Cosmetic Skin Care Product Market: New Forecast Report 2030 (2023)

FAQs

Cosmetic Skin Care Product Market: New Forecast Report 2030? ›

The global skincare industry was valued at nearly $134 billion in 2018 and is expected to grow to over $200 billion by 2026. Though beauty and wellness trends may come and go, clear and healthy skin is always in fashion.

The global skincare industry was valued at nearly $134 billion in 2018 and is expected to grow to over $200 billion by 2026. Though beauty and wellness trends may come and go, clear and healthy skin is always in fashion.

Revenue in the Beauty & Personal Care market amounts to US$91.41bn in 2023. The market is expected to grow annually by 2.60% (CAGR 2023-2027). The market's largest segment is the segment Personal Care with a market volume of US$42.18bn in 2023.

Face creams and moisturizers held the largest revenue share of over 40.0% in 2021 and are expected to maintain their lead over the forecast period. Face creams and moisturizers are among the most used items as these are frequently applied.

According to the latest statistics, the global beauty industry market size is set to be worth $571.1 billion in 2023. This will mark an 8% increase year-over-year, the fastest annual growth rate in at least 13 years.

The global active cosmetics market is growing at a fast pace and is expected to rise at a CAGR of 12.64% from 2021 to 2027 according to a recent report by Arizton Advisory and Intelligence. Skincare is the fastest growing segment by application, followed by haircare.

Report Overview. The global cosmetics market size was valued at USD 262.21 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030.

Global cosmetics market is expected to gain significant growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyzes that the market is growing with the CAGR of 5.8% in the forecast period of 2022 to 2029 and is expected to reach USD 377,243.22 million by 2029.

Estheticians are in high demand. The job outlook for skincare specialists is excellent for the 2020s: The U.S. Bureau of Labor Statistics has said that positions are growing at 17% between 2019 and 2029, a rate much more robust than the average job.

Global value of the cosmetics market 2018-2025

The market was projected to value at about 758.4 billion U.S. dollars by 2025.

What is the future of the beauty industry 2023? ›

The worldwide health and beauty retail business, and cosmetics in particular, have shown rapid and consistent growth since the pandemic in 2020. It is predicted that the market will top $100 billion globally in 2023. A survey has found that 85 percent of individuals shop for beauty products in-store and not online.

Specialty stores held the highest share of the market, whereas online is expected to be the fastest-growing segment in the forecasted period. Moreover, specialty retail stores such as Sephora and Ulta are becoming more popular with consumers of luxury beauty and cosmetics products.

Chemical ridden products, vague ingredient labels, and hidden chemicals are three of the major problems with the beauty industry. All these problems stem from one major source: lack of regulation. Lack of regulation enables companies to put unsafe chemicals in products and vaguely label chemicals as “fragrances”.

Revenue in the Skin Care segment amounts to US$21.09bn in 2023. The market is expected to grow annually by 3.42% (CAGR 2023-2027).

Skincare has more beauty industry market share than hair care (22%) and make-up (18%) combined.

In 2023, expect a shift towards bold shades,” says Tinu. “Rather than an all-over hue, I predict that brights will be used to outline and accent nails, taking a basic manicure to the next level, with sharp edges and negative space,” she says. “Shades to look out for will include blue, purple, yellow and orange.”

To avoid passing prices onto the consumer in the face of inflation and sustained supply chain difficulties, brands are employing tactics like stockpiling, taking out complicated components from packaging, bringing production in-house, and changing their shipping policies, said Beauty Independent editor Claire McCormack ...

Due to the widespread belief in the lipstick effect, the beauty industry has developed something of a reputation for being recession-proof.

But beauty is recession-proof, according to experts and brands, and during lean times today's shoppers will lean towards wellness-inspired beauty options, not just lipstick. The question is which category is primed to win when she has to choose her favorite form of self-care?

Skincare's growth is attributable to the unique position it occupies amongst a variety of trends: growing desire for health-promoting and self-care products, increasing interest in the power of regimens and routines, the ability of social media to more rapidly empower and inform consumers and, uniquely, the ability of ...

Is the beauty industry oversaturated? ›

Yes, most industry experts agree that the cosmetics industry is oversaturated.

In the United States alone, the beauty services sector employs over 670,000 people, and its job growth outlook is “faster than average” according to BLS data at a rate of 13% (2016-2026). According to a study, it was worth $532.43 billion in 2017 and is expected to reach a market value of $805.61 billion by 2023.

Demand Forecasting for new products helps an organization's supply chain to assess market trends & drive adaptable production, making the company more revenue-oriented & scalable. The first fundamental principle for any supply chain to be fruitful & efficient requires it to be cognitive of the current demand & supply.

Demand forecasting is the process of using predictive analysis of historical data to estimate and predict customers' future demand for a product or service. Demand forecasting helps the business make better-informed supply decisions that estimate the total sales and revenue for a future period of time.

The most common forecasting method is to use sales volumes of existing products to forecast demand for a new one. This method is particularly useful if the new product is a variation on an existing one involving, for example, a different colour, size or flavour.

Job Outlook

Overall employment of barbers, hairstylists, and cosmetologists is projected to grow 11 percent from 2021 to 2031, much faster than the average for all occupations. About 93,800 openings for barbers, hairstylists, and cosmetologists are projected each year, on average, over the decade.

3D Printing. The cosmetic industry utilizes 3D printing for solutions ranging from designing to packaging products. It is also leading to greater personalization, providing customers with better options. Some startups also create solutions that allow customers to directly print cosmetics onto surfaces.

