by The global Australia Skincare Products Market is estimated to be valued at US$ 2338.37 Bn 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 of a wide range of products including face creams, body lotions, cleansers, toners, serums and sunscreens. These products help maintain skin health and appearance by controlling oil production, reducing the signs of aging, and protecting the skin from environmental damages. Factors like changing lifestyles, increasing disposable incomes and rising awareness about personal care have increased the demand for effective and healthy skincare solutions in Australia.
Market key trends:
One of the prominent trends in the Australia skincare market is growing popularity of natural and organic products. Consumers are increasingly preferring products made from natural ingredients like plant extracts, essential oils and vitamins over synthetic chemicals due to rising health consciousness. This has motivated companies to launch organic skincare lines focused on efficacy, hydration and protection. Additionally, rising importance of sun protection among Australians is fueling the demand for broad spectrum sunscreens. Innovations in formulations with combination of antioxidants and sun protection factors (SPF) help provide defense against both UVA and UVB rays.
Porter’s Analysis
Threat of new entrants: The Australian skincare products market has high entry barriers such as high capital requirements and established brand loyalty of customers towards existing major players which makes it difficult for new companies to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are numerous established brands in the market offering substitutable products. However, switching costs are relatively low.
Bargaining power of suppliers: Major brands such as Beiersdorf AG and L’Oreal SA have significant bargaining power over suppliers due to their large procurement volumes. However, the threat is moderate due to availability of substitute raw materials suppliers.
Threat of new substitutes: Threat from substitutes is moderate as there are complementary industries like makeup, deodorants etc. However, customer loyalty and high replacement costs reduce the threat.
Competitive rivalry: The market is highly competitive with the presence of numerous global and domestic brands. Companies compete based on quality, innovation, brand, and pricing.
Key Takeaways
The global Australia Skincare Products Market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing urbanization and rising disposable income.
The Southeast region dominates the Australia skincare products market holding around 30% share majorly contributing to the market growth owing to the hot and humid weather conditions demanding more skin care products. New South Wales and Victoria are another two major markets for skincare products.
Key players operating in the Australia skincare products market are Beiersdorf AG, L’Oréal 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.Companies are focusing on product innovation, new launches and strategic partnerships 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
