Facial Skincare Market Size, Share, and Trends 2024 to 2033

Facial Skincare Market Size and Manufacturers

The global facial skincare market size was estimated at USD 96.13 billion in 2023 and is predicted to hit around USD 169.57 billion by 2033, growing at a CAGR of 5.84% from 2024 to 2033.

Key Takeaways

• North America has contributed more than 37% of revenue share in 2023.
• Asia Pacific is expected to witness the fastest growth rate in the facial skincare market during the forecast period.
• By product, the facial creams segment held the largest market share of 37% in 2023.
• By product, the skin-whitening & anti-aging segment is expected to grow at a significant rate during the forecast period.
• By gender, the female segment has accounted more than 59% of the market share in 2023.
• By gender, the men segment is estimated to grow with a notable CAGR during the study period till 2033.
• By distribution channel, the hypermarkets/supermarkets segment has held the largest share of 46% in 2023.

Facial Skincare Market Size in the U.S. 2024 To 2033

The U.S. facial skincare market size reached USD 27.03 billion in 2023 and is anticipated to reach around USD 47.68 billion by 2033, poised to grow at a CAGR of 5.90% from 2024 to 2033.

North America held the largest market share of 37% in 2023. The U.S. dominated the North American market, followed by Canada in 2023. Acne is among the most common skin conditions across the U.S. and affects nearly 50 million Americans every year. Approximately 85% of people between 12 and 24 years of age experience at least minor acne in the U.S.

• In October 2023, Bausch Health Companies Inc. and its dermatology business, Ortho Dermatologics, announced that the U.S. Food and Drug Administration (FDA) has approved CabtreoTM (clindamycin phosphate, adapalene, and benzoyl peroxide) topical gel for the treatment of acne vulgaris in patients aged 12 years or above. Due to the COVID-19 pandemic, the buying capacity of individuals was severely hampered owing to job loss or salary cuts. The low purchasing power of consumers negatively impacted the market.

Asia Pacific is expected to grow at the highest rate during the forecast period. The introduction of integrated skin care products caters to the growth of the facial skincare market in the Asia Pacific (APAC) region. India is expected to account for a larger share of the market in the APAC region during the study period.

• In April 2023, RAS, a farm-to-face skincare D2C hygiene startup, raised $1.5 million from Green Frontier Capital (GFC). RAS decided to use these funds for innovation in product offerings and is planning to expand across the Indian market. The increasing funding for face skincare startups is expected to support the growth of the facial skincare industry in the Asia Pacific (APAC) region.

Germany is expected to hold a higher share of the European market during the study period. Females in Britain spend around £1.15 billion ($1.45 billion) on facial skincare annually. Considering the presence of nations with high spending capacity, early adoption of the latest facial skincare products, and development of new face care skin solutions, the facial skincare market is estimated to grow notably in the European region in the coming years.

Facial Skincare Market Overview

Facial skincare treatment includes using various facial products such as lotions, creams, facial masks, and peels. Facial masks are used for different purposes, such as deep cleansing, healing acne scars or hyper-pigmentation, and brightening. Facial skincare treatments are normally performed across various beauty salons.

• In April 2023, the latest Boots No7 range, Future Renew (a new face cream) was launched. Before launching this face cream, the company conducted a clinical trial with 44 female volunteers. As a part of this trial, Future Renew formulation was applied on one half of their face and just a simple SPF cream on the other half. After satisfactory results, this face cream was approved for launch. The launch of new face creams with adequate testing ensures the safety of the product. According to an article shared by ‘Wiley Online Library,’ acne vulgaris affects about 9.4% of the global population. Such a high prevalence of acne vulgaris is creating a promising scope for the antibacterial agent benzoyl peroxide.
• In July 2022, AnyMind Group, an end-to-end commerce enablement company, announced that it worked with Japanese celebrity Becky and brand producer of NaturaLUNA to launch a new product called ‘Face Wash.’ This product is a 100% natural foam-based facial cleanser. The increasing collaborative efforts to produce new facial products are anticipated to support the promising growth of the facial skincare market.
• In November 2023, Science and efficacy-based beauty brand WishCare announced that it secured ₹20 crores ($ 217.92 million) in its 1st institutional funding round from Unilever Ventures. The increasing funding is expected to support WishCare in developing and promoting its unique portfolio of face serums and sunscreens. Considering the availability, variety, price, and quality of facial care products, the bargaining power of buyers is considerably higher compared to the bargaining power of suppliers in the facial skincare industry. Owing to the rising requirement for facial skin creams and increasing investment, the threat of new entrants is estimated to grow remarkably in the facial skincare market shortly.

Growth Factors

• The increased number of skin diseases like acne drives the growth of the market. On a global level. 4.96 million people suffer from acne vulgaris.
• Increased awareness of facial skincare products due to social media. People follow celebrities, and many of them provide reviews about facial skincare products. This increases awareness among people, which is why they tend to buy such products.
• New skincare products are launched on a daily basis, encouraging people to try new products that will be suitable for their skin and will give better results.
• Initially, the skincare products were highly female-oriented. But in recent years, the facial skincare market has launched male-oriented products. These products helped in capturing new consumers.

Facial Skincare Market Scope

Facial Skincare Market Dynamics

Driver: Launch of new facial skincare products

Day by day, new products and companies are launched in the market, which drives the market’s growth. People are invested and interested in the new products because they solve their skin, and in many cases, the products are better than the existing ones.

