Skincare Serum Market (Type: Oil Serum, Gel Serum, Emulsion Serum, and Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Skincare Serums market size was estimated at USD 3.9 billion in 2021 and is expected to surpass around USD 6.88 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 7.9% during the forecast period 2022 to 2030.

Skincare serum can be applied to the skin after cleansing, but before moisturizing, to deliver powerful ingredients directly to the skin. Serum is ideal for this application due to its smaller molecules, which can penetrate deeper into the skin and deliver a high concentration of active ingredients. Serums are typically clear, gel-based, or liquid, and thinner than moisturizers. These are typically applied before moisturizers to aid in moisture retention. Face serums are topical applications that are transparent or translucent. They have excellent spreadability and absorption, and are specifically designed for enhanced active delivery.

Face serums address skin concerns such as fine lines, wrinkles, dark spots, skin and dullness. Anti-aging serums aid in the prevention or reduction of fine lines and wrinkles. These typically include active ingredients such as retinol (vitamin A) and niacinamide (vitamin B3). With a watery texture and light formulation, vitamin C essence serum quickly absorbs and penetrates the skin to encourage healthy radiance. Niacinamide is another popular ingredient used in serums for fading dark spots and evening out skin tone. Pure vitamin C is unstable; hence, it has a short shelf life due to the possibility of oxidation. Vitamin C compounds are being developed to keep serums and other skin care products effective.

Vit C serum is one of the key antioxidant ingredients in the market. Vitamin C skincare, a natural collagen booster, improves elasticity, texture, and quality of skin by making it appear tight and youthful. Vitamin C skincare products, particularly vitamin C serum for the face, have steadily entered the market. Increase in awareness about skincare routine and popularity of skincare products are driving the demand for skincare serums. Surge in demand for skincare serums among salon owners, beauty salons, and dermatologists is expected to provide skincare serums growth opportunity to market players.

Report Scope of the Skincare Serums Market

 Increase in Demand for Organic and Natural Skincare Serums to Drive Global Skincare Serum Market

The cosmetics and personal care industry has been witnessing rapid shift toward organic and natural products since the last few years. Rise in health awareness and customer concerns about environmental sustainability has fueled the demand for organic and natural cosmetics. Consumers' skincare routines now include organic, naturally produced, eco-friendly, sustainable, and vegan products. Brands are promoting their products with terms such as ‘eco-friendly packaging, environmentally friendly source, and zero waste’ to reflect sustainability. Therefore, organic products have become a major topic of debate in the beauty industry, with brands promoting products with claims such as clear beauty, water-free beauty, and recyclable beauty.

Organic products are becoming increasingly popular. New age customers are becoming more health conscious, and are interested in ingredients used in personal care products. They are increasingly gravitating toward brands that use natural ingredients, adhere to ethical manufacturing practices, and provide vegan or cruelty-free products. Demand for cosmetic brands that are tested on animals is declining. This is inducing manufacturers to introduce cruelty-free product lines to avoid losing market share. Organic and ethical products are gaining on traditional chemical-based branded products, despite being more expensive and having a shorter shelf life.

Moisturizing and Barrier Repair Properties to Propel Oil Serum Segment

Based on type, the oil serum segment accounted for the largest share of the global skincare serum market in 2021. Serums are liquids with a thin, watery consistency and high concentration of active ingredients. Serums are ideal for targeting specific skincare concerns, such as acne, aging, and dullness, as they allow the product to penetrate deep beneath the skin's surface. Oil serum is the simplest to make of all the facial serums. It is typically composed of high-end specialized carrier oils that are fast-absorbing (also known as 'dry' oils). The serum's high-end oils not only provide moisturizing and barrier repair properties, but also polyphenols, essential fatty acids, and other compounds that can be metabolized by the skin. Gel serums impart a tightening sensation to the skin, enabling users to feel as if their skin is being temporarily lifted or tightened in specific areas of the face. Hence, oil serum is better than other skincare serums.

Rise in Awareness about Age-related Skin Issues to Augment Anti-aging Serum Segment

In terms of application, the anti-aging serum segment held significant share of the global market in 2021. Rise in consumer awareness about age-related skin problems such as fine lines, wrinkles, and skin dullness and increase in inclination toward spending on products that help them proclaim their skin's youthfulness are expected to drive the anti-aging segment throughout the forecast period. Growth in desire to look younger is prompting middle-aged consumers to purchase anti-aging serums. This trend is expected to continue during the forecast period. Manufacturers and skincare product providers are attempting to retain product features, while capturing end-users' attention through packaging innovation. Majority of beauty serums as well as many other skin care and cosmetics products are undergoing packaging changes. The anti-aging serums segment is expected to follow suit in the next few years.

Improvement in Supply Chains to Boost Retail Pharmacies Segment

Based on distribution channel, the retail pharmacies segment is projected to account for major share of the global skincare serum market during the forecast period. Manufacturers and retailers are improving their supply chains to meet the growing demand for skincare products. E-commerce giants and retailers are compelling various brands to adopt an omni-channel supply model. Consumers are more socially aware and technologically savvy than they were before the COVID-19 pandemic, which has resulted in the emergence of the new age health-conscious consumer segment. This shift in consumer attitude is poised to transform the retail pharmacies segment during the forecast period.

Regional Outlook of Global Skincare Serum Market

Europe accounted for the largest share of the global skincare serum market in 2021. The region is projected to be a highly lucrative market for skincare serums during the forecast period. The cosmetics industry in the region is science-driven and highly innovative, and plays a leading role in product development. The cosmetics and personal care industry in Europe has been thriving, as consumers have become more aware of the importance of health, wellness, and personal care products. Skincare is the dominant segment of the cosmetics industry in the region, accounting for more than half the market share. Furthermore, the cosmetics market in Europe is driven by innovation, with new color palettes, skin-specific treatments, and one-of-a-kind formulas. The average product's lifecycle is less than five years; therefore, cosmetics manufacturers must reformulate 25% of their products each year to keep up with the industry's pace in this highly competitive market.

Asia Pacific is expected to be the next focus of skincare serums key players. Awareness about the efficacy of exotic ingredients in skincare products has piqued the interest of people in the region's developing and developed countries. The number of men using skincare products is steadily increasing across Asia, particularly in China and South Korea. Changes in lifestyle patterns in emerging countries due to rapid urbanization, increase in awareness about advanced skin care products, and innovative product portfolio are likely to drive the market in Asia Pacific during the forecast period.

Analysis of Key Players in Global Skincare Serum Market

The global skincare serum market is consolidated, with the presence of small number of leading players. Expansion of product portfolio and mergers & acquisitions are the key strategies adopted by the leading players in the global skincare serum market. Loral Group (IT Cosmetics LLC), Estee Lauder Companies, Amway, Proctor and Gamble (Olay), Unilever (Paula's Choice), Philosophy, Inc., and Sanitas Skincare are the prominent players operating in the global skincare serum market.

Key Developments in Global Skincare Serum Market

• In June 2021, Unilever announced that it had signed an agreement to acquire the foremost digital-led skincare brand Paul's Choice. The company is a pioneer of science-based products and direct-to-consumer e-commerce. Its skincare product brands are distributed through global direct-to-consumer e-commerce channel and prominent retailers in North America, Europe, and Asia Pacific.
• In May 2021, The Estée Lauder Companies (ELC) entered into a partnership with delivery platform Uber Eats to deliver customer’s favorite cosmetics on the same day of the order
• In October 2020, Amway India offered customized skincare solutions with the launch of Artistry Signature Select Personalized Serum. This product is sold through Amway direct retailers and online portals. Amway India also initiated virtual training sessions for retailers and sellers.

Some of the prominent players in the Skincare Serums Market include:

• Loral Group (IT Cosmetics LLC)
• Estee Lauder Companies
• Amway
• Proctor and Gamble (Olay)
• Unilever (Paula's Choice)
• Philosophy, Inc.
• Sanitas Skincare
• e.l.f. Cosmetics
• Deciem Beauty Group, Inc.
• Indeed Labs
• HONEST BEAUTY
• ERNO LASZLO
• EMK Beverly Hills
• Tarte Cosmetics
• Pixi Beauty

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Skincare Serums market

• Type
• Oil Serum
• Gel Serum
• Emulsion Serum
• Others
• Application
• Anti-aging Serums
• Antioxidant Serums
• Skin Whitening Serums
• Hydrating Serums
• Acne Fighting Serums
• Others
• Distribution Channel
• Hospital Pharmacies
• Retail Pharmacies
• E-commerce

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Skincare Serums industry analysis from 2022 to 2030 to identify the prevailing Skincare Serums industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Skincare Serums industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Skincare Serums industry trends, key players, market segments, application areas, and market growth strategies.