03-Mar-2023

Skincare Market is projected to reach a valuation of US$ 230.21 Billion by 2032 | FMI Study

The global Skincare Market is expected to grow significantly at an 8.1% CAGR between 2022 and 2032. By 2022, the market is expected to grow to a global market worth US$ 131 billion. The global skincare industry is expected to reach US$ 230.21 billion by 2032, owing to rising demand and growth.

Personalized things are becoming increasingly popular among Americans. Serums, creams, and moisturizers supplemented with natural components are projected to enjoy significant demand over the forecast period, owing to increased consumer preference for skincare products. Such products are thought to be more efficient and to have fewer or no negative side effects, which increases their appeal among clients.

Face creams and moisturizers are growing more popular throughout the world as people become more conscious of their physical appearance and concerned about skin disorders and skin cancer. Furthermore, as a growing number of clients opt for cruelty-free product lines due to their increased concern for animal protection and the environment, the demand for vegan or plant-based component combinations in these items has increased.

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Rising consumer demand for self-care and personal hygiene products, as well as a desire for natural and healthy ingredients, are creating an appealing opportunity in the skincare sector. Concerns about the adverse effects of chemicals on the skin, such as irritation, skin allergies, and dullness, have increased the demand for herbal ingredients in skin care products.

Due to its larger consumer base and robust consumption, the United States maintains the largest share of the North American market. As a result of the COVID-19 outbreak, an increasing number of Americans are investing in preventative measures such as skin cleansers and hand sanitizers. Consumers in the United States are willing to pay a higher price for a more youthful appearance, as well as brighter and healthier skin. Such increasing preferences will propel the overall skin care market growth during the projection period

Key Takeaways from the Market Study

In 2022, the global skincare market is estimated to have a global market size of US$ 131 Bn.
In 2022, the hand sanitizers category by product type is expected to occupy a 65% market share.
By form type, the liquid segment is projected to hold a global market share of 36% in 2022.
The US skincare market is expected to gain a global market share of 71% in 2022.
The Chinese region is expected to grow rapidly with a CAGR of 7.4% during 2022-2032.
During the forecast period, the UK market for skincare will exhibit a 7% CAGR.

“Globally increasing demand for sunscreens, face creams, and body lotions is likely to boost market growth over the predicted period. Furthermore, skin issues associated with post-Covid situations are expected to drive market expansion even further.” comments a Future Market Insights analyst.

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Dermatological care refers to the range of practices and products that people use to maintain the health and appearance of their skin. Skincare can include a variety of steps, such as cleansing, moisturizing, exfoliating, and protecting the skin from environmental factors like sun exposure.

Competitive Landscape

Market participants are focusing their efforts on strategic alliances, mergers and acquisitions, and corporate expansions to increase their market position.

To expedite innovations in healthcare and infection control, PDI inaugurated its New Global Headquarters in Bergen County, New Jersey, in 2021. The objective was to create a new multi-functional platform to aid in continued advancements in infection prevention.
Shiseido Co., Ltd. has announced the release of ULTIMUNE Power Infusing Concentrate III in Japan in 2021, a refresh of the renowned serum ULTIMUNE Power Infusing Concentrate N. The product will be available in around 380 locations nationwide as well as on its beauty website watashi+.
Beiersdorf AG’s NX NIVEA Accelerator will expand into China in 2021, choosing the top five firms for a new programme in Shanghai. The firm has signed a partnership agreement with Tmall, China’s largest e-commerce platform, and wants to work with beauty startups on indie brands, beauty technology, personalization, and platform marketing techniques with a high degree of digitalisation.

Key Players:

3M Company
Cardinal Health, Inc.
Ecolab
Gojo Industries, Inc.,
Beiersdorf AG’s NX NIVEA
Whiteley Corporation
Reckitt Benckiser Group PLC
Carroll Clean
Johnson & Johnson Consumer Inc.
Galderma laboratories, L.P.
PDI, Inc.
Betco Corporation
Pal International
PSK Pharma Pvt. Ltd.
Metrex Research, LLC.
Gojo Industries, Inc.
Unilever
Steris Plc.
Procter & Gamble

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Key Segments Covered In The Skincare Market Report

Skincare Market By Product:

Skin Cleansers
Hand Sanitizers
Surgical Scrubs
Skin Conditioners
Other

Skincare Market By Form:

Liquid Skincare
Gel & Lotions
Wipes
Spray & Foams

Skincare Market By End-User:

Skincare for Hospitals
Skincare for Clinics
Skincare for Ambulatory Surgical Centers
Skincare for Diagnostic Laboratories
Skincare for Reference Laboratories
Skincare for Rehabilitation Centers
Skincare for Long Term Care Centers
Skincare for Critical Care Centers
Skincare for Pharmaceutical & Biotechnology Companies
Skincare for Academics and Research Institutes
Skincare for Homecare Settings

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Last Updated: 03-Mar-2023