NEW YORK, Jan. 16, 2024 /PRNewswire/ — The cosmetic serum market is estimated to grow by USD 1.39 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.36% during the forecast period. Also, the growth momentum will progress. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 58%.
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Technavio has announced its latest market research report titled Global Cosmetic Serum Market 2023-2027
What’s New?
Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report!
Cosmetic Serum Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type, Distribution Channel (Offline and Online), Product (Hair care serum, Skin, and sun care serum), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
The market share growth by the offline segment will be significant during the forecast period. The segment comprises departmental stores, supermarkets, hypermarkets, pharmacies, and convenience stores. Organized retail sector companies strategically operate considering factors like geographic reach, efficient production and inventory management, and streamlined goods transportation. As mainstream consumers increasingly embrace these products, companies are experiencing increased revenue by introducing their products in retail stores.
Geography Overview
Based on geography, the global cosmetic serum market is segmented into APAC, Europe, North America, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global cosmetic serum market.
APAC is estimated to contribute 58% to the growth of the global market during the forecast period. China, Japan and South Korea are the main contributing countries in APAC. In addition, the companies are also showing their products on social media and using various celebrities’ endorsements to market them.
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Cosmetic Serum Market – Market Dynamics
Key Driver
The rising demand for male beauty products is a key factor driving market growth. Men, like women, exhibit a growing interest in personal grooming. The increasing awareness among men about their appearance has prompted major companies to introduce new grooming products for men. Cosmetic serum marketers are emphasizing products not just as beauty items but as enhancers of personal style for their target audience.
Major Trend
The increase in the introduction of organic and natural products is a major trend in the market. The demand for Natural Products has increased as a result of the health problems caused by the use of BPC products. The producers of serums are increasing their focus on Organic Cosmetics Serums, which also helps to differentiate the product lines offered by retailers.
Significant Challenge
The availability of counterfeit products are significant challenge restricting market growth. The rising demand for cosmetics has led to an increase in counterfeit products, exacerbated by the expanding presence of e-commerce. The proliferation of fake goods poses a threat to genuine companies in the global market, negatively impacting their sales and pricing strategies.
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In the dynamic cosmetic serum market, key trends are shaped by consumer demand for high-quality ingredients and efficacy. Ingredients like Hyaluronic Acid, Retinol, Vitamin C, Peptides, and Niacinamide are coveted for their anti-aging, skin brightening, and moisturizing properties. The shift towards clean beauty emphasizes organic, natural ingredients, and cruelty-free, vegan formulations. Dermatologically tested products, suitable for sensitive skin, are gaining traction among luxury and drugstore brands. The market sees a surge in SPF-integrated, collagen-boosting, and paraben-free serums. Influenced by beauty influencers, dermatologist recommendations, and positive consumer reviews, brands are innovating in packaging and focusing on e-commerce sales. Clinical trials validate claims, aiding in the global market expansion.
What are the key data covered in this Cosmetic Serum Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the Cosmetic Serum Market between 2023 and 2027
Precise estimation of the Cosmetic Serum Market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the Cosmetic Serum Market industry across APAC, Europe, North America, Middle East and Africa, and South America
A thorough analysis of the market’s competitive landscape and detailed information about companies
Comprehensive analysis of factors that will challenge the growth of Cosmetic Serum Market companies
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Distribution Channel
Market Segmentation by Product
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
