by The Australia Skincare Products Market is estimated to be valued at US$ 2338.37 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Australia skincare products market encompasses a wide range of products that are used for skin cleansing, skin protection, skin lightening, sunscreen lotions, skin hydration and anti-ageing. Some of the commonly used products in Australia include face creams, lip balms, toners, face washes, sun protection creams and lotions. The changing consumer preferences towards natural and organic skincare products is driving major players to introduce sustainable and eco-friendly product ranges.
Market Dynamics:
Changing lifestyles and long working hours has resulted in increased environmental stressors and pollution exposure on the skin. This has boosted the demand for anti-ageing and hydrating skincare products. Additionally, the growing skincare and beauty awareness among Australian consumers due to social media influence is another key factor fueling the market growth. Furthermore, the increasing purchasing power of consumers and rising expenditure on personal care is expected to positively impact the Australia skincare products market over the forecast period. Product innovation with focus on natural and organic ingredients coupled with attractive marketing strategies by major players will continue to support the market expansion through 2030.
Segment Analysis
The Australian skincare products market is dominated by the facial care segment which accounts for over 30% share of the total market. Facial care products such as creams, lotions, cleansers and masks are widely used in Australia by both male and female consumers for achieving clear and bright skin. The high demand for anti-aging skin products further strengthens the dominance of facial care segment owing to growing aged population in Australia.
PEST Analysis
Political: The regulations governing ingredients used in skincare formulations and product packaging are well defined in Australia. This encourages established brands to launch new products catering to local needs and trends.
Economic: Australia has a stable economy and high living standards resulting in increased disposable incomes. This allows consumers to spend more on premium skincare products.
Social: Australians focus strongly on health, fitness and personal care. Rising consciousness about skin health has boosted social acceptance for male grooming. Younger generation influences trends towards natural/organic and sustainable skincare options.
Technological: E-commerce platforms enable easy access to a wide range of international skincare brands. Social media marketing plays a major role in influencing purchase decisions through reviews and influencer endorsements.
Key Takeaways
The Australia Skincare Products Market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period 2023 to 2030, due to increasing health consciousness and growing desire for feeling youthful. The market size for Australia skincare products is projected to reach US$ 3458.64 Bn by 2030 from US$ 2338.37 Bn in 2023.
On a regional basis, New South Wales dominates Australia’s skincare market with over 30% value share in 2023. Vicinity to major cities along with high disposable incomes drive higher product usage in this region. Western Australia follows with around 20% share owing to its mining and energy industry driving robust economic growth.
Key players operating in the Australian skincare products market are Beiersdorf AG, L’Oréal SA, Procter & Gamble, Unilever, Bioderma Laboratories, Clarins Group, Dermalume Skincare, Johnson & Johnson Inc., Estee Lauder Inc., Miranda Kerr Pty Ltd (Kora Organics), Jurlique International Pty Ltd, and Natio. Beiersdorf captured the largest share in 2023 led by strong performance of its Nivea brand across price points in Australia.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
