Global skincare market predicted to generate revenue of £216.6 billion by 2031

The global skincare market is expected to witness significant growth in the next decade, according to a new report by Research Dive.

In fact, according to the market research firm, the global skincare market is anticipated to garner a revenue of $273.3 (£216.6) billion from 2022 to 2031. It is also expected to rise at a healthy CAGR (compound annual growth rate) of 6.7% throughout the timeframe.

Analysis into the reasons behind the increased demand – especially after years of uncertainty during the coronavirus pandemic - suggests that interest in skincare is particularly rising in urban areas.

This has been powered by increasing disposable money in such areas, extensive advertising activities, and the introduction of new products from both existing brands and those that are breaking into the market. Moreover, the research suggests that the fast-changing features of fashion and varied climatic circumstances are expected to magnify growth.

The Asia-Pacific region is also powering revenue globally. Indeed, it is expected to hold the largest share of the market by 2031. That’s been caused by the region’s increasing use of body moisturising lotions, facial wipes, hair styling gels, sunscreen lotions and creams, alongside make-up products.

Perhaps unsurprisingly, female consumers look set to continue dominating the skincare market, now powered by increased customer knowledge about product efficacy. But, for practitioners who currently only stock skincare in-clinic, it’s significant to note that online distribution channels are becoming only more important. Such platforms are expected to have the fastest growth of any distribution method by 2031, due to their ability to reach larger customer bases and more revenue through e-commerce.

Product types however seem less likely to change. The major players in the global skincare market continue to be the big corporations, including Shiseido Co. Ltd., Beiersdorf AG, Coty Inc. and Estee Lauder Inc. As a category, creams and moisturisers, which held the largest market share in 2021, are also predicted to stay more popular than powders, cleansers, and face washes by people of all ages.

For that reason, moisturisers are likely to remain a key component of any in-clinic offering. Yet, it may be wise to invest in products in tube-based packaging, over bottles and jars. Tubes held the highest market share in 2021 and this category looks set to become even more popular as customers demand lightweight and portable packaging for cosmetics and skincare as 2031 approaches.

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