The skin care industry is a booming business, with the global market estimated to be worth over $121 billion in 2019. From anti-aging creams to sunscreens, the industry is constantly evolving to meet the needs of consumers.
In this blog post, we’ll take a look at some of the most interesting skin care industry statistics, including the size of the market, the most popular products, and the biggest players in the industry. We’ll also explore how the industry is changing and what the future holds for the skin care industry. So, let’s dive in and explore the fascinating world of skin care industry statistics.
Skin Care Industry: The Most Important Statistics
In 2021, the Italian skincare market was dominated by facial care products with 17.4% of consumption, followed by body care products with 15.7%.
Women make up 76% of cosmetic product sales, with the majority of purchases being facial care products (21%) and body care products (16.8%).
Skin Care Industry Statistics Overview
The global skincare market size was USD 98.83 billion in 2020, and experienced a decline of -29.43% due to COVID-19. However, the market is projected to grow from $100.13 billion in 2021 to $145.82 billion in 2028 at a CAGR of 5.52%.
The Skin Care segment accounted for 27% of the total Beauty & Personal Care revenues in 2020 and is expected to increase to US$188 billion by 2026.
It is also expected to grow significantly in the next few years. This growth is indicative of the increasing demand for skin care products, which can be used to inform marketing and product development strategies for companies in the industry.
Nivea is the most well-known face care brand in the UK, with 93% brand awareness, followed by L’Oréal (92%) and The Body Shop and Olay (88%).
Olay is the most recognized skin care brand in the U.S., followed closely by Neutrogena, L’Oréal, and Nivea, which shows the relative brand awareness of the major players in the market.
In 2021, facial skincare products accounted for 82% of China’s skincare product market, while hand care and body care products made up 2.1% and 2% respectively.
This highlights the dominance of facial skincare products in the Chinese skincare market.
In 2021, the Italian skincare market was dominated by facial care products with 17.4% of consumption, followed by body care products with 15.7%.
Asia Pacific currently holds the largest share of the global market for skincare body products, with a 38% share in 2021, and is expected to grow at a CAGR of 6.5% from 2022 to 2028. Central & South America is expected to be the second-fastest-growing market, with a CAGR of 6.1%.
This shows that the Asia Pacific region is currently the largest market for skincare body products and is expected to remain the largest market in the future.
It also displays that Central & South America is expected to be the second-fastest-growing market, indicating that the market for skincare body products is growing in both regions.
The Asia Pacific and Europe regions are expected to hold a significant share of the global skin care industry, with total consumption expenditure in the Asia Pacific region increasing from USD 1.595 billion in 2016 to USD 3.600 billion by 2020.
The skin care industry is growing rapidly in both the Asia Pacific and Europe regions, indicating that the demand for skin care products is increasing and that the industry is becoming more profitable. This is beneficial for businesses in the skin care industry as it provides them with more opportunities to expand and grow.
Women make up 76% of cosmetic product sales, with the majority of purchases being facial care products (21%) and body care products (16.8%).
The female segment held the largest revenue share of over 60.0% in 2021, while the male segment is projected to register the fastest CAGR of 5.0% from 2022 to 2030.
Women are the primary consumers of skincare products and the male segment is growing rapidly, indicating that the industry is expanding to meet the needs of both genders.
Conclusion
The skin care industry is a booming business, with no signs of slowing down. With the ever-increasing demand for products and services, the industry is expected to continue to grow in the coming years. The industry is also becoming increasingly competitive, with new products and services being introduced every day.
As a result, it is important for businesses to stay up-to-date on the latest trends and statistics in order to stay competitive. With the right information, businesses can make informed decisions and stay ahead of the competition.
References
1 – https://www.fortunebusinessinsights.com/skin-care-market-102544
2 – https://www.statista.com/study/48845/skin-care-report/
3 – https://www.statista.com/statistics/1343681/most-well-known-face-care-brands-in-the-uk/
4 – https://www.statista.com/statistics/1343658/most-well-known-face-care-brands-in-the-united-states/
5 – https://www.statista.com/statistics/1238697/china-breakdown-of-skincare-market-by-product-type/
6 – https://www.cosmeticaitalia.it/documenti/a_centrostudi/beauty_report/interno_completo_EN.pdf
7 – https://www.grandviewresearch.com/industry-analysis/skin-care-body-products-market-report
8 – https://www.fortunebusinessinsights.com/skin-care-market-102544
9 – https://www.cosmeticaitalia.it/documenti/a_centrostudi/beauty_report/interno_completo_EN.pdf
10 – https://www.grandviewresearch.com/industry-analysis/skin-care-products-market
