Moisturizer Market Size, Share & Industry Analysis, By Type (Face Moisturizers and Body Moisturizers), By Form (Cream, Lotion, and Gel), By End-user (Men, Women, and Infant & Kids), and Regional Forecast, 2024-2032

The global moisturizer market size was valued at USD 10.60 billion in 2023 and is projected to be worth USD 11.02 billion in 2024 and reach USD 16.71 billion by 2032, exhibiting a CAGR of 5.34% during the forecast period. Asia Pacific dominated the moisturizer market with a market share of 37.26% in 2023.

Moisturizing products have become an essential part of the self-skincare habits among consumers, as it is crucial to keep skin hydrated. Moisturizing products provide efficient skin benefits, such as making skin smooth & soft, increasing skin hydration, improving & maintaining the integrity of skin characteristics, and preventing water loss. Moisturizing products also deliver certain ingredients, such as Vitamin C, hyaluronic acid, retinol, and others, to the skin. The products are available for every skin type, including dry skin, oily skin, and combination skin. Many consumers are willing to invest money in skincare and expanding skincare regimes.

Increasing awareness about the benefits of healthy skin due to rising skin concerns has resulted in a consistent rise in demand for various skincare products. Skin protection has become one of consumers' important wellness routines in recent years. Several factors have influenced consumers to develop a proper and balanced skincare routine. Pollution, protection from ultraviolet (UV) rays, and stress are some key factors that significantly hamper the skin. Thus, consumers are looking for products, such as moisturizing products for their skincare routines to maintain good skin health and prevent premature skin aging.

The COVID-19 pandemic affected economies and left numerous industries in crisis globally. Given the intensity of the unprecedented global crisis, numerous cosmetic companies shifted their focus toward manufacturing hygiene products such as sanitizers and hand washes, most notably in 2020. With the rapid spread of COVID-19 across the globe and the burden of containment measures and restrictions, most countries experienced severe supply and demand shocks in almost all business sectors.

Moisturizer Market Trends

Changing Consumer Preference for Clean Label and Vegan Ingredient-based Products to Drive Innovations and Market Expansion

Consumers are becoming increasingly conscious about the sourcing of the ingredients used in making their skincare products and the environmental impact of these products. Thus, the demand for clean labels and vegan raw materials for manufacturing skincare products, including moisturizing products, has increased significantly among beauty product manufacturers. Consumers who lead a busy lifestyle are slowly adopting a minimal and 'back to basics' skincare routine to reduce the number of products they use on their skin, thereby reducing the time spent on lengthy skin routines. Hence, the demand for multi-use products which provide all the necessary benefits to maintain healthy skin in a single product, is increasing rapidly. For instance, Augustinus Bader, a U.K.-based manufacturer and supplier of skincare and personal care products, launched a moisturizing cream in 2021 providing hydrating, conditioning, and stress-reducing benefits to the applied skin.

Changing consumer preference toward organic and therapeutic formulations has accelerated research & development activities among manufacturers to seek novel ingredients that can attract consumers. The Middle Eastern consumers are highly interested in purchasing clean-label products made of natural and non-toxic ingredients. Certain brands are also integrating ancient beauty traditions in their products and launching herb-infused formulations in the market. For instance, Shiffa Beauty, a Dubai-based cosmetic brand, uses Middle Eastern traditions to manufacture its products and has become one of the most well-known brands in Sephora stores.

In addition, pre-COVID-19 trends are likely to accelerate, with direct-to-consumer e-commerce becoming a significant platform for shoppers and markets. Consumers worldwide say that they are likely to increase their online engagement and spending. Beauty industry players will need to prioritize digital channels to capture the attention of existing and new customers. The online medium is suitable for people who prefer convenience and are also price-conscious. Consumers have a vast number of product options available to them at a discounted price on these platforms. Thus, it encourages consumers to purchase products from online platforms.

Moisturizer Market Growth Factors

Growing Spending on Beauty Products to Favor Market Expansion

Growing consciousness about one's looks and skin health and the increase in spending power are surging the demand for skincare products, including moisturizing products. Busy lifestyles and polluted environments are affecting skin health, further boosting the need for quality skincare products. Furthermore, improving economic conditions in developing countries, a rising population of old people, and a consistent rise in demand for a variety of moisturizing skincare products are critical to the promising growth prospects of the global market. With the growing awareness about individuals' health and looks in less developed economies, consumers in rural areas have started mirroring urban aspirations and lifestyles, shifting from home remedy solutions to branded products and strengthening the product demand further.

Mounting Millennial Consumer Interest in Skincare Products to Support Market Growth

The trend of grooming and aesthetically pleasing looks is blooming worldwide, with women at the epicentre of the cosmetics industry. Cosmetics have penetrated all age groups, such as body lotions for babies, skin brighteners for teenagers, anti-aging cosmetics for mature skin, and products to treat tanned skin. The emerging glamor industry is further surging the demand for makeup products among millennials who are conscious of their appearance and willing to alter it. In addition, social media strongly influences Gen Z and millennials with attractive product promotions showcasing newer trends. A wide range of product offerings from manufacturers, such as lotions, creams, and gels, suitable for an individual's skin characteristics, is expected to augment the market growth. Furthermore, market participants are partnering with internationally renowned retailers to expand their customer base. For instance,

• In August 2023, Proven Skincare, a California, U.S.-based skincare company, announced its partnership with Sephora, a France-based personal care and beauty products retailer, to launch its skincare products in ten Sephora brick-and-mortar locations nationwide.


