Market Size of Australia Skin Care Products Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.95 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Skin Care Products Market Analysis
The Australia skin care products market size is expected to grow from USD 2.10 billion in 2023 to USD 2.94 billion by 2028, at a CAGR of 6.95% during the forecast period (2023-2028).
- Australian consumers are increasingly health conscious and prioritize skincare as part of their overall well-being. This awareness increases the demand for skin care products. Due to Australia's exposure to high levels of UV radiation, there's a lot of focus on protecting skin from the sun's rays. Sunscreens and suncare products are popular in the Australian skincare routine. Consumer purchases are nowadays primarily made based on the product's efficacy, long-lasting protection, and clinical properties.
- The demand for natural ingredients has been quite evident in the market, and this has led to consumers seeking products with nature-inspired ingredients, such as plant-inspired and premium botanical ingredients, coupled with multi-functional properties. In March 2022, Gen Z skincare brand 'Skin Proud' launched in Australia and is formulated with natural extracts such as pomegranate, raspberry, coconut oil, and rose water. The company claims that the products are vegan, PETA-approved cruelty-free.
- Additionally, the rising consumer awareness about using skincare products that are vegan, organic, and natural has encouraged manufacturers to launch new offerings and expand their footprint in the market. The presence of multiple stores of Sephora and Mecca Cosmetica across Sydney and Melbourne has exposed Australian consumers to international brands. Australian consumers are increasingly drawn toward the claims of these advanced products and the presence of active ingredients in them in the right concentration.
- Technological advancements are the major reason behind the growth of the professional skincare market. This is leading to consumer willingness to buy a broader range of complex-formulated and natural green products. Furthermore, the improving quality of life, the positive effects of skincare on self-esteem and social interaction, and the gradual consumer shift toward premium and luxury brands are a few factors that are likely to propel the market growth during the forecast period.
