February 26, 2024

Cosmetic Serum Market is Driven by Rising Demand for Anti-Aging Products

The global cosmetic serum market has witnessed significant growth in the past few years owing to rising demand for anti-aging products. Cosmetic serums contain higher concentration of active ingredients that deeply nourish the skin and fight various skin problems like wrinkles, dark spots, blemishes etc. They are lightweight, non-greasy and absorb quickly into the skin. Some key benefits of using serum include improved tone and texture of skin, minimized pore size, reduced signs of aging and protection against environmental damage. The anti-aging serums dominated the market as they help reducing the signs of aging like fine lines, wrinkles and dark spots. Consumers are increasingly spending on premium skin care products to look younger and healthier, which is a major factor augmenting the demand for serums. 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 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trend in the cosmetic serum market is the growing popularity of natural and organic serums. Consumers are more inclined towards plant-based or naturally derived ingredients due to rising health concerns regarding chemical-based products. They are focusing on ingredients sourced from plants, herbs and fruits to achieve clear and blemish-free skin. This has prompted companies to offer natural and organic variants of serums without various chemicals and preservatives. Another key trend is the increasing preference for multi-tasking products called ‘hero ingredients’. Manufacturers are developing serums that contain active ingredients like hyaluronic acid, retinol, vitamin C, peptides etc. to target several skin concerns in single product. This saves time and cost for consumers. Innovation and launch of new formulations by incorporating cutting-edge technologies is also fueling the growth of global serums market.

Porter’s Analysis
Threat of new entrants: The cosmetic serum market has a moderate threat of new entrants due to the requirement of huge capital investments and technical expertise for R&D.
Bargaining power of buyers: The bargaining power of buyers is high in this market as buyers have a variety of options available from different brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers in the market providing quality ingredients.
Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes for cosmetic serums available.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of many international and domestic brands.

Key Takeaways

The global cosmetic serum market is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: The Asia Pacific region is expected to be the fastest growing market during the forecast period due to rising disposable incomes, improving living standards and increasing beauty consciousness among consumers in the region. China and India are anticipated to contribute significantly to the growth of the cosmetic serum market in Asia Pacific.

Key players: 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.