April 22, 2024

Cosmetic Serum Market is in Trends by an Increasing Focus on Youthful Appearance

The cosmetic serum market comprises serum intended for external application to the human body, usually targeted towards the face, as part of a skincare routine or regimen. Serum is a highly concentrated formulation containing active ingredients like vitamins, peptides, retinol, and hyaluronic acid that help improve the skin’s texture, tone, and clarity. Advantages of using serum include hydrating and brightening the skin, reducing signs of aging like fine lines and wrinkles, and evens out skin tone and pigmentation. With consumers increasingly focusing on maintaining a youthful appearance and protecting their skin from environmental damage, the demand for cosmetic serums offering anti-aging benefits has risen tremendously. The Global Cosmetic Serum Market is estimated to be valued at US$ 5.43 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period from 2023 to 2030.

Key Takeaways

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. The growing demand for anti-aging cosmetic products across the globe is anticipated to drive the cosmetic serum market over the forecast period. With the surge in the geriatric population worldwide, the demand for anti-aging skin care products like serums is increasing at an exponential rate. The rising disposable income and growing awareness about lifestyle-related skin issues across emerging economies are also fueling the growth of the global cosmetic serum market.

Market players are expanding their geographical presence through strategic acquisitions and partnerships to capitalize on the high demand. Furthermore, consumers in developing regions represent lucrative untapped growth opportunities for established cosmetic serum brands. Rapid urbanization and growing preference for personal grooming products targeted towards younger demographics will further aid the global expansion of the cosmetic serum market in the years to come.

Market Key Trends

One of the key trends witnessed in the cosmetic serum market is the influx of natural and organic serum variants. Prompted by rising health and environmental concerns, consumers are increasingly seeking out serum formulations containing naturally-derived ingredients that are free of harsh chemicals, preservatives, and dyes. This has encouraged established brands to introduce natural serum lines using plant-based extracts and organic actives to attract health-conscious users. Another significant trend is the proliferation of customized or personalized serum products. Using advanced technologies and formulating algorithms, some companies have launched options to create personalized serums addressing specific skin issues and tailoring active ingredients to individual needs. This high level of customization and personalization offers heightened skincare benefits and a more compelling value proposition driving adoption.

Porter’s Analysis

  • Threat of new entrants: High costs of R&D, marketing and manufacturing prevents new companies from entering the market easily.
  • Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and lack of brand loyalty.
  • Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of alternative raw material sources and suppliers.
  • Threat of new substitutes: Threat from new substitutes like facial serum and moisturizers remains moderate due to customer loyalty for existing brands.
  • Competitive rivalry: Intense competition exists among existing players to gain market share.

Geographical Regions

North America region accounts for the largest share of the global cosmetic serum market in terms of value due to high consumer spending power and well-established cosmetic industry in the US and Canada.

Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising middle class population, improving standard of living and increasing consumer demand for skin care products in countries like China, India and South Korea.

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