According to a recent study from Data Bridge Market Research entitled “Skin Care Products Market,” the skincare products market is expected to reach $251.09 million by 2030, which was $171.25 million in 2022, registering a CAGR of 4.90% during the forecast period of 2023 to 2030.
Demand for Personal Care Increases
The lockdown has increased the demand for skincare products on online platforms. Over the past five to six years, there has been an increase in demand for personal care products due to rising awareness of the issue. This demonstrated the growing demand for natural skin care products, which is turning them into a significant market segment in the cosmetics industry. Face creams and moisturizers held the largest revenue share, and it is anticipated that they will maintain their dominance throughout the forecast period.
Increasing Awareness of Skincare
The segment is growing significantly as more women incorporate grooming products into their daily routines to boost their self-esteem and appearance. In recent years, the significance of self-care has inspired women to actively create relaxing self-care experiences through at-home skincare routines. The demand for skincare products with active ingredients that have nourishing and healing properties is being driven by this trend.
The market for men’s skincare is expanding as a result of rising disposable income, celebrity endorsements, and increased product launches among men who are becoming more conscious of their personal hygiene and regular grooming. Men’s preferences for skincare products are expanding beyond those for traditional grooming.
Improvement In Living Standards and Rising Disposable Income
Rapid urbanization has been observed as people’s living standards have increased, and this, combined with an increase in the working section, has made people more aware of personal care products, which has fueled the growth of the skin care products market. Many people are more likely to use skin care and body care products as a result of rising disposable incomes and consumers’ increased ability to spend.
Demand For Natural and Organic Products
Understanding of the need for skin care products to shield skin from damaging UV rays, pollution, and other factors is increasing. It is the main driver of the market expansion for skin care products.
The use of natural and organic products is growing in popularity as cases of skin conditions, allergies, rashes, and other conditions are on the rise. The products that consumers use are receiving more thought. People are becoming more and more interested in natural products. The popularity of brands in the natural skincare category is being influenced by the trend of herbal and organic skincare products. This has been reflected in new product launches as well.
U.S. prestige beauty industry sales revenue grew 15% year over year, reaching $27.1 billion in 2022, according to The NPD Group.
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