by The global cosmetic serum market is estimated to be valued at US$ 5.43 Billion in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period from 2023 to 2030. Cosmetic serum is a concentrated, lightweight fluid composed of targeted active ingredients that provides additional hydration, nourishment and anti-aging benefits to the skin. Advantages of using cosmetic serum includes providing extra hydration to the skin without feeling heavy or greasy, allowing the active ingredients to absorb deeper into the skin layers and improving the appearance of fine lines and wrinkles. The growing skincare and beauty industry coupled with rising awareness about the skin benefits of serums among consumers is increasing the demand for cosmetic serum products.
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 increasing work and life stress levels are leading to skin concerns such as aging, pigmentation and dryness among consumers, driving the demand for anti-aging cosmetic serums.
Rising incomes and growing middle-class populations in emerging nations of Asia Pacific and Latin America have increased international spending on premium skincare products including cosmetic serums.
Market key trends
There is a rising demand for natural and organic cosmetic serums formulated with active ingredients sourced from plants, herbs and other natural sources. Consumers are increasingly preferring natural alternatives to chemically synthesized skincare products due to rising health and environmental concerns. Leading cosmetic brands are responding to this consumer trend by launching natural cosmetic serums containing plant-based active ingredients like hyaluronic acid, retinol, peptides, vitamins and botanical extracts. The global demand for natural cosmetic serums is expected to grow at a higher rate during the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers for entry into serum market with various online and offline channels available for small brands to sell.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutable serum options from multiple brands.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw material sourcing is concentrated among few players globally.
Threat of new substitutes: Substitutes like facial creams, lotions and oils exert low to medium threat as serum offers quick absorption for desired results.
Competitive rivalry: Intense competition among major players to attract consumers through product differentiation, promotions and new launches.
Geographical regions where market is concentrated: North America and Asia Pacific hold over 60% share of global cosmetic serum market value led by high demand from countries like United States, China, Japan and South Korea due to increasing beauty and skincare spending.
Fastest growing region: Asia Pacific region is expected to witness highest growth during forecast period due to rising disposable incomes, growing middle class population and increasing youth interest in advanced skincare products especially in developing economies like India, Vietnam and Indonesia.
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