• In January 2023, Loved01 launched a dermatologist-approved face-and-body wash, moisturizer, and a face-and-body oil.
• In June 2023, L’Oréal Paris launched a new facial-care series, Revitalift Clinical, with the flagship ingredient vitamin C.
• In December 2023, Winona launched a new spot-correcting and skin-whitening product – Winona Camellia-Lucent Spot Correcting Essence, at the 25th World Congress of Dermatology. This newly launched facial skincare product prominently enhances therapeutic efficacy during melasma's stable and active stages. Launching new face care products is driving the facial skincare market remarkably.

Restraint: Side effects of skin whitening

Lybrate, Inc. has stated that if a person is undergoing laser whitening treatment, they may experience side effects such as skin dryness, bruising, tightness, sensitivity to sunlight, scarring, swelling, skin texture difference, skin infections, pigmentation, skin redness, and irritation. It is also observed that deep chemical peel treatments can also cause permanent damage, such as hypopigmentation (skin lightening) or hyperpigmentation (skin darkening). If a person undergoes aggressive skin whitening treatments, it may become ooze and raw, forming crusts all over. Various drawbacks and risks associated with skin whitening solutions are restraining the growth of the facial skincare market to a considerable extent.

Opportunity: Increasing R&D activities for facial skincare

A lot of effort is put into skincare product development. To develop better products that will provide better results than the existing products creates opportunities for the growth of the market.

An article shared by ScienceDaily in January 2024 stated that an experimental study has exhibited that a kind of skin bacterium can be engineered efficiently to produce a protein to regulate sebum production. This application is expected to treat acne without compromising the homeostasis of the entire skin microbiome.

• In April 2023, it was reported that research from the University of Cincinnati is aiming to allow people to avoid wrinkles, get a healthy tan, and protect themselves from skin cancer.  A research team from the University of Cincinnati College of Medicine is working on the development of a topically applied cream that can offer a sunless tanning process. The increasing research and development (R&D) activities for acne, wrinkles, and facial skin tanning are anticipated to create promising opportunities for the growth of the facial skincare market in the coming years.

Product Insights

The facial creams segment held a significant market share in 2023. As per a November 2022 survey of more than 1,000 people from Advanced Dermatology, on average, Americans spend around $722 on their appearance each year. Owing to increasing affordability and rising inclination towards good looks, the demand for various facial creams is growing notably across multiple countries of the world.

The skin-whitening & anti-aging segment is predicted to grow at a notable compounded annual growth rate (CAGR) during the study period. Considering the capability to lessen facial spots, penetrate skin pigments, minimize wrinkles, and lighten skin, other face products such as anti-aging creams and skin-whitening solutions are becoming popular.

Gender Insights

The female segment held the largest share of the facial skincare market in 2023. The high share of the female segment is attributable to increasing financial independence and growing spending on personal care items. The rising count of working women is also contributing to the growing demand for facial skincare products. As per a SkinStore survey, women are using about $8 worth of products on their faces per day. Females are more inclined toward the use of skincare products due to beauty standards, stereotypes, and high beauty expectations.

The men segment is observed to grow at a significant rate during the forecast period. In the case of males, only in recent years have people started focusing on skincare. Many companies have launched skincare products like facewash, fairness creams, and other products that are suitable for males.

Distribution Channel Insights

The hypermarkets/supermarket segment held the largest share of the facial skincare market in 2023. Hypermarkets and supermarkets offer a vast array of facial skincare products, including cleansers, moisturizers, serums, and masks, from various brands and price points. This extensive product selection allows consumers to compare options, explore new products, and find skincare solutions that meet their specific needs and preferences.

Hypermarkets and supermarkets often offer competitive pricing on facial skincare products, leveraging their bulk purchasing power and economies of scale to negotiate favorable deals with suppliers. Additionally, these retailers frequently run promotions, discounts, and sales events to attract customers and drive sales volume, making skincare products more affordable and accessible to a wider audience.

Recent Developments

• In April 2023, the U.S. Food and Drug Administration (FDA) approved Sculptra, an injectable poly-L-lactic acid for correcting cheek wrinkles. Sculptra injectable poly-L-lactic acid (PLLA) is the original FDA-approved PLLA collagen stimulator that supports the production of natural collagen and maintains improved firmness, smoothness, and glow for up to 2 years.
• In October 2023, Blossom Kochhar Aroma Magic announced the launch of all-natural face serums viz. Niacinamide serum, vitamin C serum, squalane serum, and hyaluronic serum are on their social media platforms. All these natural face serums are fast absorbing, lightweight, and targeted to provide radiant, healthy, and glowing skin.
• In September 2022, Entod Beauty London launched its Facial Gel Serum known as "Vasuki" in India. This new facial gel serum is among the world’s 1st clinically proven synthetic tripeptide snake venom neurotoxin that is developed by the advanced skincare laboratories of Entod Research Cell UK Ltd.

Facial Skincare Market Companies

• Coty Inc.
• Estee Lauder Company
• Johnson & Johnson
• L’Oreal
• Natura & Co.
• Oriflamme
• Procter and Gamble
• Revlon Inc.
• Shiseido Company Limited
• The Avon Company
• Unilever

Segments Covered in the Report

By Products

• Facial Creams
• Skin-Whitening & Anti-ageing
• Serums & Masks
• Others

By Gender

• Male
• Female

By Distribution Channel

• Pharmacies
• Hypermarkets/ Supermarkets
• Online

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa