Taneesa Williamson According to a recent study from Data Bridge Market Research, the skincare market is expected to reach $376 million by 2030, towering over the previous figure that was $256 million for 2022, signalling a CAGR of 4.90% during the forecast period of 2023 to 2030.
There has been a significant increase in demand for skincare products guided from the advertising and influential trends led by online platforms from 2017-2018 to 2023. The surge in demand for these personal care products have been consistent with the increase of social media presence of brands through strengthened brand awareness and the use of influencers on online platforms such as Instagram, Youtube, and Tik Tok. As a result, the skincare market has now sectioned into niche categories, each identifying with significant benefits, features or affiliation with social movements.
Increasing Awareness of Skincare and Demand for Personal Care
In recent years, the use of skincare products in the means of self-care has dramatically risen as a result of rising disposable income and celebrity endorsements, with the demand for skincare products with active ingredients that focus on hydration and repair being driven by this trend.
The market for men’s skincare is also expanding as a result of 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.
Rising Disposable Income Despite An Unpredictable Economic Climate
Namely known as the ‘lipstick effect’, which has shown results of increased consumer spend despite harsh economic climates due to consumers cutting back on larger luxury items or overseas holidays, yet still wish to treat themselves by purchasing a lipstick or cosmetic product to indulge in self-care. This effect has also fuelled the growth of the skincare products market around times such as the global pandemic.
Demand For Ethically Made Products
Reports of an increase of the ‘smart-sumer’ has also led to an increased demand for skincare products that contain less preservatives and less harsh alcohols, whilst also calling for more sustainable manufacturing of skincare.
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. These trends have now also been reflected in both new product launches as well as re-branding of existing products, with skincare lines now opting for re-packaging and rebranding to suit a new wave of sustainability-aware consumers through reducing their carbon emissions through more eco-friendly product manufacturing.
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