10.27.23
According to a recent report from ResearchAndMarkets, the global facial skincare market is experiencing robust growth, with expectations of reaching $142.11 billion by 2030. This growth is anticipated to accelerate at a CAGR of 5.8% from 2023 to 2030.
Key drivers of this market expansion include increasing awareness of the importance of facial products for maintaining healthy skin, enhancing skin appearance, and addressing skin conditions.
Additionally, the rising purchasing power of the working-class population in emerging nations such as China, India, and Brazil is driving demand for cosmetic products, while Asia Pacific sees a surge in demand for long-lasting product variants, particularly skin-whitening agents.
Meanwhile, the skincare products market is expected to reach $251.09 million by 2030 according to Data Bridge Market Research.
Key drivers of this market expansion include increasing awareness of the importance of facial products for maintaining healthy skin, enhancing skin appearance, and addressing skin conditions.
Additionally, the rising purchasing power of the working-class population in emerging nations such as China, India, and Brazil is driving demand for cosmetic products, while Asia Pacific sees a surge in demand for long-lasting product variants, particularly skin-whitening agents.
Meanwhile, the skincare products market is expected to reach $251.09 million by 2030 according to Data Bridge Market Research.
Impact of the Covid-19 Pandemic
The Covid-19 pandemic shifted many people's priorities towards health and hygiene, leading to increased interest in products promoting skin health and cleanliness. Personalized solutions gained traction as consumers sought individualized skincare recommendations without in-person interactions, with brands offering customized regimens and virtual consultations benefiting from this trend.Other Report Highlights
Other insights in the report include:- Facial Creams Dominance: Facial creams accounted for the largest share of global revenue in 2022, making up 36.48% of the market. Extensive commercial marketing campaigns and celebrity endorsements have contributed to the increased demand for face creams.
- Target Audience: Women are the major consumers of the facial care industry, accounting for over 58.76% of the overall revenue in 2022.
- Retail Channel Leadership: Supermarkets and hypermarkets held the largest revenue share of 45.77% in 2022. These retail formats provide customers with various advantages, including choice, lower prices, and visibility for global brands.
- Regional Insights: North America led the facial skincare market in 2022, with a revenue share of 35.85%. This growth is attributed to the presence of major product manufacturers such as Procter & Gamble and Unilever in North America, coupled with the development of infrastructural facilities for retailers.