Cosmetic serums impart a concentrated dose of active ingredients that address specific skin care needs like wrinkles, dark spots, dryness and loss of firmness, making them a must-have for many consumers looking to slow the visible signs of aging. Containing powerful formulations at a higher concentration than creams or lotions, these multi-tasking products penetrate deeper into the skin to deliver hydration, brightening and wrinkle-reducing benefits.
The global Cosmetic Serum Market is estimated to be valued at US$ 5.43 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for anti-aging skincare formulations propelled by health conscious millennials and Generation Z consumers is a major trend shaping the cosmetic serum market. According to a recent survey, over 75% of women between the ages of 35-55 expressed concerns about signs of aging and were actively looking for solutions. Cosmetic serums containing potent anti-aging ingredients like hyaluronic acid, retinol, peptides and antioxidants are increasingly popular due to their efficacy. Launch of new product lines targeting specific aging-related issues like wrinkles, dark spots and loss of firmness has further augmented the demand. Innovations in delivery systems and introduction of organic and natural formulations are also fueling the growth of this market.
- Strength: Cosmetic serums offer specific targeted solutions for various skin concerns. They contain higher concentration of active ingredients which makes them more effective in addressing issues like fine lines, wrinkles, dark spots, etc.
- Weakness: Cosmetic serums can be more expensive as compared to regular creams and lotions. Their small bottle size also means frequent repurchases. Some people also find their texture to be thin and runny.
- Opportunity: Growing popularity of Korean and Japanese beauty trends worldwide is increasing awareness and trials of cosmetic serums. Consumers are more willing to spend on effective anti-aging products. The e-commerce boom is also facilitating the discovery and purchase of niche brands.
- Threats: With increasing health and environmental concerns, natural and clean label products are gaining traction. This threatens conventional cosmetic serums containing chemicals and preservatives. Moreover, private label brands offering similar solutions at lower prices pose pricing pressure.
The global cosmetic serum market is expected to witness high growth over the forecast period driven by rising obsession with younger looks and demand for targeted skincare solutions. The global Cosmetic Serum Market is estimated to be valued at US$ 5.43 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.
The Asian region currently dominates the market and is expected to continue its lead in the coming yearsbacked by cultural emphasis on glowing skin in countries like South Korea, Japan and China.
Key players operating in the cosmetic serum market include 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. These companies have strong brand recognition and hold a major market share. However, they are facing growing competition from independent brands offering natural and clean label products.