Skincare Industry Revenue and Growth Statistics (2024)
Skincare at a glance
Skincare includes a wide range of products designed to care for and protect the skin.
These products encompass a variety of creams and lotions that are suitable for the face, hands, and feet, as well as specialized sunscreen products, which are essential for protecting against the damaging effects of UV rays.
While these products are not intended to be decorative, they can be used to enhance the appearance of the skin. Additionally, skin care products with a health focus, such as acne treatments, are excluded from this category and are instead included in the Consumer Market Outlook as part of OTC Pharmaceuticals.
This includes products that are created to specifically address and treat a variety of skin conditions and ailments.
How much is the Skincare Industry worth? (Valuation)
The global skin care products market is a highly dynamic one, with strong growth potential in the long run. It was valued at an impressive $130.50 billion in 2021 and is projected to grow at a healthy CAGR of 4.6% from 2022 to 2030.
This growth is mainly attributed to the increasing demand for natural and organic skincare products, as well as to the rising awareness among consumers of the need to take better care of their skin.
Additionally, the rising demand for anti-aging products and the growing popularity of innovative technologies such as AI-based skin care products, have also been contributing significantly to the growth of the skincare products market.
As such, this market is expected to remain strong in the coming years.
Source: Grandview Research, Globe Newswire
How much will the Skincare market be worth in the future?
According to a recent report, the Skincare market is expected to exceed $189.3 billion by 2026.
This growth is attributed to the increasing demand for natural and organic products, as well as the rising awareness of the importance of skincare.
Additionally, the growing popularity of online shopping and the rise of social media influencers are expected to further drive the market’s growth.
Revenue of the Skincare Industry market (worldwide)
The global skincare market has been steadily growing in recent years, evidenced by the increased revenue generated from the industry.
In 2020, the revenue of the skincare industry market worldwide was estimated to be around $119.3 billion, indicating a steady rise from the previous year of $115.3 billion.
This growth can be attributed to a number of factors, including the increasing consumer demand for skincare products, advancements in technology, and the emergence of new natural ingredients. Furthermore, the increased awareness of the importance of skincare and the growing acceptance of beauty-enhancing products have also helped to fuel the growth of the skincare industry market worldwide.
Companies are now investing heavily in research and development to create innovative skincare products that meet the ever-changing needs of consumers. It is expected that the trend of increasing revenue from the skincare industry will continue to grow in the coming years, fueled by the continued demand for high-quality skincare products.
According to a recent report, the revenue of the skincare industry from around the world is tabulated below.
Source: Statista
Revenue of the Skincare Industry market forecast (worldwide)
The Consumer Market Outlook predicts that the revenue generated in this market will continue to grow significantly over the next five years, reaching an estimated $187.68 billion by the year 2026.
This would represent an impressive increase from the current revenue level, which is currently projected to be around $149.15 billion in 2021.
This trend of increasing revenue in the consumer market is expected to remain consistent in the coming years, with the market being driven by the continued growth of e-commerce and the emergence of new technologies.
By the end of the forecast period, it is estimated that the consumer market will be worth over $187.68 billion, representing a substantial increase from the current level.
Source: Statista
Revenue of the Skincare Industry market by region (Skincare industry share by country)
The Skincare Industry market size, as measured by revenue, varies by region; in fact, there are significant differences in the skincare industry’s market share between countries.
In North America, for example, skincare has a dominant market share, whereas the market share in Asia Pacific is expanding. Furthermore, Europe’s skincare market share has steadily increased, whereas Latin America’s market share is more moderate.
Furthermore, when compared to other regions, the Middle East and Africa have seen slower growth in skincare market share.
It is important to note that trends in the skincare industry market size and market share by region can vary significantly, and businesses must pay close attention to changes in order to remain competitive.
The skincare industry’s revenue varies by region. Here is a breakdown of the market size by country:
- North America: $18.8 billion
- Europe: $14.2 billion
- Asia-Pacific: $14.7 billion
- Latin America: $4.6 billion
- Middle East and Africa: $2.9 billion
Skincare Industry Market Penetration Overview
Skincare Industry Market Penetration by gender
The skincare industry has experienced significant market penetration in recent years, particularly in terms of gender.
Women, in particular, have been driving the growth of the skincare market, as seen in the increasing demand for new and innovative products.
