The global skincare market, valued at $142.16 billion in 2024, is projected to surge to $196.74 billion by 2029, buoyed by wellness trends and e-commerce. Key players like L’Oréal and P&G dominate, with Asia-Pacific leading growth. Key strategies include eco-friendly practices and strategic partnerships.
The global skincare market, having a valuation of nearly $142.16 billion in 2024, has exhibited a steady growth trajectory with a compound annual growth rate (CAGR) of 5.20% since 2019. Looking forward, the market is anticipated to grow to $196.74 billion by 2029, expanding further at a CAGR of 6.71%, and is expected to reach $270.25 billion by 2034, with a CAGR of 6.56% from 2029.
Several factors have driven this growth. In the historic period, the rise in self-care spending, surging demand for anti-aging solutions, and increased disposable incomes fueled market expansion. Challenges included price sensitivity and adverse reaction concerns. The future outlook remains optimistic, fueled by growing wellness-focused lifestyles, the expansion of e-commerce, an aging global population, and increased urbanization. Potential challenges could stem from shifting consumer preferences and global economic uncertainties.
The market landscape is competitive, dominated by major players. As of 2023, the top ten competitors constituted 41.47% of the market. Leading the roster, L’Oreal holds a significant 13.40% share, followed by Estee Lauder Companies Inc. (5.93%), Unilever plc. (5.08%), and Procter & Gamble Company (4.56%), amongst others.
Regionally, Asia-Pacific led the market in 2024, accounting for 39.07% of the total with $55.54 billion. Projections highlight Asia-Pacific and Africa as the fastest-growing regions, with anticipated CAGRs of 7.62% and 7.15% respectively.
Segment-wise, creams led the market in 2024, making up 35.50% of the total at $50.46 billion. However, the lotions segment is expected to see the fastest growth at a CAGR of 7.49% from 2024 to 2029. Gender segmentation indicates that the women’s market, representing 70.11% of total revenue at $99.67 billion in 2024, will continue to dominate. However, growth in the men’s segment is expected to outpace at a CAGR of 8.17%.
By distribution channel, supermarkets accounted for 37.42% of sales or $53.2 billion, though online sales channels are forecasted to grow at the highest CAGR of 7.72% over the next five years. By packaging type, tubes were predominant, holding 45.66% of the market, with anticipated growth at a CAGR of 7.41%.
Strategic opportunities lie in expanding reach through partnerships, embracing sustainability, leveraging eco-friendly packaging, and optimizing digital and direct-to-consumer avenues. China, with an anticipated $8.78 billion in market gains, offers notable potential.
Companies are advised to pursue strategic partnerships, emphasize eco-conscious practices, tap into the men’s skincare segment, and capitalize on digital innovations. Noteworthy mergers and acquisitions include L’Oreal’s acquisition of Gowoonsesang Cosmetics and Estee Lauder Companies’ acquisition of DECIEM Beauty Group, indicative of ongoing market consolidation and the pursuit of broader market presence.
Major trends steering the skincare market include partnerships to enhance market reach, sustainability initiatives, and packaging innovations. Key recent acquisitions illustrate significant strategic moves among industry leaders to bolster market standing and adapt to evolving consumer demands.
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