The market for skin grooming is expected to reach USD 352.9 billion by 2032, growing at a CAGR of 5.4% from 2022 to 2032. The market is expected to reach USD 207.6 billion in 2022.
In 2022, the global market for personal care is anticipated to be 37% occupied by the skin grooming sector. During the forecast years of 2022–2032, the global market for skin grooming is predicted to have an absolute $ opportunity of USD 145.3 billion.
Global Skin Grooming Market Outlook for 2017–2021 Compared to 2022–2032 Growth Prediction
Skin grooming includes using a variety of skincare items that have both therapeutic and aesthetic benefits. These products enhance the overall appearance of the skin by enhancing skin health. Face masks, sunscreen, toners, serums, anti-aging products, etc. are among the available goods. Although a majority of skincare product consumers are women, the market for men's personal care products is growing as a result of increased demand.
In contrast to the CAGR of 3.7% it experienced between 2017 and 2021, Fact.MR forecasts that the skin grooming market will grow at a rate of 5.4% between 2022 and 2032.
Skin grooming market scenario in Asia-Pacific?
East Asia and South Asia account for 19.1% and 18.4%, respectively, of the Asia-Pacific skin grooming market. They hold a combined market share of 37.5% for skin grooming products.
In the upcoming years, the region is anticipated to grow at a notable CAGR. This is attributed to the increasing living standards of consumers, increased spending power in the region, as well as shifting lifestyles in nations like China and India.
The global skin grooming market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced skin grooming.
Fact.MR has provided detailed information about price points of top manufacturers of skin grooming market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
- The Estee Lauder Companies announced in 2021 to increase its investment from 29% to 76% in DECIEM Beauty Group Inc., a multi-brand company based in Canada. The company will purchase the remaining interests after 3 year period.
These insights are based on a report on Skin Grooming Market by Fact.MR.