The skincare industry has undergone significant transformation over the decades, evolving in response to advances in science, shifting consumer expectations, and broader social trends. Recently, there has been a desire for organic and herbal skin care products. People are conscious of the harmful effects of synthetic chemicals on the skin. Natural product-based ingredients, such as leaf and root extracts, are safe to apply to the skin because they rarely cause negative side effects.
There has also been an increased demand for products that have anti-aging properties and make the skin healthy and flawless. Moreover, the increasing pollution and exposure to sunlight has been proven to reduce the quality of skin texture and have a long-term effect on the skin resulting in the increased demand for sunscreen in the global market. According to a survey conducted by Unilever in February 2021, 10,000 respondents from nine countries, including the U.S., India, and China, showed that 74% of the respondents prefer the beauty and personal care industry, focusing more on making people feel better.
Most of the brands feel the push to have more organic and environmentally friendly products resulting in the introduction of new business lines focusing on that market group. In recent studies, the skincare market is projected to have a revenue of $198.35 billion worldwide, among which, in global market comparison, the US is leading the market, generating a revenue of $26 billion in 2025.
At the same time, the Korean skincare market has been a pioneer in introducing skincare products delivering most of the demands with in-depth research and combining their traditional skincare regimen with modern science. The global Korean beauty products market was valued at $12.54 billion in 2023. It is expected to reach $25.98 billion in 2032, growing at a CAGR of 8.43% over the forecast period (2024-2032). Korean beauty products prioritize skincare while making sure its goods are stylish and affordable. In order to adopt new innovations, especially in raw materials, the Korean cosmetics business is always expanding. Pig collagen, starfish extract, snail slime, bee venom, and morphing masks are a few odd ingredients used in K-beauty products. Having less chemicals in the solutions has been their unique selling point.
The revolution of internet and social influencers can be credited for the increase in demand in the quality of products that people put on their skin, keeping the industry on top of new research and unveiling new innovations. The constant change in lifestyles and consumer spending capacity on premium beauty care products are key to backing the skincare market growth.