Global Skincare Oil Market Expected to Expand at a CAGR of 6.3%, Reaching USD 34.56 Billion by 2034

The global skincare oil market is on track to experience significant growth, driven by increasing demand for face oils that target skin issues such as wrinkles, acne scars, and dryness. The market is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2034, with the total market value anticipated to reach USD 34.56 billion by the end of the forecast period, up from USD 19.91 billion in 2024.

As of the close of 2023, the market was valued at USD 18.83 billion, demonstrating steady growth, with face oils and plant-based skincare oils taking the spotlight in a rapidly evolving industry. With an increasing focus on self-care, particularly among the millennial and Gen Z demographics, consumers are opting for skincare oils that deliver anti-aging benefits, deep hydration, and enhanced skin health.

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Key Drivers of Market Growth

Rising Demand for Anti-Aging and Acne Scar Solutions: Face oils made from plant and essential oils are increasingly popular due to their non-comedogenic properties that prevent pore blockages and skin breakouts, offering effective solutions for wrinkles, acne scars, and skin tone balancing. Consumers are also looking for products rich in antioxidants and plant extracts to retain hydration and minimize sebum production.

Shift Towards Natural and Organic Ingredients: With growing concerns about the adverse effects of synthetic chemicals in skincare, consumers are increasingly gravitating towards organic and natural skincare products. Oils derived from plants like argan, jojoba, and rosehip are particularly popular, offering both skin benefits and a natural, eco-friendly option.

Rising Focus on Skin Health and Self-Care: The global awareness of skin health is on the rise, fueled by social media influencers and digital marketing. Consumers are more conscious about the ingredients in skincare products, pushing manufacturers to focus on transparency and formulate products with fewer harmful chemicals.

Climate Change and Skin Sensitivity: The growing impact of climate change, including fluctuating weather conditions, has exacerbated skin dryness and sensitivity, driving the demand for moisturizing skincare oils that provide hydration and protection against extreme weather conditions.

Segment Insights

Essential Skincare Oil: The essential oil segment holds the largest market share, contributing around 62% of the market value in 2024. This segment is projected to grow at a CAGR of 7.3% as consumers continue to seek oils with therapeutic and cosmetic benefits.

Moisturizing Function: Skincare oils with moisturizing properties account for the largest share of the market, projected to grow at a CAGR of 8.8%. These oils are designed to deeply hydrate the skin, preventing dryness and ensuring long-lasting moisture.

Supermarkets & Hypermarkets: The largest distribution channel for skincare oils, capturing 37.7% of the global market in 2024, is expected to grow at a CAGR of 8.0%. Supermarkets and hypermarkets offer consumers a wide variety of products, enabling them to compare prices and quality while enjoying promotional discounts.

Regional Insights

North America: The North American skincare oil market is experiencing significant growth, driven by increasing adoption of face oils across both men and women.

United Kingdom: The UK skincare oil market is expected to grow at a CAGR of 5.5%, fueled by the demand for clean beauty products and social media influence.

China: China's skincare oil market is projected to grow at a rapid pace of 7.8% CAGR, supported by a young, increasingly organic-focused consumer base.

Germany: Germany leads Europe in skincare oil demand, with a CAGR of 5.9%, driven by a preference for organic and natural products.

France: The skincare oil market in France is anticipated to grow at a modest CAGR of 3.0%, as consumers shift toward natural beauty solutions.

Japan: Japan's skincare oil market is expected to grow at a steady rate of 5.1% CAGR, driven by an increasing focus on anti-aging products.

Competitive Landscape

To strengthen their position in the industry, leading skincare oil brands are concentrating on expanding their market share and product offerings. Major players like Shiseido and Blueskys are employing strategic approaches such as collaborations and expansions to enhance their skincare oil supply.

Recent Development

In April 2022, Shiseido announced the opening of Ulé, a new mindful luxury skincare brand, in France. Eight products will be available for purchase on the brand's e-commerce site and in a Parisian brand boutique as part of the initial launch on May 2, 2022.

In December 2021, BlueSkys Beauty, a science-based, luxury-clean, and plant-powered wellness line, was introduced in the United States. BlueSkys Beauty is a brand extension of BlueSkys Life. The Deep Tissue Moisturizer, Facial Oil Elixir, and Facial Serum are all part of the BlueSkys Beauty skincare line (Queen of Creams).

Key Companies Profiled

• Shiseido
• Procter & Gamble Co.
• Burberry Group Plc.
• Unilever
• L'Oréal
• Beiersdorf AG
• Avon Products, Inc.
• Estée Lauder Companies
• Amway
• Chanel S.A.
• Johnson & Johnson
• Chatters Canada
• Kao Corporation
• Henkel
• Edgewell Personal Care
• Markwins Beauty Products
• Mary Kay
• Coty
• Marchesa

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Key Market Segments Covered in Skincare Oil Industry Research

By Product:

• Essential oil
• Natural oil

By Function:

• Moisturizer
• Soothing
• Antioxidant effect
• Anti-inflammatory Effect
• Others

By Distribution channel:

• Supermarkets & Hypermarkets
• Pharmacies & drug stores
• Specialty Stores
• Online
• Others

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• The Middle East and Africa (MEA)

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This release was published on openPR.