Under Eye Serum Market
The future of the global under eye serum market looks promising with opportunities in the supermarket/hypermarket, specialty store, and online retail markets. The global under eye serum market is expected to reach an estimated $13.2 billion by 2035 from $5.6 billion in 2027 with a CAGR of 11.2% from 2027 to 2035. The major drivers for this market are the rising prevalence of under eye skin issues, increasing awareness regarding the importance of under eye skincare, and enhancements in product innovation and improvements in packaging.
- Lucintel forecasts that, within the product type category, creams will remain the largest segment over the forecast period due to its rich texture and hydrating properties.
- Within the distribution channel category, online retail will remain the largest segment over the forecast period due to both convenience and selection with its online shopping.
- In terms of regions, North America is expected to witness the highest growth over the forecast period due to rising pollution levels, increasing awareness regarding anti-aging products, and growing spending on personal care products.
Emerging Trends in Under Eye Serum Market
New trends are emerging due to rapid innovation in skincare technology and consumer preferences. Here are the main trends.
- Natural, Organic, & Clean Ingredients: The skincare market has a growing demand for serums without harsh chemicals, thus driving the natural and organic serums market. Brands have adopted this market trend, using botanical extracts as innovative ingredients, and focusing on sustainable sourcing.
- Personalization & Customization: The market is increasingly providing serums targeted to different skin types, reflecting the personalization trend within customized products. There is growing interest in this market due to the recent advancement of diagnostics.
- Innovations in Technology: New advancements in the Cosmetics industry have improved technologies for the active use of delivery and microencapsulation systems for cosmetic application (Peters, 2016). Thanks to these advancements, innovations target dark circles and puffiness by delivering active ingredients directly to the affected areas.
- Sustainable Packaging: The environmental impact of products is an important factor in buying decisions, and thus, the drive for sustainability in packaging. Packaging is increasingly recyclable.
- Integration of Digital Health Services: Digital health services that include tracking and assessing skin health are now integrated with mobile applications. After assessing the health and status of the skin, these applications make recommendations for under eye serums
These emerging trends favor natural and personalized products and sustainable packaging along with advancements in technology regarding the under eye serum market.
Recent Developments in the Under Eye Serum Market
There are multiple indicators that show growth in the under eye serum market over the years. Analyzing how the industry has met the demand of consumers over the years is just one way to understand that growth.
- Under Eye Serum Innovation: Including advanced ingredients, such as retinoids, peptides, and hyaluronic acid, in under eye serums, helps address issues related to puffiness and dark under eye circles.
- DTC Brands: Many under eye serums have left the traditional retail space to sell directly to consumers (DTC). For many personal care consumers, the DTC model fulfills their needs with ease, and eliminates having to deal with the traditional retail system.
- Clean Beauty: This trend has completely divided the under eye serum market, creating the need for clean beauty lines that use safe ingredients with more safe and transparent sourcing.
- New Emerging Markets: Many new markets have experienced an increase in wealth and a change in beauty standards, causing companies to enter those markets. Once a company enters a new market, it must adapt its production to the preferences of that specific market with the current resources available.
- Collaborations: Many skincare brands have hired dermatologists as influencers to help build the credibility of their products.
The under eye serum market has been rapidly growing with the recent influx of both new trends and industry innovations that are focused on the more individualized beauty preference of the consumer.
Strategic Growth Opportunities in the Under Eye Serum Market
The market for under-eye serum spans and accommodates many growth opportunities across multiple channels linked to shifting demands for customer preferences and market behavior. Some key trends include the market for e-commerce, the increased preference for luxury goods, and the unmet needs and gaps in existing markets.
- International Market. The rise in online sales creates new markets for customers to purchase top brands of under eye serum. When a product is sold online the nearly direct sale to a customer can lead to growth of brand patronage and customer sales.
- Premium Products. High-end under eye serums are increasing in demand. Satisfying this demand could allow companies to enter a new market and increase revenue.
- Innovation. It only takes one new product to completely change a market. New innovations that address the modern consumer need can easily become the market leader.
- Science-Based. Most consumers are apprehensive about new products. Partnering with a dermatologist or skincare specialist can help build your consumers' trust.
- Newly Accessible Markets. As developing markets catch up, they provide new growth opportunities for existing businesses to enter these markets. Localized marketing efforts combined with the recent, highly Unsaturated beauty market provide great opportunities for under eye serum brands.
Despite certain restrictions, these market trends will encourage skincare product innovation
Under Eye Serum Market Drivers and Challenges
The effects of innovation on technology, the economy, and the law contribute to the positive and negative growth and maturity of the under eye serum market.
Ten of the top growing drivers include:
- Higher Knowledge of The Consumer: Knowledgeable customers know the benefit of using serums for skincare. Consequently, customers are motivated to purchase and use serums for their under-eyes to help address signs of puffiness and darkness.
- Transformative Ingredients: More effective ingredients improve under-eye serums and improve consumer satisfaction. Examples include peptides and antioxidants.
- Skincare Personalization: Positive results from tailored skincare have created an interest in the market for personalized under-eye serum.
