Skin Care Body Products market to Eyewitness Huge Marginal Growth by 2028

Posted by Mrudula Karmarkar on September 13th, 2022

The global skin care body products market size is expected to reach USD 40.23 billion by 2028, registering a CAGR of 5.9% during the forecast period, according to a new report by Grand View Research, Inc. Growing investment in R&D by various players to develop new products, coupled with the increasing demand for skin care body products, are likely to drive the market growth during the forecast period. Also, the steadily rising income level plays an important role in determining the purchase of skincare body products.

The market for skincare body products is majorly driven by the rapidly expanding cosmetics industry. Also, the rising demand for body lotions & creams is poised to propel the market growth during the forecast period. The body care product segment is one of the fastest-growing in the cosmetics industry, as it has become an important part of women’s fashion.

Due to the COVID-19 pandemic, governments across the globe enforced lockdowns and restrictions. Public events, fashion shows, and unnecessary travel were canceled. This also impacted the sales of skincare body products through the offline channel, as most retail stores were shut down during the lockdown. Moreover, the major players in the market experienced a decline in the sales revenue of skincare products during the COVID-19 pandemic, which further impacted the market. 

The massage oil segment is expected to register the highest CAGR of 6.1% during the projection period due to its rising awareness among consumers. The hectic consumer lifestyle has led to a significant rise in stress-related cases, thereby urging consumers to opt for massages, thus propelling the segment growth during this period. Increasing cases of physical injuries and holistic healthcare for pain management will bolster the growth of the massage oil segment.

The offline segment contributed to the highest revenue share of over 72% in the global market for skincare body products in 2021, owing to increasing sales through this channel. The significant affection of customers towards offline retail stores for buying cosmetic products acts as the key aspect contributing to the major share of the segment. Moreover, the easy availability of cosmetics & personal care products in brick-and-mortar retail stores, including department stores, specialty-multi retailers, and salons and spas has sustained the revenue growth of the offline channel.

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Body care product is one of the fastest-growing segments in the cosmetics industry, as it has become an important part of women’s fashion. However, the side effects of regular usage of skincare products due to the presence of harmful chemicals are projected to restrain the market growth during the forecast period.

The COVID-19 pandemic has impacted the demand for skin care body products in various regions. As lockdowns were imposed across the globe, the supply chain was disturbed. Various businesses and industries were closed, which adversely affected the business. This pandemic has also impacted logistics suppliers and farmworkers. Due to the nationwide lockdowns, all the shops and industries were closed. This adversely affected the sales of skincare body products; however, the industry is expected to gain momentum in the next few years.

Skin Care Body Products Market Report Highlights

• Asia Pacific is expected to register the fastest CAGR of 6.5% from 2022 to 2028, owing to rising demand for these products in countries like China and India due to their increasing population
• Body lotions & creams contributed to the highest share of over 45% in the global market revenue in 2021, owing to their increasing demand among the millennials
• The offline segment contributed to the highest revenue share of over 72% in the global skincare body products industry in 2021, owing to the increasing sales through this channel
• The online channel is estimated to register the fastest CAGR of 6.1% from 2022 to 2028, owing to the increasing penetration of smartphones among consumers, and improving internet connectivity

The primary focus of the companies is on innovating in the skincare body product space to meet the increasing demand globally. Startups and emerging players are inflowing due to higher market potential and low entry barriers. The increasing demand for skin care body products offers an opportunity for product development in regions with high demand.

In August 2020, L'Oréal S.A. launched a new at-home hair color service called Haircolor Concierge. Haircolor Concierge syndicates advanced technology with the hair color knowledge and capability that only the company has, to empower, encourage, and educate their consumers. Some prominent players operating in the global skincare body products market are as follows:

• Procter & Gamble
• Estee Lauder
• Unilever
• Mama Earth
• Clorox Co.
• Honest Co.
• The Body Shop
• L'Oréal
• FOM London Skincare
• Bloomtown