April 14, 2024

Cosmetic Serum Market is Estimated to Witness High Growth Owing to Rising Skin Concerns

The cosmetic serum market is an essential part of the skincare industry. Serums are highly concentrated, lightweight liquid formulations that deeply nourish and hydrate the skin. They contain active ingredients like vitamins, minerals, peptides, and antioxidants that combat signs of aging, improve skin texture and tone, reduce acne, and protect against environmental damage. The growing concerns over early skin aging due to pollution, changing lifestyles and UV radiation exposure have prompted people to invest more in advanced skincare products like serum. The Global cosmetic serum market is estimated to be valued at US$ 5.43 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the Cosmetic Serum market are L’Oréal S.A., Estée Lauder Companies Inc., Shiseido Company, Limited, Procter & Gamble Co., Johnson & Johnson Services, Inc., Beiersdorf AG, Unilever PLC, The Body Shop International Limited, Kao Corporation, Colgate-Palmolive Company, Amway Corporation, Avon Products, Inc., Mary Kay Inc., Clarins Group, Coty Inc. Some of the major opportunities in the market include rising demand for multifunctional and natural products. There is also a growing focus on the Asian and Latin American markets due to increasing disposable incomes and willingness to spend on skincare.

The key players are investing in expanding their geographic footprints through strategic partnerships and acquisitions. They are focusing on emerging countries in Asia Pacific and Middle East & Africa which are expected to witness highest growth during the forecast period. Increasing online channels and strengthening of supply chains through collective distribution networks will enhance product penetration.

Market Drivers

The increasing consciousness about health, beauty and aesthetics is a major market driver. There is a proliferation of social media and digital content creating premiumization trends and raising awareness levels. Rising pollution levels have made serious anti-aging and skin rejuvenating products essential in daily skincare regimes. Additionally, growing product innovation in terms of ingredients, formulations and customized solutions as per consumer needs and skin types fuels the market growth.

PEST Analysis

  • Political: Regulations regarding ingredients and manufacturing processes impact product launch and pricing strategies. Changes in import/export policies affect international trade.
  • Economic: Economic stability and increased women workforce positively influence discretionary spending on cosmetics. Recessions may lower consumer spending on non-essential items like serums.
  • Social: Rising awareness about anti-ageing and glowing skin drives demand. Social media influences trends in ingredients and packaging. demand.
  • Technological: Advanced formulations and delivery mechanisms boost product efficacy. Digital marketing tools help educate and engage consumers. Artificial intelligence aids virtual try-ons and personalized recommendations.

The market in terms of value is concentrated in North America and Western Europe. High spending power, advanced retail infrastructure, and awareness about personal care products contribute to larger market sizes in these regions.

The Asia Pacific region is experiencing the fastest growth for the cosmetic serum market. Factors such as improving economic conditions, increasing exposure to global beauty trends, rising women workforce and disposable incomes are driving higher consumption. Additionally, local companies are launching affordable products to cater to the needs of price-sensitive consumers, thereby expanding the consumer base.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it