Cosmetic serums are skincare products known for their lightweight texture and concentrated formulas. They are designed to target specific skincare concerns like wrinkles, dark spots, dryness, and acne. Key ingredients in serums include hyaluronic acid, vitamin C, collagen, retinol, and peptides that help hydrate, brighten, and firm the skin. The global Cosmetic Serum Market is estimated to be valued at US$ 5.43 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for anti-aging products among consumers is expected to boost the cosmetic serum market over the forecast period. Anti-aging serums are popular as they help reduce the appearance of fine lines, wrinkles and dark spots. They contain active ingredients that improve skin elasticity and firmness. The busy lifestyles and increasing pollution levels have raised skincare concerns among people. This has propelled the demand for effective and targeted cosmetic products that address aging signs. The adoption of natural and organic serums has also increased in recent years due to rising health and environmental consciousness.
Strength: Cosmetic serums contain highly concentrated active ingredients that effectively treat skincare concerns in a targeted manner. They penetrate deeper into the skin compared to creams.
Weakness: Cosmetic serums have a higher cost compared to regular creams and moisturizers. Their lightweight texture may not provide the required hydration in very dry climates.
Opportunity: Growing popularity of cosmetic procedures and anti-aging treatments is driving demand for advanced serums. Increasing focus on men’s grooming and skincare is opening new avenues.
Threats: Presence of many private label brands offering cheaper alternatives. Stringent regulations over cosmetic ingredients and claims in key markets.
The global cosmetic serum market is expected to witness high growth over the forecast period.
Regional analysis: North America accounts for the largest share of the global cosmetic serum market due to large consumer base, high beauty consciousness, and introduction of innovative products by major brands in the region. Asia Pacific is expected to witness the fastest growth due to growing middle class population, increasing affordability, and rising influnece of Western beauty standards in countries like India and China.
Key players: Key players operating in the cosmetic serum market are L’Oréal S.A., Estée Lauder Companies Inc., Shiseido Company, Limited, Procter & Gamble Co., Johnson & Johnson Services, Inc., Beiersdorf AG, Unilever PLC, The Body Shop International Limited, Kao Corporation, Colgate-Palmolive Company, Amway Corporation, Avon Products, Inc., Mary Kay Inc., Clarins Group, Coty Inc.