Premium skin care market Size, Share, Growth, and Industry Analysis, By Type (Moisturizers, Anti-aging, Oil-control, Sunscreen and Others), By Application (Retail Stores, Specialty Stores, Online Stores), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Premium skin care market Report Overview

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The global premium skin care market size was USD 52950 million in 2021. As per our research, the market is expected to reach USD 73150 million by 2028, exhibiting a CAGR of 4.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the premium skin care market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Premium skin care is a term that refers to a segment of the skin care market that offers high-quality products for skin care, such as moisturizers, cleansers, toners, serums, masks, and treatments. Premium skin care products are typically more expensive than mass-market products, and are sold in specialty stores, department stores, spas, or online platforms.

Premium skin care products are also distinguished by their performance, ingredients, packaging, and brand image. They often contain higher concentrations of active ingredients, natural or organic components, innovative formulations, or luxurious textures and scents. Premium skin care products are designed to target specific skin concerns, such as aging, acne, sensitivity, or pigmentation, and to provide visible and lasting results

COVID-19 Impact: Pandemic Increased the Market Demand due to Skincare Awareness                      

The COVID-19 pandemic has had a significant impact on the premium skin care market share. The pandemic has increased the demand for skin care products that can address the issues caused by wearing masks, such as acne, dryness, irritation, and sensitivity. Consumers have also become more conscious of their health and wellness, and have sought out products that can boost their immunity, protect their skin from environmental stressors, and enhance their mood. Moreover, the pandemic has accelerated the shift to online shopping, which has benefited the premium skin care brands that have a strong digital presence and e-commerce platform.

Latest Trends

"Rise of Personalized and Customized Products to Fuel the Growth in the Market"

One of the recent trends in the market is the rise of personalized and customized products. Personalized products are those that are tailored to the individual needs and preferences of consumers, based on their skin type, concerns, goals, lifestyle, and environment. Customized products are those that allow consumers to create their own formulations or combinations of ingredients, based on their specific desires or occasions. Both personalized and customized products aim to offer a more effective and satisfying skin care experience for consumers, who are looking for products that can address their unique skin problems and expectations. Another recent trend in the market is the growing popularity of natural and organic products. Natural products are those that are derived from natural sources, such as plants, minerals, or animals. Organic products are those that are produced without the use of synthetic chemicals, such as pesticides, fertilizers, or preservatives

Premium skin care market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Moisturizers, Anti-aging, Oil-control, Sunscreen and Others.

• By Application Analysis

Based on age, the market can be divided into Retail Stores, Specialty Stores, and Online Stores.

Driving Factors

"Increasing Awareness and Demand for Anti-Aging Products to Foster the Market Growth"

Anti-aging products are those that aim to prevent or reduce the signs of aging on the skin, such as wrinkles, sagging, dullness, and pigmentation. The demand for anti-aging products is driven by the aging population, especially in developed regions such as North America and Europe. Consumers in these regions have higher disposable income and purchasing power, and are willing to invest in premium products that can help them maintain a youthful appearance. Consumers, especially in developed regions, are becoming more conscious of the signs of aging on their skin and are seeking products that can help them prevent or reduce them. Anti-aging products are designed to target various skin issues such as wrinkles, sagging, dullness, and pigmentation, by using ingredients that can stimulate collagen production, improve skin elasticity, hydrate the skin, and protect it from oxidative stress.

"Influence of Social Media and Celebrities to Result in the Expansion of the Market"

Another driving factor for the market is the influence of social media and celebrities. Social media platforms such as Instagram, YouTube, TikTok, and Facebook have become important sources of information and inspiration for consumers who are interested in skin care. Consumers can access various types of content related to skin care on these platforms, such as reviews, tutorials, recommendations, tips, trends, and challenges. Celebrities also play a significant role in shaping consumer preferences and behaviour in skin care. Consumers tend to follow or emulate the skin care routines and product choices of celebrities they admire or trust.

Restraining Factor

"High Price Sensitivity of Consumers to Hamper the Market Growth"

Price sensitivity refers to how consumers react to changes in price levels or differences in price points among different products or brands. Consumers who are highly price sensitive tend to be more responsive to price changes or variations than consumers who are less price sensitive. The market faces a challenge from consumers who are highly price sensitive and who may switch to lower-priced alternatives or reduce their consumption of premium products when they perceive the prices to be too high or unjustified.

Premium skin care market Regional Insights

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"Asia Pacific to Lead the Market Owing To Rising Disposable Income "

The Asia Pacific region has shown the highest premium skin care market growth. The rising disposable income and purchasing power of consumers in emerging economies such as China, India, and Southeast Asia is the primary contributing factor. The increasing awareness and demand for natural, organic, and herbal skin care products among consumers who are concerned about the safety and sustainability of their products.

Key Industry Players

"Key Players Are Employing Advanced Technologies In Order To Stimulate Further Growth Of The Market "

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List Of Market Players Profiled

• Coty (France)
• Chanel (France)
• Estee Lauder (U.S)
• KAO Corporation (Japan)
• L’Oreal (France)
• LVMH (France)
• Shiseido (Japan)
• Clarins (France)
• Revlon (U.S)
• Unilever (U.K.)

Report Coverage

This report examines an understanding of the premium skin care market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.