The global skincare market is
forecast to grow at 8.1 % CAGR between 2021 and 2031, as per a Future Market
Insights (FMI) study. Increasing global warming and severe climate change have
fuelled the demand for skincare products. Pollution has detrimental effects on
skin in long run, promoting customers to use skincare products for protection.
Skincare brands are leveraging social media platforms such as Instagram to run
their marketing campaigns and by harnessing the power of visual practices on
consumers. Doing so they are elevating skincare market sales,
finds ESOMAR-certified consulting firm Future Market Insights in this
study.

According to the World Health
Organization (WHO), the frequency of chronic ailments is anticipated to elevate
by 57% by 2020. The outbreak of COVID-19 pandemic elevated those numbers to a
greater degree. Pandemic boosted the demand of hand sanitizers. It also forced
people to incorporate better hygiene and healthcare practices. Government
initiatives to control the pandemic along with changed consumer habits has
created novel opportunities for market growth and expansion

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 “Rising awareness
regarding the detrimental effects of chemicals and compound present in personal
care has increased demand for herbal skincare products. Rapid development in
infection prevention skincare products will boost the market growth,”
remarks the FMI analyst. 

Key Takeaways

• The U.S. dominates the skincare market on the back of high consumer spending habit and high demand of skincare products. The presence of leading market players also boosts sales in the U.S.
• Growing prevalence of surgical site infection in the U.K. has led to increasing consumption of surgical scrubs. The government has circulated protocols to control the spreading of the surgical site infection. With COVID-19 pandemic the demand for hand sanitizers is expected to increase.
• China s providing lucrative opportunities for skincare market sales owing to the increasing population, developing healthcare system rising disposable income, and favorable medical insurance policies.
• South Africa is forecast to exhibit sluggish market growth at 8.7% CAGR due to the unavailability of proper treatment facilities, growing prevalence of diseases. Government’s lack of funding towards awareness due to financial difficulties hampers the market growth.
• Hand sanitizers being used as front line of safety measure against COVID-19 infection lead to surge in demand, thus boosting the market growth.

Prominent Drivers

• Rising customer inclination towards wellness products and growing demand for innovative products is accelerating the skincare market growth.
• The employment of social media to reach difficult customers directly and informing customers the benefits of skincare is expected to fuel the market demand.
• Growing awareness towards personal health and hygiene and customer exhibiting increasing healthcare spending will amplify the market growth.

Key Restraints

• Health complications regarding the usage of skincare products like surgical scrubs hamper the market growth.
• High concentration of alcohol in hand sanitizers and its frequent application on skin leads to irritation and carcinogenicity, restricting the market growth.
• Disrupted supply chain channels and scarcity of raw materials due to COVID-19 pandemic will negatively affects the market demand.

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Competitive Landscape

Leading players profiled by FMI
operating in skincare market include 3M Company, Ecolab, Reckitt
Benckiser Group PLC, Johnson & Johnson Consumer Inc., PDI, Inc., Pal
International, Metrex Research, LLC., Unilever, Procter & Gamble, Cardinal
Health, Inc., Whiteley Corporation, Carrollclean, Galderma laboratories, L.P.,
Betco Corporation, PSK Pharma Pvt. Ltd., Gojo Industries, Inc., Steris Plc.
According to FMI, Leading players are emphasizing on expanding their global
footprint by diversifying the product portfolio to provide solution to wide
range of end users.

For instance, A new global
headquarter of PDI was opened in Bergen county, New Jersey in
2021. The main motto of new building is to hasten the developmental and
innovation projects regarding healthcare and infection prevention.

The market players are also
performing activities like merger and accusation and develop supply chain
network to strengthen their market position. For instance, Unilever acquired
Lenor Japan to consolidate its skincare business and improve penetration in
Chinese and Japanese market.

More Insights on FMI’s Skincare
Market

The latest market study on global
skincare market by Future Market Insights gives a detailed segmentation for the
forecast period of 2021-2031. In order to gain a better perspective of the
global market potential, its growth, trends, and opportunities, the market is
segmented on the basis of product (Skin Cleansers, Hand Sanitizers, Surgical
Scrubs, Skin Conditioners), Form (Liquid, Gel & Lotions, Wipes, Spray &
Foams), end user (Hospitals, Clinics, Ambulatory Surgical Centers, Diagnostic
Laboratories, Reference Laboratories, Rehabilitation Centers, Long Term Care
Centers, Critical Care Centers, Pharmaceutical & Biotechnology Companies,
Academics and Research Institutes, Homecare Settings), and across major regions
(North America, Latin America, Europe, East Asia, South
Asia and Oceania, and Middle East & Africa).

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