Australia Skincare Products Market is Estimated To Witness High Growth Owing To Increasing Demand for Organic and Natural Skincare Products

Australia Skincare Products Market

The Australia Skincare Products Market is estimated to be valued at US$ 2338.37 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Skincare products contain ingredients that help moisturize, rejuvenate, and cleanse the skin. They include face creams, body lotions, cleansers, toners, and scrubs. Skincare products provide various benefits such as preventing premature aging, treating acne, hydrating the skin, and improving the skin’s texture. The rising demand for organic and natural skincare products is driving the growth of the Australia skincare products market.

Market key trends:
The Australia skincare products market is witnessing high growth owing to the increasing demand for organic and natural skincare products. According to a survey, around 53% of Australians preferred purchasing skincare products containing organic or natural ingredients. Additionally, many consumers in the country are switching to organic products due to rising awareness about health hazards of chemicals present in conventional personal care products. The consumer demand for clean label products free from artificial ingredients and preservatives has encouraged skincare brands to offer organic lines of face creams, lotions, and serums. Furthermore, growing demand for multifunction skincare products offering benefits like anti-aging, brightening and hydration in a single product is a key trend in the Australia skincare market. Innovation and new product development by major brands focusing on organic and naturally-derived ingredients will continue to drive growth of the market during the forecast period.

Porter's Analysis
Threat of new entrants: The Australian skincare products market is dominated by major established players, making it difficult for new companies to enter the market. However, the growing demand offers opportunities for new innovative products.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of many brands offering a variety of products. However, strong brand loyalty provides buyers few alternatives.
Bargaining power of suppliers: Major raw material suppliers have low bargaining power due to the availability of substitutes and less variation in raw materials.
Threat of new substitutes: Alternatives like ayurvedic or herbal products offer some threat, but strong branding and effective marketing keep substitutes at bay.
Competitive rivalry: Intense as major companies compete for market share through innovative products, promotions, and brand-building.

SWOT Analysis
Strength: Wide product portfolios, strong brands, extensive distribution network and effective promotional activities give major players an edge.
Weakness: High dependency on a few key brands makes portfolio vulnerable. Increased competition may impact sales.
Opportunity: Growing aging population drives demand for anti-aging products. Increasing interest in natural/organic products offers new opportunities.
Threats: Strict regulations around product claims and composition. Economic slowdowns may impact discretionary spend.

Key Takeaways
The Australia Skincare Products Market  is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing health awareness and changing lifestyles. The market size for 2023 is estimated at US$ 2338.37 billion.
The growing middle-class and aging population in Australia drives demand for premium anti-aging products. The Western region dominates due to the concentration of major cities and population. However, Eastern region is witnessing fastest growth.
Key players operating in the Australia skincare products market are Beiersdorf AG, L'Oréal SA, Procter & Gamble, Unilever, Bioderma Laboratories, Clarins Group, Dermalume Skincare, Johnson & Johnson Inc., Estee Lauder Inc., Miranda Kerr Pty Ltd (Kora Organics), Jurlique International Pty Ltd, and Natio. They compete on innovation, brand, and marketing strategies to increase their market share.

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https://www.newsstatix.com/australia-skincare-products-market-trends-size-and-share-analysis/