by Skincare products are an essential part of everyday personal care regimen. They help protect the skin from harmful environmental factors and premature signs of aging. Various skincare products such as face creams, lotions, cleansers, masks, scrubs and sunscreens are formulated to hydrate, nourish, rejuvenate and shield the skin. Rising concerns regarding skin damage from environmental pollution, UV rays exposure and excessive stress have fueled the demand for advanced skincare solutions in recent years. Consumers are increasingly interested in natural and organic skincare products due to growing health and sustainability awareness. The Australia Skincare Products Market is estimated to be valued at US$ 2338.37 Bn in 2023 and is expected to exhibit a CAGR of 4.7%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Australia skincare products market is the rising popularity of eco-friendly and sustainable products. Consumers are shifting towards natural and organic ingredients sourced through ethical means to reduce the environmental footprint. Product formulations with natural plant extracts, essential oils and antioxidant-rich ingredients are gaining traction. Product manufacturers are also focusing on sustainable packaging made from recycled materials to appeal to environmentally conscious buyers. Multifunctional skincare products combining different benefits such cleansing, moisturizing and sun protection are another notable trend witnessed in the market. Their added convenience and efficacy supports their increasing demand. Furthermore, personalized skincare products tailored to individual skin concerns through customized formulations are emerging as a lucrative business opportunity. This trend allows customers to address very specific skincare goals through direct-to-consumer subscription models.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Australia skincare products market is moderate. Large capital investments and expertise in well-established brands act as a deterrent for new players.
Bargaining power of buyers: Buyers in the Australia skincare products market have high bargaining power due to the availability of substitutes and awareness. Their influence over price determines the nature of competition.
Bargaining power of suppliers: Suppliers have moderate bargaining power since the ingredients used in skincare products can be supplied by multiple vendors. This reduces dependence on a single supplier.
Threat of new substitutes: The threat of substitutes is moderate as some cosmetic products from other segments can be used for skincare purposes. However, customized skincare products have better efficacy.
Competitive rivalry: The competitive rivalry is high owing to many international and local brands vying for market share using product innovation, branding, and pricing strategies.
Key Takeaways
The Australia Gkincare Products Market Share is expected to witness high growth over the forecast period.
Regional analysis: The Australia region dominates the skincare products market with the highest market share due to increasing disposable incomes and growth in middle-class population focusing on personal care. Cities like Sydney and Melbourne account for the major revenue.
Key players: Key players operating in the Australia skincare products market are Magellan, Medipost Co., Ltd, Osiris Therapeutics, Inc., Kolon TissueGene, Inc., JCR Pharmaceuticals Co., Ltd., Anterogen Co. Ltd., Pharmicell Co., Inc., and Stemedica Cell Technologies, Inc. These brands focus on adopting advanced technologies to provide customized solutions for different skin types.
