PUBLISHER: Grand View Research | PRODUCT CODE: 1363041
PUBLISHER: Grand View Research | PRODUCT CODE: 1363041
The global facial skincare market is expected to reach USD 142.11 billion by 2030, expanding at a CAGR of 5.8% from 2023 to 2030, according to a new report by Grand View Research, Inc.. The primary factors driving the market are the increasing awareness regarding the importance of facial products in order to maintain healthy skin, enhance skin appearance, and minimize skin conditions. The demand for these cosmetic products is also increasing as a result of the expanding purchasing power of the working-class population in emerging nations like China, India, and Brazil. Moreover, demand for long-lasting product variants has surged in Asia Pacific due to the growing trend of skin-whitening agents.
The skincare industry has witnessed significant advancements in product formulations and technologies. Ingredients like hyaluronic acid, retinol, and vitamin C have become popular for their proven benefits in improving skin texture, reducing signs of aging, and brightening the complexion. Furthermore, with the growth of e-commerce, it has become easier for consumers to purchase skincare products from around the world. This has expanded the reach of many skincare brands, allowing them to tap into global markets.
The COVID-19 pandemic has had a significant impact on various industries, including the market. During the pandemic, many people's priorities shifted towards health and hygiene. This has led to increased interest in products that promote skin health and cleanliness. Furthermore, the pandemic highlighted the need for personalized solutions. Brands that offered customized skincare regimens and virtual consultations gained traction as consumers sought individualized recommendations without in-person interactions.