The global facial skin care and makeup market was valued at $145,532.3 million in 2019 and is set to reach $182,649.0 million by 2027. It is expected to exhibit a CAGR of 4.5% during the forecast period (2020-2027), per Coherent Market Insights.
The market for these products is reportedly driven by rising awareness of the benefits of facial care, which accounted for about 70% of the overall revenue in the skin care market in recent years, the firm reports.
Among product types, facial creams accounted for the majority of global revenue in 2019. The demand for face creams has been driven by celebrity endorsements and a variety of commercial promotions. Other facial products, such as skin-whitening and anti-aging creams, are in high demand to decrease age spots, brighten skin and diminish wrinkles.
Additional key trends and analysis of the market include:
An increase of facial cleansers and face wash products is expected to drive market growth;
Factors such as pollution are driving the demand for facial cleansers and face wash products for healthy skin; and
Demand for men’s facial cleansers and face wash products is also expected to witness a rapid growth during the forecast period, primarily due to growing knowledge about skin care in the Gen Z age group.
Major players named include: Procter & Gamble; Beiersdorf AG; L'Oreal, S.A.; Unilever PLC; The Estee Lauder Companies, Inc.; Amorepacific Corp.; Shiseido Co., Ltd.; Johnson & Johnson Services, Inc.; Kao Corp.; Colgate-Palmolive Co.; Avon Products, Inc.; Oriflame Cosmetics, S.A.; Revlon, Inc.; and Skin Food Co., Ltd.