- Ecommerce Growth: Positive results from tailored skincare have resulted in the interest of consumers in the market for personalized under-eye serums. Online shopping allows brands to sell directly to consumers and tailor shopping to individual consumers.
- Clean Beauty Focus: Clean/non-toxic ingredients in under-eye serums serve the demand of consumers for safe/non-toxic skincare that supports their healthy, sustainable skincare lifestyle.
There are many challenges to market maturity due to competition.
- Markets are saturated with competing businesses and products. To differentiate themselves in today's competitive markets, businesses must rely on developing novel and efficient new methods of marketing their products.
- Regulations: While regulations focused on cosmetic products are more burdensome than other regulations, there is a positive financial incentive for businesses to comply since selling non-regulation compliant products would negatively affect the quality of products being sold.
- Skeptical Consumers: Skincare consumers are especially critical and skeptical of claims made regarding the efficacy of products. Brands would benefit from performing efficacy tests.
Market maturity will be challenged by competition, customer skepticism, regulations, and other market constraints. High market growth potential will be realized when the abovementioned constraints are addressed with the customer in mind.
List of Under Eye Serum Market Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies under eye serum market companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the under eye serum market companies profiled in this report include-
- Estee Lauder
- L'Oreal
- Shiseido
- P&G
- Unilever
- LVMH
- Chanel
Under Eye Serum Market by Segment
The study includes a forecast for the global under eye serum by product type, ingredient type, distribution channel, end use, and region.
Under Eye Serum Market by Product Type [Value ($B) from 2019 to 2035]:
- Creams
- Gels
- Serums
- Others
Under Eye Serum Market by Ingredient Type [Value ($B) from 2019 to 2035]:
- Retinols
- Vitamin C
- Hyaluronic Acid
- Caffeine
- Ceramides
- Peptides
- Others
Under Eye Serum Market by Distribution Channel [Value ($B) from 2019 to 2035]:
- Supermarkets/Hypermarkets
- Specialty Stores
- Online Retail
- Others
Under Eye Serum Market by End Use [Value ($B) from 2019 to 2035]:
Under Eye Serum Market by Region [Value ($B) from 2019 to 2035]:
- North America
- Europe
- Asia Pacific
- The Rest of the World
Country Wise Outlook for the Under Eye Serum Market
As consumers become more interested in advanced skin care products, the demand for under eye serums will continue to expand. With increased wealth and better formulations, the market will continue to develop. Some important trends in the major markets include:
- USA: There has been a demand for multifunctional serums (ex: serums that hydrate and fight the symptoms of aging). Manufacturers are coming up with ways to incorporate natural and organic materials, in the hopes of appealing to the health conscious consumer. The pursuit of further innovations in personalized skin care and delivery systems will be highly competitive.
- China: The new, more affluent, consumer base within the country has created a broad variety of under eye serums. A new preference in consumer buying has resulted in customers who currently suffer from dark circles and eye puffing demanding quality serums, regardless of the country of origin. Distribution has become highly reliant on quality and e-commerce.
- Germany: There is an increasing presence of scientific evidence documenting the use of specific sustainable skin care packaging. There is also an increasing emphasis on safe skin care products with active peptides or hyaluronic acid. In order to meet demand, manufacturers are producing quality formulations.
- India: The market for under eye serums in India is growing as people are now aware of the benefits of using skincare. There is a demand for serum that are anti pigmentation and dark circles serums. There is a strong preference, particularly among Indian diverse segments, for effective serums that cost less.
- Japan: Japanese customers have a great preference for lightweight serums that are non greasy. This preference is attributed to local beauty culture (Harris, 2020). Japanese customers appreciate higher end serums that contain quality ingredients as they expect to see instant visible improvement from the serum as a result of the improved well being.
Features of the Global Under Eye Serum Market
- Market Size Estimates: under eye serum market size estimation in terms of value ($B).
- Trend and Forecast Analysis: Market trends (2019 to 2026) and forecast (2027 to 2035) by various segments and regions.
- Segmentation Analysis: under eye serum market size by various segments, such as by product type, ingredient type, distribution channel, end use, and region in terms of value ($B).
- Regional Analysis: under eye serum market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
- Growth Opportunities: Analysis of growth opportunities in different product types, ingredient types, distribution channels, end uses, and regions for the under eye serum market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape of the under eye serum market.
Analysis of competitive intensity of the industry based on Porter's Five Forces model.
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This report answers following 11 key questions:
- Q.1. What are some of the most promising, high-growth opportunities for the under eye serum market by product type (creams, gels, serums, and others), ingredient type (retinols, vitamin c, hyaluronic acid, caffeine, ceramides, peptides, and others), distribution channel (supermarkets/hypermarkets, specialty stores, online retail, and others), end use (women, men, and unisex), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
- Q.2. Which segments will grow at a faster pace and why?
- Q.3. Which region will grow at a faster pace and why?
- Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
- Q.5. What are the business risks and competitive threats in this market?
- Q.6. What are the emerging trends in this market and the reasons behind them?
- Q.7. What are some of the changing demands of customers in the market?
- Q.8. What are the new developments in the market? Which companies are leading these developments?
- Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
- Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
- Q.11. What M&A activity has occurred in the last 8 years and what has its impact been on the industry?