Skincare Serums Market Projected to Hit US$6.28 Bn by 2031, Growing at 7.4% CAGR: TMR Study

Wilmington, Delaware, United States, July 20, 2023 (GLOBE NEWSWIRE) — The global skincare serums market stood at US$ 3.1 billion in 2021 and the global market is projected to reach US$ 6.28 billion in 2031. Global gas sensors are anticipated to expand at a CAGR of 7.4% between 2022 and 2031.

Serums such as hydrating serum, anti-aging serum, and acne-fighting serums are used by people to overcome skin issues. Increase in awareness about skincare among women in rural and urban areas of countries in various regions also contributes to market growth. Growth of the retail sector, the rise in the number of new stores selling skincare products, and the emergence of modern trade are propelling the FMCG market.

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Manufacturers and skincare product providers are attempting to retain product features, while capturing end-users’ attention through packaging innovation. Majority of beauty serums as well as many other skin care and cosmetics products are undergoing packaging changes. The anti-aging serums segment is expected to follow suit in the next few years.

Key Takeaways of Market Report

• Global skincare serums market to generate absolute dollar opportunity worth US$ 6.28 billion until 2031.
• Global skincare serums market from 2022 to 2031 is 7.4%
• Global skincare serums market is currently valued at US$ 3.1 billion in 2021.
• Global skincare serums market stood at US$ 4 billion in 2022.Market value of the global skincare serums market management from 2018 to 2022 is 6.72%
• North America is said to have a market share of 35%
• Asia Pacific market region is estimated to have a market share of 27.2%

Global Skincare Serums Market: Growth Drivers

• Cosmetics and personal care industry has been witnessing a rapid shift toward organic and natural products over the last few years. Rise in health awareness and customer concerns about environmental sustainability has fueled the demand for organic and natural cosmetics. Consumers’ skincare routines now include organic, naturally produced, eco-friendly, sustainable, and vegan products.
• Anti-aging serum segment held a significant share of the global market in 2021. Rise in consumer awareness about age-related skin problems such as fine lines, wrinkles, and skin dullness and an increase in inclination toward spending on products that help them proclaim their skin’s youthfulness are expected to drive the anti-aging segment throughout the forecast period. Growth in the desire to look younger is prompting middle-aged consumers to purchase anti-aging serums. This trend is expected to continue during the forecast period.

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Global Skincare Serums Market: Regional Landscape

• Europe accounted for the largest share of the global skincare serum market in 2021. The region is projected to be a highly lucrative market for skincare serums during the forecast period. The cosmetics industry in the region is science-driven and highly innovative, and plays a leading role in product development.
• The cosmetics and personal care industry in Europe has been thriving, as consumers have become more aware of the importance of health, wellness, and personal care products. Skincare is the dominant segment of the cosmetics industry in the region, accounting for more than half the market share.
• Cosmetics market in Europe is driven by innovation, with new color palettes, skin-specific treatments, and one-of-a-kind formulas. The average product’s lifecycle is less than five years; therefore, cosmetics manufacturers must reformulate 25% of their products each year to keep up with the industry’s pace in this highly competitive market.
• Asia Pacific is expected to be the next focus of skincare serums key players. Awareness about the efficacy of exotic ingredients in skincare products has piqued the interest of people in the region’s developing and developed countries.
• The number of men using skincare products is steadily increasing across Asia, particularly in China and South Korea. Changes in lifestyle patterns in emerging countries due to rapid urbanization, increase in awareness about advanced skin care products, and innovative product portfolio are likely to drive the market in Asia Pacific during the forecast period.

Global Skincare Serums Market: Key Players

• The Estée Lauder Companies (ELC) entered into a partnership with delivery platform Uber Eats to deliver customer’s favorite cosmetics on the same day of the order.
• Amway India offered customized skincare solutions with the launch of Artistry Signature Select Personalized Serum. This product is sold through Amway direct retailers and online portals. Amway India also initiated virtual training sessions for retailers and sellers.

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Global Skincare Serums Market: Segmentation

• Type
  • Oil Serum
  • Gel Serum
  • Emulsion Serum
  • Others
• Application
  • Anti-aging Serums
  • Antioxidant Serums
  • Skin Whitening Serums
  • Hydrating Serums
  • Acne Fighting Serums
  • Others
• Distribution Channel
  • Hospital Pharmacies
  • Retail Pharmacies
  • E-commerce
• Regions
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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