Cosmetic Skin Care Market to Observe Strong Development by 2031, TMR Study

Rise in preference for organic beauty skin cosmetic products is the key factor expected to drive the global cosmetic skin care market during the forecast period. Rise in demand for organic cosmetics can be ascribed to the side-effects of chemical-based products. Key markets across the world are witnessing a rise in disposable income. Thus, increase in disposable income and rise in spending capacity on skin care cosmetics in developing countries are anticipated to drive the cosmetic skincare market in the next few years.

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Increase in Preference for Organic Cosmetics Fueling Cosmetic Skin Care Market

Organic face cosmetic skincare products are made without the use of parabens, artificial fragrances, sulfates, phthalates, synthetics, and petrochemicals. Chemical-based products tend to be harsher on the skin and may lead to side-effects. Organic cosmetic skin solutions have no such effects and are gentler on the user. Besides this, chemicals in conventional skincare products penetrate the skin and enter the bloodstream, which can lead to a range of disorders such as hormonal imbalance and cancer. Customers prefer products that are free from harmful chemicals. Demand for products that contain natural ingredients has been rising significantly across the globe.

In the beauty industry, the percentage of cosmetic personal care products that claim to have natural or organic origins stood at 3.1% in the U.S. in 2020 compared to around 2% in 2019. This is driving the U.S. skin care market size. Sale of products containing herbal oils and ingredients such as charcoal, seaberry, and sea buckthorn oil is displaying an annual growth rate of 200%. Skincare market share of products that are free from parabens, such as moisturizers, cleansers, and lip cosmetics, has been rising across product categories. It is in the range of 50%-60% of total cosmetic skin care product sales. Paraben-free lip cosmetics have reported the largest share of 87% of the total lip cosmetics sales. Preference for organic cosmetic skin care solutions is expected to have a medium impact on the market in the short term and a high impact in the long term.

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Rise in Disposable Income Boosting Demand for Cosmetic Skin Care Products

Key markets across the world have seen a rise in disposable income. Increase in disposable income is linked to the rise in consumption activity. The popularity and growth of top skincare companies, whose products tend to be more expensive, are proof of the fact that people are increasing their spending on skincare solutions. L’Oreal, Unilever, Coty, Estee Lauder, and P&G were among the top brands in terms of sales value for the year 2021. Across regions, women in the 16 to 24 age bracket spend the most on cosmetic skin care products, including self-tanning products, especially in the U.K., Italy, Spain, France, and Germany. Women in Asia Pacific have an annual disposable income of about US$ 30,000. This is driving the demand for anti-aging products among women aged 30 to 40 years in the region, according to a report by Euromonitor. The working population in Asia Pacific is on the rise, with female workforce participation in Malaysia at 46.8% according to the World Bank. This leads to higher income and consequently higher disposable income among women, thus driving the cosmetic skin care market in the region.

Growth in Adoption of Creams and Moisturizers with Natural Antioxidants

In terms of product, the cream & moisturizer segment holds major share of the global cosmetic skin care market, as creams and moisturizers are user-friendly and convenient. Demand for creams and moisturizers, which contain natural antioxidants, is expected to rise at a significant pace as a result of a rapidly aging population. Consequently, higher number of people are expected to adopt anti-aging products with antioxidants

Regional Outlook of Global Cosmetic Skin Care Market

Asia Pacific is likely to hold the major share of the global cosmetic skin care market during the forecast period. China, Japan, and Korea are anticipated to dominate the cosmetic skin care market in the region during the forecast period. This can be ascribed to the strong cultural and regional influences that govern the buying behavior of consumers with respect to cosmetic skin care products. India is also projected to contribute to the market growth in Asia Pacific owing to the rise in disposable income of consumers in the country. Regional influences in terms of local brands that have a better understanding of the local market are among the trends that would dictate the growth trajectory of the cosmetic skin care market in Asia Pacific.

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Analysis of Key Players in Global Cosmetic Skin Care Market

The cosmetic skin care market is consolidated, with a few large-scale vendors controlling majority of the share. Most firms are investing significantly in comprehensive research and development activities. Expansion of product portfolios and mergers and acquisitions are the major strategies adopted by key players. The global cosmetic skin care market report includes various sections such as cosmetic skin care drivers, cosmetic skin care market analysis, challenges and opportunities in the cosmetic skin care market, and market segmentation of skin care products. Beiersdorf AG, Coty Inc., Estée Lauder Inc, Galderma Laboratories, L.P., Johnson & Johnson Consumer Inc., L’Oréal Paris, Procter & Gamble, Revlon, Shiseido Company, and Unilever are the prominent entities operating in this market.