Men, too, are becoming more aware of their skincare needs and are beginning to purchase a wider range of products, from moisturizers and cleansers to toners and exfoliators. This has resulted in a greater diversity of products available, which has been welcomed by many consumers.
Furthermore, the increased availability of information, such as detailed product reviews, has helped to educate both male and female consumers on the importance of taking care of their skin. As such, the industry is seeing an increasing trend of consumers investing more time and effort into their skincare routines.
This, in turn, is contributing to the overall market penetration of the skincare industry.
Percentages of each gender are as follows:
Skincare Industry Market Penetration by age
Skincare market penetration has grown across all age groups in the past 5 yrs, with 18-24 yrs rising from 10% to 25%, 25-34 yrs from 15% to 35%, and 35+ yrs from 20% to 40%.
Skincare Industry Market Penetration by brand
The skincare industry is highly competitive, with established brands and new ones vying for market penetration.
Consumers are looking for high-quality products, which is pushing the industry to stay up-to-date with trends and technologies. This is driving innovation, with brands creating new products, formulas, and ingredients to capture new customers.
Additionally, online shopping has made it easier for brands to reach a wider audience and spread their message, helping to increase market penetration.
Since 2019, Olay had led the skincare market with 15.1%, followed by Neutrogena (14.1%), L’Oreal (10.3%), Cetaphil (9.2%), & Nivea (7.1%).
Skincare Industry Growth
The Skincare industry is continuously booming, with a CAGR of 3-5% expected from 2021 to 2026.
This growth is projected to result in total revenue of US$0.02m in 2023. The market is forecasted to grow at an average rate of 3.42% annually (CAGR 2023-2027).
The US is the largest contributor to market revenue, generating US$21,090.00 in 2023. On a per-person basis, this equates to US$62.64 in 2023.
By the end of 2023, an estimated 73% of sales in the Skin Care segment will be attributed to Non-Luxury goods, emphasizing the importance of this sector and the potential for continued growth. With the increasing number of innovative products and the rise of e-commerce, this industry is expected to keep expanding in the coming years.
How many people use Skincare products? (Worldwide)
It is no surprise that the skincare industry is booming, as more and more people are becoming aware of the importance of taking care of their skin.
Products that can help improve the health and appearance of their skin are now available from various skincare brands in different countries, continents, and cultures.
It is difficult to determine the exact number of global users of skincare brands-products, but it is clear that it is a significant figure.
Who are the top Skincare brands-products (companies)
When it comes to skincare, there are many different brands and products to choose from.
From luxury brands to drugstore favorites, it can be hard to decide which ones are the best. To help you out, we’ve compiled a list of some of the top skincare brands and products (companies) on the market today.
At the very top of this list are names such as:
- La Mer
- Estée Lauder
- Kiehl’s
These brands have a long history of providing high-quality skincare products and solutions. However, there are many brands and products that are lesser-known but still highly rated.
Some of these include
- CeraVe
- The Ordinary and
- Burt’s Bees
which offers a wide range of skincare products at a more affordable price.
Additionally, there are several organic, natural, and vegan skincare brands that are gaining in popularity, such as:
- Derma E
- Yes To, and
- Dr. Bronner’s
Overall, when it comes to finding the right skincare brand and product for you, it’s important to do your research and find what works best for your skin type and needs.
Top Skincare brands-products users by country
Users around the world have different skincare needs and preferences. To help them find the best products for their needs, we’ve compiled a list of the top skincare brands and products by country.
In the United States, popular brands include:
- Neutrogena
- Cetaphil, and
- Aveeno
Neutrogena offers a wide range of products, from cleansers to moisturizers, Cetaphil is known for its gentle, non-irritating formulas, and Aveeno is a trusted brand for sensitive skin.
In Europe, La Roche-Posay and Vichy are two of the most popular skincare brands.
- La Roche-Posay offers a variety of products, from cleansers to sunscreens.
- Vichy is known for its hydrating formulas.
In Asia, Kose and Shiseido are two of the most popular skincare brands.
- Kose offers a wide range of products, from cleansers to masks.
- Shiseido is known for its luxurious formulas.
No matter where you are in the world, you can find the perfect skincare products for your needs. With the right products, you can keep your skin looking and feeling its best.
