A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “Global Skincare Serum Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2023 to 2030.
Global Skincare Serum Market Analysis
According to cognizance market research, the global skincare serum market was valued at US$ 3,217.9 Million in 2022 and is anticipated to reach US$ 5,581.3 Million by the end of 2030 with a CAGR of 7.1% from 2023 to 2030.
What is skincare serum?
Applying a skincare serum to the skin can deliver potent ingredients straight to the skin after cleansing but before moisturizing. Due to its smaller molecules, which can reach deeper into the skin and deliver a high concentration of active ingredients, the serum is perfect for this application. In contrast to moisturizers, serums are usually clear, liquid, or gel-based and thinner. To help retain moisture, these are usually applied before moisturizers. Face serums are transparent or translucent topical treatments. They are made especially for enhanced active delivery and have excellent spread ability and absorption.
Face serums treat face issues like fine lines, wrinkles, dark spots, dullness, and skin. Fine lines and creases can be avoided or reduced with the help of anti-aging serums. Fine lines and creases can be avoided or reduced with the help of anti-aging serums. Usually, these contain active substances like retinol (vitamin A) and niacinamide. (vitamin B3). The vitamin C essence serum’s watery texture and light formulation rapidly absorb and penetrate the skin to promote healthy radiance. Another widely used component in serums for lightening black spots and balancing skin tone is niacinamide. Because pure vitamin C is unstable and may oxidize, it has a limited storage life. To maintain the efficacy of serums and other skin care products, vitamin C compounds are being created.
One of the most important antioxidant components on the market is vitamin C serum. Skin’s elasticity, texture, and quality are improved by vitamin C skincare, a natural collagen booster, that makes skin look taut and young. Vitamin C serum for the face has gradually increased in popularity among skincare products. The demand for skincare serums is being driven by an increase in skincare routine knowledge and the popularity of skincare products. Salon owners, beauty parlors, and dermatologists’ rising demand for skincare serums is anticipated to create development opportunities for the industry.
Global Skincare Serum Market Outlook
In the skincare serum report, the market outlook segment mainly includes important dynamics of the market which include drivers, restraints, opportunities, and challenges tackled by the industry. Opportunities and challenges are extrinsic factors whereas, drivers and restraints are intrinsic factors of the market.
The main driver of the rising demand for skincare serums is the informed consumer’s emphasis on facial look and health. Numerous types of researchers predicted that the worldwide market for cosmetics is expanding rapidly. Compared to 2015, the cosmetics business expanded by about 4% in 2016. With about 36% of the worldwide cosmetic market, the skincare market is the largest sector in the cosmetics industry. One of the main causes of skin issues is rising pollution, which is also negatively affecting the face along with an unhealthy diet and rising stress levels. The major drivers of the global skincare serum market’s expansion are the rising demand for cosmetic and skincare products. Additionally, increasing pollution combined with an increase in skin-related issues like acne, spots, and lines on the face are predicted to increase demand for skincare serums. The development of novel methods and herbal-based products used by producers to create Skincare serum is expected to fuel the market’s expansion for skincare serum.
The availability of inexpensive alternatives and the anticipated overprice of branded goods are likely to restrain the market’s expansion for skincare serums during the forecast period. Skincare serums frequently fall short of meeting the needs of individuals with rosacea and other chronic skin conditions, and they may even be considered skin deterrents. Inadequate knowledge of how to use a product and how much to apply to the face could lead to active ingredients remaining on the skin. Peeling happens when there is too much serum present. The market for cosmetics is having problems with the new cosmetic laws, which are preventing business growth.
Segment Analysis:
The global skincare serum market has been segmented into type, application, distribution channel, and geography.
Based on type, the global skincare serum market has been segmented into oil serum, gel serum, emulsion serum, and others. In terms of revenue, the oil serum category dominates the global skincare serum market. Due to an increase in skin conditions and prolonged exposure to UV radiation, anti-aging, and dullness serum sales are predicted to increase in the future. The oil serum is more in demand than any other serum due to its advantages.
Based on application, the market for skincare serum has been classified into anti-aging serums, antioxidant serums, skin whitening serums, hydrating serums, acne-fighting serums, and others. The anti-aging serum market held a sizeable portion of the global industry in terms of application. Throughout the forecast period, the anti-aging sector is anticipated to be driven by rising consumer knowledge of age-related skin issues like fine lines, wrinkles, and skin dullness as well as rising propensity to spend on products that help them advertise their skin’s youthfulness.
Based on the distribution channel, the global skincare serum market has been segmented into hospital pharmacies, retail pharmacies, and e-commerce. The retail pharmacies sector is anticipated to hold a significant share of the global skincare serum market during the forecast period based on the distribution route. To meet the rising demand for skincare products, producers and retailers are enhancing their supply networks. Different brands are being forced to embrace an omnichannel supply model by e-commerce behemoths and retailers.
Geographical Analysis:
Based on geography the global skincare serum market has been segmented into five main regions namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
Due to the rapidly expanding fashion industry, changing habits, and lifestyles, the North American global skincare serum market is anticipated to hold a significant market position. Due to the existence of the fashion industry, the Europe area is anticipated to be the leading market for skincare serum. Cities like Milan (Italy), Paris (France), London (U.K.), and New York (U.S.) are referred to as the world’s fashion centers in North America and Europe. The increased use of skin care products in this area, particularly in Germany and France, has increased demand for personal care products.
The growing media and fashion industries in the Asia Pacific region are anticipated to drive the market for skincare serums to high growth rates. A market for skincare serums could exist in a nation like South Korea where people place more importance on their complexion.
The report offers the revenue of the global skincare serum market for the period 2020-2030, considering 2020 & 2021 as historical years, 2022 as the base year, and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global skincare serum market for the forecast period. The global skincare serum market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the global skincare serum market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the global skincare serum market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global skincare serum market. Secondary research involved a detailed analysis of significant players’ product portfolios. Literature reviews, press releases, annual reports, white papers, and relevant documents have been also studied to understand the global skincare serum market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segments included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the global skincare serum market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the global skincare serum market. The subsequent section of the skincare serum report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
Global Skincare Serum Market Competitive Landscape
Some of the prominent players operating in the global skincare serum market are-
Key developments in the global skincare serum market:
The report explores the competitive scenario of the global skincare serum market. Major players operating in the global skincare serum market have been identified and profiled for unique commercial attributes. Company overview (company description, product portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the global skincare serum market report.
Segmentation:
Global Skincare Serum Market, by Type
Global Skincare Serum Market, by Application
Global Skincare Serum Market, by Distribution Channel
Global Skincare Serum Market, by Region
The major players operating in the global skincare serum market are Loral Group (IT Cosmetics LLC), Estee Lauder Companies, Amway, Proctor Gamble (Olay), Unilever (Paula’s Choice), Philosophy, Inc., and Sanitas Skincare.
The availability of inexpensive alternatives and the anticipated overprice of branded goods are likely to restrain the market’s expansion for skincare serums during the forecast period.
North America is the leading region in the global skincare serum market.
Based on application, the anti-aging serum segment is expected to dominate the global skincare serum market owing to rising consumer knowledge of age-related skin issues like fine lines, wrinkles, and skin dullness as well as rising propensity to spend on products that help them advertise their skin’s youthfulness.
The global skincare serum market is poised to grow at a CAGR of 7.6% during the forecast period.
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