The global skin care products market is poised for significant growth, according to a recent report by The Business Research Company. The market, valued at $148.97 billion in 2023, is projected to reach $160.94 billion by 2024, with a compound annual growth rate (CAGR) of 8.0%. The report highlights key drivers behind this expansion, including growing beauty and personal care trends, an aging population, increased demand for anti-aging and natural products, as well as the influence of celebrity endorsements.
Looking ahead, the market is expected to maintain strong momentum, with a forecasted value of $220.3 billion by 2028, at a slightly higher CAGR of 8.2%. This growth is attributed to several emerging trends, including the rise of clean and sustainable skincare, personalized skin solutions, and the increasing use of technology in skincare, such as skincare apps and AI-powered analysis.
Additional factors contributing to the market’s growth include the growing awareness of skin health, the expansion of the men’s skincare market, and the global embrace of beauty trends. The forecast period will also see innovation in eco-friendly practices, with biodegradable packaging, refillable skincare containers, and zero-waste products gaining traction.
Other notable trends include the development of DNA-based personalized skincare, beauty tech devices for at-home use, and a greater focus on microbiome-friendly skincare solutions. As these innovations continue to evolve, the skin care products market is set to expand into new territories, offering opportunities for businesses to tap into emerging markets and evolving consumer preferences.
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