How Big Is the Skincare Industry in 2023?  - MassageLuXe

How Big Is the Skincare Industry in 2023? 

The term skincare comprises many elements designed to improve the appearance of skin. It includes the medical care of skin conditions through dermatology, cosmetics, and enhancing the skin’s appearance through treatments including moisturizers, exfoliations and sun protection. As consumers become more aware of maintaining the health of the body’s largest organ, there is tremendous growth in the skincare industry.

Skincare is Big Business 

Skincare statistics show just how powerful the industry has become. When asking, “How big is the skincare industry?”— Fortune Business Insights says it’s expected to reach $145.82 billion globally by 2028, growing at a rate of 5.52%. What’s driving consumer demand is multifaceted and influenced by a combination of personal preferences, cultural influences, and evolving beauty standards. Consider:

  • In recent years, there has been a growing emphasis on self-care and overall wellness. Skincare is seen as an essential part of self-care, promoting not just physical health but also emotional well-being. Consumers are investing in skincare as a way to prioritize self-care and enhance overall quality of life.
  • Clear, healthy, and radiant skin is associated with beauty and youthfulness. Consumers are seeking skincare products that can help achieve and maintain a healthy complexion and improve skin’s appearance.
  • Social media platforms and beauty influencers play a significant role in shaping beauty standards and trends. Consumers are exposed to a constant stream of skincare-related content, including product recommendations, skincare routines, and before-and-after transformations. This exposure creates a desire to achieve similar results and fuels the demand for skincare products.
  • With advancements in scientific research and access to information, consumers are becoming more knowledgeable about the benefits of skincare. That includes protecting the skin from environmental factors, maintaining hydration, and addressing specific skin concerns. This awareness drives the demand for skincare products that offer targeted solutions.
  • As the global population ages, there is a growing interest in anti-aging skincare. Consumers are seeking products that can help reduce the appearance of wrinkles, fine lines, and other signs of aging. The desire to maintain youthful-looking skin throughout the aging process contributes to the demand for anti-aging skincare products.
  • Traditionally, skincare has been female-focused, but men's skincare is trending. Men are becoming more conscious of skincare and are actively seeking products tailored to their specific needs. This expansion of the men's skincare market further contributes to the overall consumer demand for skincare.
  • The skincare industry is continuously evolving, introducing innovative ingredients, formulations, and technologies. Consumers are intrigued by new product launches, including serums, masks, essences, and other specialized skincare treatments. The availability of a wide range of skincare options fuels consumer curiosity and drives demand.

All Skincare Sectors Are Seeing Growth 

Two numbers to examine: First, when looking at how big is the skincare industry, Grandview Research reports the global medical spa market size is valued at $16.4 billion and expected to grow at a rate of nearly 15% through 2030. In this sector, there are minimally invasive treatments like chemical peels and non-surgical skin tightening, along with anti-aging wellness packages.

Secondly, the health and wellness spa industry is valued at $23 billion with a nearly 14% growth rate anticipated through 2029, according to IBISWorld. These are businesses that include massage and skincare including facials.

With impressive numbers like this, it may be time to think about investment in the skincare industry. You’re likely wondering, how much does it cost to start a skincare business? The answer is dependent on what the specific business is, the scale of operations, location, marketing, services, products, and operational expenses. But before you get too far into the planning stages, consider the benefits of starting a skincare franchise.

MassageLuXe Spa Franchise 

MassageLuXe is a multi-faceted spa franchise dedicated to providing our customers with services that focus on health, wellbeing, and quality of life. Those services include massage — a growing industry valued at $18 billion — as well as the latest advancements in facial skincare.  We offer a diverse menu of facials provided by high quality, certified estheticians.

As a skincare franchise, our treatments offer a balance between classic spa offerings and cutting-edge advancements that will leave skin feeling fresh and young. Facial services are accompanied by a line of facial products that can be purchased in-spa, providing you, as a franchise owner, the opportunity to upsell and increase ticket size while providing quality treatment.

Whether your customers are receiving a massage or facial, as a franchise owner, you benefit from our membership-based model. As more consumers are understanding the wellness benefits of routine massage and facials, you enjoy recurring revenue.

To answer the question, “How big is the skincare industry?” you need only look at the success of our franchisees, many of whom own several locations thanks to the growth in both massage and skincare.

Ready to learn more about MassageLuXe? Request franchise information and we’ll be in touch.

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