Rise in consciousness among people regarding beauty, rapid changes in lifestyle, increase in standard of living, growth of the cosmetics industry, and increase in popularity of vegan and plant-based ingredient blends in cosmetics drive the growth of the global cosmetics face serum market.
PORTLAND, Ore., Nov. 29, 2022 /PRNewswire/ — Allied Market Research published a report titled, “Cosmetics Face Serum Market by Product Type (Eye Serum, Blemish Treatment Serum, Acne Treatment Serum, Face Sunscreen Serum, Face Moisturizer Serum, Face Self-Tanning Serum, Others), by Price Point (Premium, Medium, Economy), by Gender (Men, Women, Unisex), by Application (Households, Salons, Entertainment Industry, Others), by Distribution Channel (Hypermarkets/supermarkets, Specialty Stores, Online Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the market generated $3.5 billion in 2021 and is projected to reach $5.6 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
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Drivers, Restraints and Opportunities
Rise in consciousness among people regarding beauty, rapid changes in lifestyle, increase in standard of living, growth of the cosmetics industry in both developed and developing nations, and increase in popularity of vegan and plant-based ingredient blends in cosmetics drive the growth of the global cosmetics face serum market. On the other hand, high cost of these products hinders the growth of the market to an extent. However, introduction of new products with natural ingredients and inventive packaging is expected to offer new opportunities for the industry.
The COVID-19 pandemic had a negative impact on the growth of the global cosmetics face serum market, due to the adverse supply chain disruptions that were caused during lockdowns.
Lockdowns resulted in the closure of various manufacturing facilities, including those in the cosmetics industry, which unfavourably impacted the growth of the market.
In addition, shortage of essential raw materials due to ban on import and export of various items aggravated the impact on the market.
These restrictions were imposed by the government so as to curb the spread of the virus during the pandemic. However, the market is expected to recoup with eased restrictions and increased consumer awareness.
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The face sunscreen serum segment to lead the trail during the forecast period
Based on product type, the face sunscreen serum segment held the dominating market share in 2021, holding more than one-fifths of the global cosmetics face serum market, and is expected to retain its dominance during the forecast period, as it provides sun protection to the skin which helps to reduce skin damage and prevent skin diseases in men and women. The face self-tanning serum segment, on the other hand, is expected to cite the fastest CAGR of 5.9% during the forecast period, owing to the skin boosting and hydrating properties which help to reduce lines and wrinkles on the skin.
The economy segment to lead the trail during the forecast period
Based on price point, the economy segment held the dominating market share in 2021, holding more than two-fifths of the global cosmetics face serum market, and is expected to retain its dominance during the forecast period as it provides desired results as a premium product at an affordable price. The medium segment, on the other hand, is expected to cite the fastest CAGR of 5.0% during the forecast period as it comes with a wide variety as most people prefer mid-range cosmetic face serum according to its quality and affordable prices as well.
The households segment to hold the lion’s share
Based on application, the households segment held the dominating market share in 2021, holding nearly half of the global cosmetics face serum market, and is expected to retain its dominance during the forecast period, owing to consumers using them to protect their health, enhance their well-being, and boost their self-esteem. The salons segment, on the other hand, is expected to cite the fastest CAGR of 5.2% during the forecast period, owing to increase in the introduction and adoption of cosmetics face serum in salons and beauty parlours.
The North America region to lead the trail during the forecast period
Based on region, the market across North America held the dominating market share in 2021, holding nearly one-third of the global cosmetics face serum market, and is expected to retain its dominance during the forecast period, owing to the rise in cases of skin-related issues and consumer awareness in the region. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 6.0% during the forecast period, owing to surge in disposable income and rise in demand for halal cosmetic products in the region.
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Prominent Players of the Market:
The report analyzes these key players in the global cosmetics face serum market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.
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