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Skin Care Body Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global skin care body products market was valued at USD 1,827.5 million in 2022 and is projected to grow at a CAGR of 7.5% from 2023 to 2030. The increasing awareness about skin health and the increasing demand for anti-aging and skin-care products are some of the major factors driving the growth of the market. Furthermore, the increasing popularity of natural and organic skin care products is also contributing to the market growth.
The skin care body products market is segmented into face care, body care, and hair care. The face care segment was the largest segment in the market in 2022 and is projected to grow at a higher CAGR than the other two segments. The body care segment is expected to grow at a slower rate than the face care and hair care segments.
The skin care body products market is dominated by multinational companies. These companies are able to capitalize on the growing demand for these products and are also able to offer innovative products that appeal to consumers. For instance, in March 2022, L’Oreal announced the launch of a new line of skincare products called True Match L’Oreal Paris. The new line of products is said to be based on the latest scientific research and is designed to provide optimal results for all skin types.
The increasing popularity of natural and organic skin care products is propelling the demand for these products. Furthermore, awareness concerning cleanliness and personal hygiene is another significant factor boosting the market growth. According to an article published by Harvard University, in July 2019, on average men tidy up for 10 minutes every day. Moreover, the availability of a wide variety of these products online is accelerating the demand. The e-commerce platform further provides various offers on these products, which is boosting online sales.
Product Insights
The skin care body products market is expected to grow at a CAGR of 7.5% over the forecast period. Increasing awareness among people about the need to take care of their skin has been one of the key factors driving the market growth. According to an article published by Euromonitor, in 2019, 83% of men aged 65 and up agreed that guys need to get serious about taking care of their skin. Furthermore, macro-level factors such as rising disposable income among consumers and mushrooming growth of distribution channels are bolstering the demand for skin care brands worldwide.
The hair styling segment is anticipated to expand at the fastest CAGR of 8.8% over the forecast period. Growing adoption of organic hair styling products, rising trends for grooming and styling, and the emergence of various hair colorants and hair styling brands are some of the key factors driving the hair styling market growth revenue. According to an article published by the University of Halmstad, in November 2019 23% said hair styling is as important for men as it is for women. In addition, increasing fashion trends and beauty awareness among individuals is another factor driving the growth of the market.
Distribution Channel Insights
The skin care body products market is expected to grow at a CAGR of 7.5% over the forecast period. This growth is mainly attributed to the increasing awareness about skin care and the need to maintain healthy skin. The increasing popularity of skin care products among women is also contributing to the growth of the market.
The personal care products segment is expected to account for the largest share of the skin care body products market. This is due to the fact that personal care products are used to maintain skin health and are preferred by consumers owing to their efficacy in providing skin-care benefits. The hair care segment is expected to grow at a slower rate than the other two segments owing to the high penetration of hair care products in the Indian market.
The distribution channels through which the skin care body products are sold are retail stores, online stores, and direct sales channels. The retail stores segment is expected to account for the largest share of the skin care body products market due to the high penetration of this channel in the Indian market.
Type Insights
The skin care body products market is expected to grow at a CAGR of 7.5% over the forecast period. This is mainly due to the increasing awareness about skin care and the need to maintain healthy skin. Moreover, the increasing trend of skin care products among women is also propelling the market growth. For instance, in India, the market for skin care products is expected to grow at a CAGR of 12.5% over the forecast period.
The personal care products segment is anticipated to account for the largest revenue share of 62.5% in the year 2022. This is mainly due to the increasing trend of skin care products among men and women. The personal care products segment is also expected to witness high growth in the Asia-Pacific region owing to the increasing demand for luxury goods in this region.
The mass segment is anticipated to account for the largest revenue share of 36.7% in the year 2022. This is mainly due to the increasing trend of skin care products among men and women. The mass segment is also expected to witness high growth in the Asia-Pacific region owing to the increasing demand for luxury goods in this region.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of over 38.6% in 2022. An increase in awareness regarding personal care among consumers is a key factor behind this growth in the region. Over the past years, the skincare routine has become more elaborate for men of all ages and this factor has led to the emergence of several startups serving the unmet needs and growing demand in this field. For instance, in September 2021, Macscaped expanded its business to the men’s grooming market in the Asia Pacific.
North America is expected to witness the second-fastest growth in the coming years. Rising demand on account of the rising metrosexual culture in the region is expected to drive the growth of the market. North America is home to prominent players, such as Louis Vuitton, Beiersdorf, and Estée Lauder, who manufacture luxury and high-quality products, which is further expected to increase product visibility among consumers. For instance, in April 2022, intimate men’s brand Balls launched the Hero trimmer for men in the U.S. with a three-month automatic blade renewal.
Financial Projections
In this part of the skin care body products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your skin care body products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a skin care body products business comes from sales of the products. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, advertising, and licensing.
Projecting Expenses
In this section, all the regular expenses related to keeping the skin care body products business running will be described. The list of operating expenses includes salaries, advertising, shipping & handling, taxes, and other necessary costs.
Key companies & market share insights
Some of the key companies operating in the skin care body products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In September 2022, L’Oréal SA launched a new line of body wash, body scrub, and body lotion.
– In October 2022, Shiseido Co., Ltd. launched a new line of body wash and body scrub.
– In November 2022, Kao Corporation launched a new line of body wash and body scrub.
– In December 2022, Estee Lauder Companies, Inc. launched a new line of body wash and body scrub.
Some of the prominent players in the skin care body products market include:
– L’Oréal SA
– Shiseido Co., Ltd.
– Kao Corporation
– Estee Lauder Companies, Inc.
Global Skin Care Body Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global skin care body products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Face Wash
– Body Wash
– Shampoo
– Conditioner
– Hair Treatment
– Sunscreen
– Lip Balm
– Lipstick
– Eye Shadow
– Eyeliner
– Lip Gloss
– Fragrance
– Skincare Set
– Skincare Kit
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Pharmacies
– Department Stores
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Liquid
– Solid
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Product positioning and customer-specific category specification has been a source of worry for the manufacturer. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers.
In the retail industry, design innovation is on the rise. Innovations in skin care body products are expected to influence the skin care body products market. Consumers are interested in items that bring simplicity, convenience, and speed to their normal routine, whether they be product improvements, design innovations, feature additions, or smart feature add-ons.
[Q]: Who are the Key Players in the Skin Care Body Products Market?
[A]: L’Oréal S.A., Johnson & Johnson Consumer Inc., The Estée Lauder Companies Inc., and The Kroger Co.
[Q]: Which Region Offers the Largest Opportunity for Sales of Skin Care Body Products?
[A]: North America is expected to be lucrative for skin care body products market.
[Q]: What are the factors driving the skin care body products market?
[A]: Key factors such as increasing awareness about skin care and skin cancer, growing trend of using natural ingredients, and increasing demand for healthy skin are expected to drive market growth over the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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