• In July 2023, Bubble Skincare, a New York, U.S.-based skincare company, partnered with Ulta beauty, a U.S.-based beauty retailer, to launch Cloud Surf, an air water-cream moisturizer, across the nation.

RESTRAINING FACTORS

Stringent Regulations and Adverse Effects of Synthetic Beauty Ingredients to Hamper Product Deployment

The stringent regulations regarding permitted ingredients from different authorities worldwide will likely shrink the global moisturizer market share. Cosmetics formulations combine numerous natural and synthetic ingredients, such as sulfates and phthalates. Rising awareness regarding the adverse health effects and toxicity caused by a few elements will limit product demand. Fragrance, coloring pigments, and preservatives added to the products to enhance their quality can sometimes lead to allergic reactions depending on skin type. Furthermore, governments across various countries have banned the usage of harmful chemicals in skincare products. For instance,

• In September 2023, California’s legislature passed The Assembly Bill (A.B.) 496, banning the sale of cosmetic and personal care products that contain 26 toxic chemicals, including aldehyde, cyclotetrasiloxane, and trichloroacetic acid.


• In May 2023, the U.K. Government banned animal testing of chemicals used exclusively as cosmetic ingredients.


• In July 2020, the Australian Government banned animal testing of new cosmetic products, including personal care and grooming products, such as moisturizers, shampoos, deodorants, and shaving creams.

Moisturizer Market Segmentation Analysis

By Type Analysis

Increasing Consumer Preference for Face Products to Boost Product Adoption

Based on type, the market is segmented into face moisturizer and body moisturizer. The face moisturizer segment accounts for the largest market share. Consumers prefer moisturizing products that can be integrated into their daily skin routines and easily applied. Face is a visible portion of the body compared to other body parts. Consumers take special care to protect and keep their face skin healthy, which will play a significant role in propelling manufacturers to launch innovative face creams.

By Form Analysis

Surging Demand for Cream-based Moisturizing Products to Accelerate Market Growth

Based on form, the market is segmented into cream, lotion, and gel.

Skin protection has become one of consumers' important wellness routines in recent years. Cream moisturizing products have high water content, facilitating easy absorption and triggering product sales worldwide. In recent years, gel formulations have also gained popularity in the ever-evolving skincare market. Gel gets absorbed in the skin quickly and helps keep the skin hydrated.

By End-user Analysis

Increasing Popularity of Men-focused Beauty Regimes to Boost Demand for Moisturizers among Men

Based on end-user, the market is categorized into men, women, and infants & kids.

Women are the major consumers of moisturizing products and the segment will account for the largest market share during the forecast period. However, the men segment is also exhibiting promising growth due to the increasing popularity of beauty care regimes dedicated to men. The utilization of moisturizing products among men has increased significantly in the U.S. over the past few years. This growth in men's skincare products has prompted premium cosmetics companies to launch specific skincare lines dedicated to men consumers. For instance, Chanel launched a brand named 'Boy De Chanel' devoted to men's grooming products in 2018. In recent years, millennials have been influenced by new beauty regimes. Social media influencers are advertising detailed skincare routines including multiple products, such as cleansers, creams, toners, and sunscreens that can be used daily to maintain healthy and glowing skin. Hence, the demand for moisturizing products is increasing significantly among consumers.

REGIONAL INSIGHTS

The global market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Asia Pacific emerged as the most prominent market in 2023. China is a leading consumer market of skincare products. Products that are hugely popular in China and other Asian countries include non-scented beauty items and skin-lightening products. China witnessed significant economic growth over the past few decades that led to a rise in disposable incomes and a gradual shift in the purchasing behavior of consumers. Therefore, China's average spending on beauty products has significantly increased over the past few years. In Japan, the consumers are well-informed about the various beauty products. They are value-conscious and seek products that are of high quality. Moisturizing products that are cost-effective, high-performing, and provide quick results are popular among consumers in this country. Japan has established itself as a reliable, high-quality beauty product manufacturer and is one of the major exporters of cosmetics products worldwide.

Asia Pacific is also expected to register the fastest CAGR during the 2024-2032 forecast period. The region's large market size is attributable to the rapidly increasing popularity of moisturizing products across China and India. Moisturizing creams and lotions have become an essential part of skincare routines. People across the world have busy lifestyles, which creates stress management issues. Therefore, people follow strict skincare routines. In the Chinese markets, brands, such as L'Oréal, Olay, Kiehl's, and others enjoy immense popularity compared to the domestic brands. The rising awareness among Indian consumers about skincare products has led to the robust market growth. In India, the market is dominated by conventional beauty products including Ayurvedic and herbal formulations. Some of the popular legacy brands which operate in the Indian market include Hindustan Unilever, Himalaya Wellness, and Emami.

