Skincare Market Set to Shine with a Dazzling US$ 230.21 Billion Projection by 2032-FMI Study
The worldwide skincare market is expected to increase at a Compound Annual Growth Rate (CAGR) of 8.1% from 2022 to 2032, marking the beginning of an extraordinary growth trajectory. This optimistic prediction is supported by the market’s ongoing growth, which is expected to drive it to a projected value of US$ 131 billion by 2022 and further to a noteworthy US$ 230.21 billion by 2032.
The skincare industry is experiencing a remarkable surge, and this growth is attributed to several compelling factors that collectively contribute to its success:
With the advent of digital marketing, the skincare industry has been propelled into the modern era. Prominent skincare companies are skillfully employing innovative online campaigns, harnessing an array of social marketing strategies to effectively engage and connect with their customer base. This digitally-driven approach has not only enhanced customer reach but has also transformed the way skincare products are marketed and perceived.
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Skincare products such as skin cleansers, hand sanitizer, skin conditioners, and surgical scrubs are increasingly used to maintain skin hygiene and to prevent the spread of infections.
The rising prevalence of chronic diseases and increase in demand for hand sanitizers amid COVID-19 pandemic is expected to boost the growth of the skincare market.
Moreover, increasing incidence of hospital-acquired diseases such as surgical site infection (SSI) is creating opportunities for growth.
Sales will surge further as a result of the increasing awareness about advanced skincare products. Social media & innovative online campaigns aimed at creating awareness are therefore reshaping the skincare market.
Increasing market consolidation activities, adoption of strategic agreements among the leading manufacturers and increasing research activities aimed at launching effective products are some of the factors enabling growth.
Some of the leading players are aiming to strengthen their product portfolio by launching a various online campaign.
For instance, in 2021, Galderma Laboratories, L.P.-Cetaphil launched an innovative digital campaign to connect with millions of consumers experiencing skin sensitivity.with the market expected to exhibit a CAGR of 8.1% during the forecast period (2021-2031)
Key Takeaways from Skincare Market Study :
- Skincare market is expected to rise at 8.1% CAGR between 2021 and 2031
- High willingness among consumers to spend on personal health and hygiene will drive growth in the U.S., which will account for over 85% of sales in North America by 2031
- The U.K. will remain a key market for skincare products within Europe. Rising demand from various hospitals, healthcare, and critical care centers will continue supporting growth
- Expansion of the healthcare sector will push growth in Germany, which will account for maximum skincare products sales within Europe’s healthcare sector
- Strong growth is likely in China, as consumers increasingly focus on hygiene and sanitization to prevent the risk of infection
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Who is Winning?
The leading manufacturers are focusing on research and development to develop effective and compatible skincare products that can meet the end-use demand.
The current pandemic outbreaks and the growing demand for hand sanitizing product have led manufacturers to ramp up their research efforts to expand their product portfolio.
Besides this, several key players are focusing on market consolidation activities such as a merger, acquisition, supply distribution partnerships, and launching new products.
This is leading to high competitiveness in the market. Key manufacturers are also keen to expand the market footprint.
Some of the market players covered by FMI include are 3M Company, Cardinal Health, Inc., Ecolab, Whiteley Corporation, Reckitt Benckiser Group PLC, Carrollclean, 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 and among others consolidating their positions through mergers, acquisitions and new product launches.
Key Segments:
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
Skincare Market By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- APAC
- MEA
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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