Skincare encompasses a variety of practices that promote skin health, improve its appearance, and alleviate skin disorders. These methods include avoiding excessive sun exposure, using nutrition and emollients, and using fillers, botulinum, retinol therapy, microdermabrasion, cosmetics, ultrasonic skin treatment, exfoliation, peels, and laser resurfacing to enhance appearance. Skincare is essentially a daily practice made especially for skin that is either excessively dry or overly moist.
Increased preference for organic cosmetics is projected to boost the global cosmetic skin care market during the forecast period. Organic skincare solutions for the face are free of artificial scents, parabens, phthalates, sulfates, petrochemicals, and synthetics. Chemical-based cosmetics are harder on the skin and can cause negative effects. Organic cosmetic skin care products have no such side effects and are milder on the skin. Aside from that, chemicals in standard skincare products pass through the skin and enter circulation, where they can cause a variety of problems, including cancer and hormonal imbalance. Customers choose items that do not include dangerous substances. As a result, natural component goods are becoming increasingly popular all over the world.
In the beauty business, the proportion of cosmetic personal care goods claiming organic or natural origins in the United States was 3.0% in 2020, up from roughly 1.5% in 2019. This is boosting the global cosmetic skin care market. Moreover, the sale of goods, including herbal oils and substances such as seaberry, charcoal, and sea buckthorn oil, is increasing at a pace of 200% yearly. The market share of paraben-free skincare products, such as lip cosmetics, cleansers, and moisturizers, has been increasing throughout product categories. It accounts for 40%-50% of overall cosmetic skin care product sales. Lip cosmetics without parabens sold the most, accounting for 85% of total lip cosmetics sales. As a result, the increasing demand for organic cosmetic skin care products is projected to boost the global cosmetic skin care market during the forecast period.
The global cosmetic skin care market is anticipated to reach USD 154.7 billion by the end of 2031, expanding at a CAGR of 4.8% from 2022 to 2031 (forecast period).
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Increasing Disposable Income of Consumers to Propel Market Growth
Disposable income has increased in key markets around the world. An upsurge in disposable income is connected to a rise in consumer activity. The growth and popularity of prominent skincare firms, whose products are typically more costly, demonstrate that people are upping their expenditure on skincare solutions. In terms of revenue, Unilever, L’Oreal, Coty, P&G, and Estee Lauder were some of the leading brands in 2021.
Women aged 25 to 35 invest the most in cosmetic skin care products, such as self-tanning products, throughout regions, particularly Italy, the United Kingdom, Spain, Germany, and France. In Asia Pacific, women have a yearly disposable income of around USD 30,000. As per Euromonitor, this is increasing the demand for anti-aging products among women aged 25 to 35 in the region.
Moreover, as per the World Bank, the working population in the Asia Pacific is growing, with female employment in Malaysia at 45.7%. This leads to more income and, as a result, increased disposable expenditure among women, raising the sales of the cosmetic skin care market.
Asia Pacific to Spearhead Cosmetic Skin Care Market
Asia Pacific is expected to witness massive growth in the worldwide cosmetic skin care market during the forecast period. Japan, South Korea, and China are likely to provide revenue-generation opportunities in the cosmetic skin care market in the Asia Pacific. This can be attributed to the considerable cultural and geographical influences that determine consumer purchasing behavior for cosmetic skin care products.
Moreover, given the country’s rising disposable income, India is expected to make significant contributions to the cosmetic skin care market in the Asia Pacific. Regional impacts in the form of local brands with a more profound knowledge of the local market are among the factors that will shape the development of the cosmetic skin care market in Asia Pacific.