European countries, such as Finland, Russia, Germany, and Denmark, experience frigid cold climates and long winter seasons, causing dull and dry skin. This factor significantly increases the demand for moisturizing products in the region. Furthermore, growing awareness regarding skin health and several advantages of moisturizing products, such as skin hydration, water loss prevention, and skin texture improvement, contributes to the region’s market expansion. 

North America is one of the fastest-growing regions in the global market and is expected to witness robust product demand in the coming years. The region’s growth is backed by rising consumer inclination toward personal care products made with natural ingredients and several new beauty formulations developed using natural materials. For instance, in January 2023, Josie Maran, a U.S.-based cosmetics brand, expanded its skincare portfolio and introduced its anti-aging Pro-Retinol Megamoisture Face Cream. The new product has over 30 moisturizing ingredients such as watermelon seed oil, aloe leaf juice, shea butter, fruit pulp extracts, and argan oil.

Product sales across the South American and Middle Eastern & African markets are expected to witness an upward trend in the foreseeable future. Industry participants are focused on establishing their presence in these markets. Middle Eastern countries including Saudi Arabia and the UAE are some of the most popular destinations where premium skincare brands are expanding their market presence. The rising popularity of beauty regimes and high disposable income positively influence the region's high demand for skincare products. The need for skincare products for men and women is increasing rapidly in Brazil, Argentina, and Chile.

List of Key Companies in Moisturizer Market

Product Innovation and Geographical Expansion to Strengthen Market Share

Industry participants have adopted various competitive strategies including new product launches, collaborations, and geographical expansion, helping them stay abreast of the intensifying competition. Recent years have witnessed an increasing demand for innovative products. Key players are focusing mainly on utilizing sustainable materials for the packaging of moisturizing products. Additionally, these companies regularly offer customizations and discounted prices to increase their revenues from the moisturizing product division. In November 2021, OLAY North America, a Procter & Gamble Company brand, introduced the Easy Open Lid, a limited-edition prototype designed for people with disabilities. The Easy Open Lid is incorporated into the product design of OLAY's products, such as Vitamin C + Peptide 24 face moisturizer, Collagen Peptide 24 face moisturizer, and Retinol 24 face moisturizing product.

List of Key Companies Profiled:

• L'Oreal S.A. (France)


• Estee Lauder Inc. (U.S.)


• Unilever Plc (U.K.)


• The Procter & Gamble Company (U.S.)


• Shiseido Co. Ltd. (Japan)


• Beiersdorf AG (Germany)


• Henkel AG & Company, KGaA (Germany)


• Johnson & Johnson Private Limited (U.S.)


• Kao Corporation (Japan)


• Coty Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2024: PÜR Beauty, a U.S.-based beauty & skincare company, launched its new stand-out skincare collection, including Tropical C Brightening Vitamin C & Peptide Moisturizer, across Canada.


• January 2024: BeautyStat Cosmetics, a New York, U.S.-based cosmetics company, launched its new peptide wrinkle relaxing moisturizer exclusively on ULTA.com and Beautystat.com.


• February 2023: Keomi Beauty, an Indian beauty and skincare company, announced plans to strengthen its portfolio and launch new products by April 2023. The new launches will include Daily Youth Serum (moisturizing and anti-ageing), Sunscreen SPF 50 PA+++, and Hyaluronic Acid Serum.


• January 2023: Charlotte Tilbury, a U.K.-based skincare and makeup brand, unveiled its "Magic Body Cream" developed with ingredients, such as hyaluronic acid and caffeine to enhance skin texture. The new product is inspired by the company's "Magic Cream Moisturizer", one of its best-selling products.


• August 2022: Sand&Sky, an Australian natural skincare brand, launched Sand&Sky Glow Berries Intense Moisturizer, its new product line featuring Vitamin C. According to the brand, the new cream will resolve skin-related issues caused by aging. This strategic move highlights Australia's increasing demand for anti-aging creams.


• July 2022: Procter & Gamble launched a new shopping experience for its customers in the South East Asian virtual marketplace, Shopee, to meet the rapidly evolving demand of today's consumers. As consumers are getting tech-savvy, the company expects to incorporate new emerging technologies to engage consumers and enhance the shopping experience. With this, the company is also taking a step toward Metaverse. The intense competitive rivalry in the moisturizer space will likely force other internationally renowned market players to invest in novel technologies to attract more customers.


• June 2022: Unilever plc, a British consumer goods manufacturer, and Genomatica, a biotech company, announced the launch of their new venture to commercialize substitutes for palm oil and fossil fuel-derived ingredients. The collaboration plans to deliver sustainably sourced palm oil alternatives to meet the growing demand for sustainably sourced palm oil.


• May 2022: Nykaa E-Retail Pvt. Ltd, an Indian online company specializing in fashion, beauty, and wellness products, expanded its product portfolio by launching two lines of day moisturizing products. According to the company, these oil-free products cater to various skin concerns caused by rising humidity in the country. Given the rising temperatures, these product launches highlight the lucrative business opportunities for companies to explore in Asian countries.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, type, form, and end-user. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation