Face Cream Market Size, Share, Growth, and Industry Analysis, By Type (Skin Whitening, Moisturizing, Repair), By Distribution (Male, Female), Regional Insights and Forecast to 2031

Updated On: 29 April 2024

FACE CREAM MARKET REPORT OVERVIEW

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The global face cream market size was USD 47230 million in 2022 and the market is projected to touch USD 55450 million by 2028, exhibiting a CAGR of 2.7% during the forecast period.

Face creams and lotions are becoming increasingly popular around the world as individuals become more mindful of their external looks and more worried about skin problems and malignancies. Furthermore, as more consumers opt for cruelty-free goods due to their heightened concern for the well-being of animals and the planet, the requirement for vegan or plant-based ingredient blends in these goods has grown.

COVID-19 Impact: Store Closures and Stay at Home Regulation to Deplete Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic wreaked havoc on the skincare and cosmetics industries. Store closures owing to severe lockdown measures had disastrous results, with global sales dropping between March and April 2020. The COVID-19 pandemic had negative influence on revenues of the goods in several regions in 2020. Lockdown restrictions were relaxed, allowing offline stores to reopen. As a result, the market is predicted to increase significantly throughout the forecast period.

LATEST TRENDS

"Utilization of Smartphones to Stimulate Market Development"

The fast global use of smartphones has contributed to digital media's expanding importance as a vital communication and marketing platform. Face care product manufacturers make investments in social media initiatives in developed areas such as the United States for product promotion and broader marketing exposure. Because of the prominence of social media bloggers in certain areas, prominent corporations notably LOreal SA have formed strategic agreements with influencers, particularly for their skincare and makeup brands.

FACE CREAM MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into skin whitening, moisturizing, and repair.

Skin Whitening: Consumer expenditure on cosmetics and personal care products has increased significantly as disposable incomes have increased, especially among developing nations that include China and India. People are willing to devote a higher amount of their money to premium skin whitening goods such as lotions, serums, and treatments, fueling market revenue growth. Skin whitening, additionally referred to as skin lightening along with bleaching of the skin, is the use of chemical agents to lighten or create an even complexion by diminishing melanin content in the skin.

Moisturizing: Moisturizers improve the hydration of the skin and increase moisture content by directly supplying fluid to the skin from its water-holding phase and boosting occlusion which decreases trans-epidermal water loss. Moisturizers also cover small skin cracks, offer a soothing protective film, and safeguard skin from friction.

Repair: Dermal healing cream is an effective skin care therapy that produces rapid effects. It regenerates. The human body normally strives to keep your skin hydrated, but anxiety and other conditions may trigger the body to create less water and other nutrients that keep the skin healthy.

• By Application

Based on application the global market can be categorized into male, female.

Male: Growing male awareness of personal cleanliness and regular grooming, greater launches of products, endorsements from celebrities, and increasing financial resources are the primary drivers driving the growth of the male skincare market. Men's skin care product preferences are shifting away from typical grooming goods including deodorants, shaving products, and face wash and toward more specialized skincare products including anti-aging and sunscreen lotions. The need for anti-aging lotions and sunscreens among males is likely to skyrocket in the near future.

Female: Women are increasingly incorporating personal grooming items into their everyday lives to boost their confidence and attractiveness, which is driving market growth. Furthermore, the growing prominence of self-care has led women to consciously construct calming self-care moments at home through complicated skincare routines. This trend is fueling consumer interest in skincare products containing active ingredients with healing and nourishing characteristics, such as lotions, creams, and other types of repair lotions, peel offs, face masks, creams and serums powders, and scrubs.

DRIVING FACTORS

"Launch of Premium Products to Support Market Expansion"

Skin bleaching, anti-aging, acne therapy, and blemish removal have all become prominent uses for specialized face care products. Specialized items, including sandalwood-turmeric anti-blemish lotion, concentrate anti-aging cream, clove anti-acne milk, as well as Asiatic Centella anti-wrinkle moisturizer, and are available from vendors such as The Nature Co.

The willingness to pay on focused beauty care products has prompted vendors to launch specialized items as premium products, particularly in nations such as the United States and India. During the forecast period, the growing acceptance of premium customized face products will continue to increase the facial cream market.

"Growing Popularity of Korean Beauty Brands to Foster Industry Progress"

As a result of the growing popularity of K-beauty, numerous customers have expressed an intense curiosity in Korean skincare as well as are eager to try Korean goods. K-beauty's core focuses solely on fixing skincare difficulties, emphasizing the application of replenishing treatments to enhance the condition of the skin, avoid or reduce skin issues, and maintain a youthful complexion. Hydration is seen as essential for maintaining good skin, which is the reason Korean skincare includes a wide variety of nourishing and moisturizing treatments including sheet face masks, sleep masks, as well as pressed serums. Recognizing the growing need for Korean beauty goods, various firms have released skincare products created in Korea or influenced by Korean beauty traditions.

RESTRAINING FACTOR

"Incorporation of Synthetic Components to Stop Market Evolution"

The adverse effects of synthetic substances employed in facial care products constitute the primary issue for industry expansion in recent years. Skin irritation, allergies, and occasionally skin cancer are caused by synthetic substances such as benzyl peroxide, chemical fragrances, hydroquinone, sulfur compounds, perfumes, resorcinol, artificial colors, petroleum-based substances, silicone compounds, colorants, mineral oils, and phthalates.

Mercury, which is employed as a skin-lightening component in such lotions and anti-aging treatments, is dangerous to the skin. When utilized at higher concentrations, glycol ether, a typical preservative utilized in skin cosmetics as well as personal care goods, is damaging to the skin. The health risks associated with the inclusion of synthetic components in these cosmetics have compelled manufacturers to seek organic and natural alternatives, raising research and development and overall manufacturing expenses. Overall, the incorporation of synthetic components is projected to cause safety issues in the face cream industry throughout the forecast period.

FACE CREAM MARKET REGIONAL INSIGHTS

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"Asia Pacific Command on the Market Owing to Celebrity Endorsement "

"The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa."

In the Asia Pacific, India and China are the most important markets for the product. The rapid rise of the region's beauty sector in recent years has also increased the overall number of salons for beauty services in nations such as India, China, and Japan. This increases demand for face cream products. Personalized promotional tactics, such as celebrity endorsements and social media marketing, help merchants expand their consumer base. The presence of multiple prominent worldwide and local suppliers in Asia Pacific, as well as understanding of the benefits of such creams, are projected to assist with the face cream market share expand.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Helena Rubinstein (France)
• Lancome (U.S.)
• Biotherm (U.S.)
• LOreal Paris (France)
• Kiehls (U.S.)
•  shu uemura (U.S.)
• Olay (India)
• La Mer (U.S.)
• Estee Lauder (U.S.)
• Clinique (U.S.)
• Origins (U.S.)
• Guerlain (France)
• Dior (France)
• Sulwhasoo (U.S.)
• Innisfree (South Korea)
• HERA (France)

INDUSTRIAL DEVELOPMENT

April 2023: Skin Better Science, an American physician-dispensed skincare brand, was acquired by L'Oréal SA. Skin Better Science has a reputation for developing cutting-edge products that contain active components for wrinkle prevention, hydrating, purification, cleansing, skin peeling, and UV protection. Clinical investigations led by certified by the board doctors back up the brand's extensive understanding of skin and chemistry.

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.