Beauty brands are now leveraging the latest advancements in artificial intelligence and machine learning (AI/ML), augmented reality and virtual reality (AR/VR), data and analytics, cloud computing, and the internet of things (IoT). AI is incorporated in various aspects of the skincare industry.

Mac isn't the only cosmetics brand to make a push into the skincare market, which is set to reach $181 billion globally by 2025, up from $155 billion in 2021, according to Euromonitor.

Sales grew 15 percent year-over-year, with makeup, skin care, fragrance and hair products each growing by double digits. Ulta Beauty has been one of the leaders in the beauty sector. Total quarterly sales surged more than 18 percent in the fourth quarter of 2022.

Why is the beauty industry growing so fast? ›

According to Forbes.com, selfies and constant picture-taking cause consumers to need to look their best all the time and that's one of the factors encouraging beauty industry growth. Social media culture is effecting the change, but so is the need to be educated on proper skin care and hygiene.

“Beauty from within,” another trend to watch in 2023, encourages cosmetics and personal beauty care product consumers like Gen Z to increase their awareness of “how the skin microbiome and nutrition all can enhance the benefits of these topical applications, as internal health is reflected by our skin​,” said Dr.

In 2023, expect a shift towards bold shades,” says Tinu. “Rather than an all-over hue, I predict that brights will be used to outline and accent nails, taking a basic manicure to the next level, with sharp edges and negative space,” she says. "Shades to look out for will include blue, purple, yellow and orange."

The beauty industry used to be more-or-less synonymous with makeup products like lipsticks, foundation, and hairspray. Now, the beauty industry is rapidly evolving due to the acceleration of technology and the changing ideology of what “beauty” means.

La Roche-Posay Named the Fastest Growing Skincare Brand of 2022 by NielsenIQ. The brand ranked first among top 30 brands based in dollar and unit sales growth.

As an example, in the United States, the top three markets for natural skin care sales growth are young professionals, new mothers, and women 65+…and each of THOSE areas is just the tip of the target market iceberg.

Hence, from a generic point of view, a typical cosmetics business dealing in make-up items and other skincare products will primarily have women, aged 18 and above as its target market. Over time, men have shown keener interest in sports and sports betting than women.

The beauty industry has many flaws, including chemical-laden products, inadequate ingredient labels, and concealed substances. The primary cause of these issues is the absence of regulation as we have mentioned.

This year, the topic is “Disrupt the beauty of 2030” which will be separated into 3 tracks for participants to join : Inclusive track, Green Track, and Tech Track.

Who buys the most skincare? ›

As of 2020, the world's most lucrative skin care market is the U.S. market with a revenue of approximately 17.6 billion U.S. dollars. It is followed by Japan, which generated a revenue of roughly 17 billion U.S. dollars, ahead of China, India, and South Korea. The United States has a thriving skin care market.

Gen Z Spends More on Skincare Than Any Other Age Group.

The skincare industry is one of the most lucrative in the world.

Share of shoppers buying beauty products online 2022, by gender. A survey conducted in the third quarter of 2022 revealed that globally, women were purchasing beauty products online more than men. An average of 32 percent of women worldwide purchased beauty products online from July to September of 2022.

Luxury makeup products are made with premium ingredients, offer advanced benefits, and come in elegant packaging. Quite often, luxury makeup brands come from fashion houses like Chanel, Tom Ford, and Hermès.

Consumer interest in medical aesthetics continues to rise, and the growth rate of the North American medical aesthetics market is expected to accelerate to more than 10 percent annually through 2026.

Health and wellness often focus on working out, eating healthier, and taking more time for us, but it is equally as important to focus on skin care, as it is an essential part of the health of our bodies. Investing in your skin will pay off in many ways; you will be healthier, age more gracefully, and feel better!

La Roche-Posay was the fastest growing skincare brand in 2022. According to NielsenIQ, the brand ranked first among top 30 brands based in dollar and unit sales growth (46%, 48% respectively) for full-year 2022 vs. full-year 2021. "Thank you to our partners who have helped build and support the La Roche-Posay business.

Is skincare a good business to get into? ›

The skincare industry is one of the most lucrative in the world. Currently, experts predict that it will be worth around $200.25 billion by 2025. That's an incredible opportunity for aspiring entrepreneurs interested in starting a skincare line!

Skincare is the fastest growing market segment in the beauty industry, according to Statista the revenue in the Skin Care segment amounts to US$19.92bn in 2022 and the market is expected to grow annually by 3.91% (CAGR 2022-2027).

Product demand is being fuelled across the country by an increasing female workforce, rising fashion trends, and the popularity of social media outlets.

As an example, in the United States, the top three markets for natural skin care sales growth are young professionals, new mothers, and women 65+…and each of THOSE areas is just the tip of the target market iceberg. Young professionals skin care target market. New mothers skin care target market.

Determine your Suggested Retail Price (SRP) and Profit Margin. The golden rule in private labeling is never to price your product under three times the manufacturing cost. That means your minimum profit margin should be 33%.

The brand: You don't need to spend tons of money for effective products that derms love; Neutrogena is touted as the number one dermatologist-recommend skincare product and you can find it at the drugstore.

It takes no less than 12 weeks to develop a skin care product. However, most skin care lines require much more time for research, development, testing, and go-to-market. Skin care products also require comprehensive testing, which takes time.

So neglecting your skin care can age your skin.

Of course, again, makeup can temporarily cover that problem but it won't help the skin in the long run so there is a need to use different targeted products to help combat the sign or aging and other skin problems. Even makeup can't cover up wrinkles.