April 15, 2024
Australia Skincare Products Market

Youthfulness And Beauty Define Consumers To Drive Growth Of The Australia Skincare Products Market

The global Australia Skincare Products Market is estimated to be valued at US$ 2338.37 Bn or 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 Overview

The Australia skincare products market comprises products such as face creams, body lotions, cleansers and toners, and sun protection that help protect, treat and nourish the skin. These products are widely used by both men and women across different age groups to maintain skin health, improve appearance and slow down the signs of aging. They contain ingredients like vitamins, antioxidants, peptides and plant-based extracts that hydrate, brighten and rejuvenate the skin. The growing awareness about skin health and rising disposable income have boosted the consumption of specialized skincare items targeting specific skin concerns.

Market key trends

One of the key trends in the Australia skincare products market is the rising popularity of organic and natural products. Consumers are increasingly preferring natural formulations containing ingredients like plant oils, herbs and natural preservatives over synthetic products owing to health concerns. They are also driving the demand for vegan labels and cruelty-free certifications. Another major trend is multi-tasking and hybrid products that can perform multiple functions such as moisturizing and treating pigmentation issues together. Brands are developing innovative combinations of active ingredients in the form of serums, peel-off masks and overnight creams suitable for daily usage. Furthermore, customization is gaining favor with the emergence of virtual consulting and do-it-yourself brands that help create personalized skincare regimens based on specific needs.

Porter’s Analysis

Threat of new entrants: The threat is medium as the market has established key players and distribution channels. However, regulations are not very stringent.

Bargaining power of buyers: Buyer bargaining power is high due to the availability of substitutes and as skincare products are commoditized. Price sensitivity is also high.

Bargaining power of suppliers: The suppliers have low bargaining power due to the availability of substitute raw materials. High competition among suppliers keeps their bargaining power low.

Threat of new substitutes: The threat is medium as there are alternative products available in the market. However, customer loyalty and branding play an important role.

Competitive rivalry: The competitive rivalry is high due to branding, marketing, and focus on product innovation by key players.

Key Takeaways

The global Australia Skincare Products Market Demand  is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing disposable income and rising skin concerns among consumers. The market size for 2023 is estimated to be US$ 2338.37 Bn.

Regionally, New South Wales dominates the Australia skincare products market owing to the presence of major players and higher spending power. Victoria follows in terms of market share due to growing elderly population and urbanization.

Key players operating in the Australia skincare products market are Beiersdorf AG, L’Oreal SA, Procter & Gamble, Unilever, Bioderma Laboratories, Clarins Group, Dermalume Skincare, Johnson & Johnson Inc., Estee Lauder Inc., Miranda Kerr Pty Ltd (Kora Organics), Jurlique International Pty Ltd, and Natio. These players focus on product innovation and expansion to strengthen their market position

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.