Skin care products market seen reaching $241.5 billion by 2031

The global skin care products market is projected to grow from $170.7 billion in 2021 to $241.5 billion by 2031, according to Allied Market Research. The report points to online sales growth, premiumization and rising demand in Asia-Pacific as key shifts, even as price pressure and chemical-safety concerns weigh on the market.

Why it matters: - The skin care products market is on a steady growth path, but the report shows the next wave of demand will likely come from online sales, premium products and emerging markets. - Safety concerns tied to synthetic ingredients and higher raw material costs could slow adoption, especially in price-sensitive countries.

What happened: - Allied Market Research said the global skin care products market was valued at $170.7 billion in 2021. - The market is estimated to reach $241.5 billion by 2031, reflecting a 3.6% compound annual growth rate from 2022 to 2031. - The report says face cream held the largest market share in 2021. - Supermarkets and hypermarkets held the largest distribution share in 2021. - Online channels are expected to post the fastest growth among distribution channels.

The details: - Skin care products in the report include face creams, body lotions, face cleansers and other products used to restore skin appearance and support skin health. - Body lotions are projected to grow at a 3.9% CAGR during the forecast period. - Women accounted for the largest end-user share in 2021, while the men segment is expected to grow fastest through 2031. - Mass-priced products led the market in 2021, while premium products are expected to grow fastest. - Europe held close to 40% of global revenue in 2021. - Asia-Pacific is projected to grow at a 4.6% CAGR from 2022 to 2031. - The report identifies key players including Estee Lauder Companies, Johnson & Johnson, Kao, L'Oreal, LVMH, Procter & Gamble, Revlon, Shiseido, Unilever and Weleda. - The report also includes regional coverage for North America, Europe, Asia-Pacific and LAMEA. - The report is available through a sample PDF request. - Allied Market Research also offers a purchase inquiry page.

Between the lines: - The forecast suggests the market is moving toward more differentiated products, with premium, cruelty-free, vegan and gender-neutral offerings gaining traction. - The report links consumer caution to concerns over formaldehyde, methylene glycol, phthalates, parabens and other chemicals associated with skin irritation and broader health risks. - Packaging changes such as recycled plastics and cardboard may raise costs further, adding pressure on margins and prices. - Asia-Pacific and Latin America are becoming more important as manufacturers expand into markets with growing consumer bases and foreign investment inflows.

What's next: - Manufacturers are expected to keep pushing new formats with higher SPF levels, cooling ingredients such as aloe or coconut butter, and more organic or nature-derived ingredients. - Growth in men's products and premium lines could reshape how brands market and price skin care over the next several years. - Online retail is likely to keep taking share as consumers look for convenience and broader product selection.

The bottom line: - Skin care remains a growth market, but the next phase looks increasingly shaped by e-commerce, premium positioning and product reformulation.