Skin barrier products such as moisturizing creams, lotions, balms, ointments and other skin protecting agents help maintain the integrity of the skin barrier and protect the skin from external aggressors. The growing consumer awareness regarding the importance of skin care has boosted the demand for skin barrier products globally.
The global skin barrier market is estimated to be valued at US$ 1063.94 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growing Consumer Awareness Regarding Skin Care
There is a growing awareness among consumers regarding maintenance of healthy skin through appropriate skincare routine. This has boosted the demand for various skin care products including skin barrier products. As consumers are well informed about benefits of protecting skin from external environmental factors, different skin conditions etc, they are increasingly using specialised skin barrier products. The manufacturers are also educating consumers about significance of maintaining skin barrier integrity through use of suitable protective products. This growing consumer awareness regarding benefits of regular skin care is expected to drive the demand for skin barrier products over the forecast period.
Porter's Analysis
Threat of new entrants: Low-medium as significant capital is required to establish manufacturing facilities and R&D. However, threat may increase with private equity investments.
Bargaining power of buyers: Medium. Large buyers can negotiate on price and contracts while small buyers have limited negotiation power.
Bargaining power of suppliers: Low-medium. Suppliers of raw materials such as ceramides and hyaluronic acid have moderate differentiation. However, switching costs are relatively low.
Threat of new substitutes: Medium. New technologies and ingredients in skin care products can substitute existing offerings. However, brand loyalty offers some protection against substitutes.
Competitive rivalry: High. The market is dominated by global players with wide product ranges and strong brand positioning. Companies compete on innovation, quality, and marketing.
SWOT Analysis
Strengths: Wide availability of products through e-commerce and retailers. Established brands with clinical research and reputation for effectiveness.
Weaknesses: High research and marketing costs limit entry of small companies. Supply chain disruptions can impact availability.
Opportunities: Growing skincare market with increased spending on anti-aging. Development of personalized and specialist products.
Threats: Regulatory changes affecting ingredients. Economic slowdowns reduce discretionary spending.
Key Takeaways
The global Skin Barrier Products Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for Skin Barrier Products is projected to reach $1.82 billion by 2030 from $1.06 billion in 2023, growing at a CAGR of 5.5%.
North America dominates the market currently, accounting for over 35% revenue share in 2023. Growth in the region is driven by rising consumer awareness about skin health, innovative product introductions and strong retail channels. Europe is the second largest market for Skin Barrier Products growing at 5% CAGR during the forecast period.
Key players operating in the Skin Barrier Products market are 48 London, Alpine Escape, Arburton Ltd, Aspen Luxury Concierge Service LLC, AZ Luxe, Bon Vivant, Globe Infinite, Ibiza Luxury Concierge Service, Innerplace Co., and John Paul. Leading companies are investing heavily in R&D to launch specialist products targeted at dry, sensitive and aging skin types. Partnerships with dermatologists and beauty bloggers are enhancing brand credibility.
For more details on the report, Read- https://www.insightprobing.com/skin-barrier-products-market-size-and-share/
