U.S. 75% of beauty consumers emphasize the importance of purchasing beauty products despite circumstances such as the COVID-19 pandemic, the Russia-Ukraine war, and interest rate hikes. This research indicates that the need for beauty product use in 2023 could increase even in situations ranging from economic downturns.

2022 U.S. Beauty consumers showed great interest in Facial skin care, hair care and makeup categories.

First of all, in the case of Facial Skin Care, it was classified as a ‘new product’ and received a lot of attention, and products containing retinol, vitamins, and CBD were popular. 56% of customers who have used these products have expressed their intent to repurchase. Next is Hair Care. Consumers showed interest in scalp treatment, serum, and shampoo bar, and showed consumption with the environment in mind. Lastly, the Make up categories showed a lot of interest and purchase rate.

Through this, even in 2023, the U.S. It can be seen that beauty consumers can show interest in the above three areas. In 2023, beauty consumers said they wanted to use innovative things from products they already use rather than new ones.

In particular, in relation to facial skin care, there was a lot of interest in A wide variety of product types that promote younger looking skin/anti-aging, exfoliators, masks, and moisturizers. In relation to hair care, there was a lot of interest in Anti-frizz products, curl products, new at-home color products, and hair growth products, and in relation to makeup, Eye makeup products as a whole were cited most often, specifically eye shadows with innovative new palette colors had a lot of interest in.

In addition to this, there was a lot of interest in Intimate Care and the Sexual Revolution. Sexual well-being and intimate care have potential for growth. 98% of female beauty consumers said that these factors are important factors that give happiness in life, and 32% said they would like to try new products in 2023. The majority of consumers say they buy products that can help take care of a body part, and 59% say they want that body part to be more attractive to their partner. Products for this include gels, sex toys, and lubricants. In addition to this, there was a lot of interest in ingestible skin care products for skin care.

The skin whitening product market is expected to reach KRW 20 trillion within the next 10 years.

As consumers' lifestyles change, the demand for functional skin care products is increasing.

According to Allied Market Research, a US market research firm, the global skin-lightening product market, which formed size of USD 7.05 billion (about KRW 9,549.2 billion) in 2021, is expected to reach 146 in 2031 through a report related to the 'skin lightening product market by product'. 

It is projected to grow to US$19.77 billion. The compound annual growth rate (CAGR) is expected to be 7.7%.

The following is a breakdown by product, consumer, region, and distribution channel. 

When classified by product, it was found that the cream and lotion sector occupied the highest market share at about 50% last year. The strength of creams and lotions is expected to continue going forward. Consumers often use creams and lotions to solve skin problems they face in their daily life. This is why many people choose creams and lotions for their skin whitening effect. 

Breaking down by target consumers, the proportion of women in the sector is absolutely large. As of 2021, women's products accounted for about 75% of the market. The female population who is interested in beauty is also increasing, and it is analyzed that it is expected to maintain a leading position in the forecast period.

In the case of male consumers, awareness of skin care products is increasing, and per capita income and purchasing power are also growing, which is expected to lead to the rapid growth of the related market. 

By region, it can be said that the Asia-Pacific region is the center. The Asia Pacific region accounted for more than 50% of the global skin-lightening product market in 2021 and is expected to maintain the lead at a CAGR of 8.7% within the forecast period to 2031. 

In terms of distribution channels, the hypermarket/supermarket sector had the highest market share, exceeding 30% last year. It is expected to remain at the forefront for the next 10 years. However, the segment that is expected to see the fastest growth is online sales.
 

According to the report, consumers predict that as the demand for skin care products increases, packaging methods using natural ingredients and eco-friendly packaging materials will drive market growth. In detail, it shows slightly different aspects depending on the standards of the product, consumer, region, and distribution channel.

#Cosmetic #Market #Skincare