter, jojoba oil, and tea tree oil are gaining popularity due to their perceived benefits for the skin and the environment. Also, there is a growing demand for vegan skincare products as consumers become more aware of the impact of their purchasing decisions on animals, the environment, and their own health. Many consumers are actively seeking out vegan skincare products as part of their ethical and sustainable lifestyle choices. The global market for vegan skincare products is expected to grow significantly in the coming years. Regions such as North America, Europe, and Asia-Pacific are witnessing increasing demand for vegan skincare products, driven by factors such as changing consumer preferences, rising awareness about animal welfare and sustainability, and growing interest in plant-based skincare options.

Personalised skincare is expected to become more widespread as advancements in technology allow for tailored skincare solutions based on individual needs, skin types, and concerns. This could include the use of artificial intelligence (AI) and machine learning algorithms to analyse skin data and create personalised skincare regimens, customised skincare products based on genetic information, and wearable devices that monitor skin health in real-time. The integration of technology and skincare is expected to expand further with the development of digital skincare solutions. This could include smart skincare devices, apps, and wearables that offer personalised skincare advice, virtual consultations with dermatologists, and real-time monitoring of skin health. Digital skincare could also involve the use of augmented reality (AR) and virtual reality (VR) for virtual try-ons of skincare products and immersive skincare experiences. Advances in biotechnology, nanotechnology, and other scientific fields are likely to bring forth innovative skincare ingredients with enhanced efficacy. This could include the use of bioactive compounds, peptides, enzymes, stem cells, and other cutting-edge ingredients that offer targeted skincare solutions, such as anti-ageing, skin brightening, and skin barrier repair. Skincare is increasingly being viewed as part of a holistic approach to overall wellness. Future skincare trends may focus on incorporating wellness elements, such as mindfulness, stress reduction, and self-care rituals, into skincare products and routines. This could involve the use of adaptogens, CBD, aromatherapy, and other wellness-oriented ingredients in skincare formulations. The rise of e-commerce and online shopping is expected to continue shaping the skincare market, with virtual shopping experiences becoming more immersive and interactive. This could involve virtual beauty consultations, augmented reality (AR) try-on tools, and personalised online shopping experiences that cater to individual skincare needs and preferences.