“Global Hand Cream Market to reach a market value of USD 4.2 Billion by 2031 growing at a CAGR of 12.6%”
The Global Hand Cream Market size is expected to reach $4.2 billion by 2031, rising at a market growth of 12.6% CAGR during the forecast period. In the year 2023, the market attained a volume of 213,731.1 thousand units, experiencing a growth of 12.8% (2020-2023).
These retail outlets are popular with consumers due to their variety of products, convenience, and accessibility. Hypermarkets and supermarkets offer a diverse range of hand cream brands, allowing consumers to compare options and choose products that meet their skincare needs. The high foot traffic in these stores, coupled with competitive pricing and frequent promotions, has contributed to the dominance of this segment. The hypermarkets & supermarkets segment recorded 35% revenue share in the hand cream market in 2023. In terms of volume, 152,328.6 thousand units of hand creams are expected to be utilized by the year 2031.
Increasing consumer awareness about skincare benefits significantly drives the hand cream market. As people become more educated about maintaining healthy skin, they are more inclined to invest in hand creams to prevent dryness, aging, and other skin issues. Additionally, the rise in disposable income levels globally has significantly impacted the hand cream market, enabling consumers to spend more on premium, high-quality products. With greater financial flexibility, consumers are not just looking for basic moisturizing creams.
However, the hand cream market faces significant challenges due to the volatility of raw material prices, which can substantially increase production costs. Ingredients such as essential oils, natural extracts, and other active components used in hand creams are often subject to price fluctuations driven by supply chain disruptions, climatic conditions affecting crop yields, and geopolitical tensions. In conclusion, volatile raw material prices and increased production costs hamper the market's growth.
Based on product, the market is divided into moisturizing hand creams, anti-aging hand creams, repairing hand creams, whitening & brightening hand creams, and others. In 2023, the moisturizing hand creams segment garnered 39% revenue share in the market. In terms of volume, 207,922.6 thousand units of moisturizing hand creams are expected to be utilized by 2031. These products are widely popular due to their ability to hydrate and provide long-lasting moisture, essential for individuals who experience dry or cracked skin.
On the basis of distribution channel, the market is segmented into hypermarkets & supermarkets, pharmacies & drugstores, specialty beauty stores, e-commerce, and others. The e-commerce segment held 19% revenue share in the market in 2023. In terms of volume, 92,292.4 thousand units of hand creams are expected to be utilized by the year 2031. E-commerce platforms provide the convenience of shopping from home, allowing consumers to browse a wide range of hand creams without the need to visit physical stores.
By end use, the market is divided into women and men. The men segment procured 27% revenue share in the market in 2023. In terms of volume, 130,959.3 thousand units of hand creams are expected to be utilized by the year 2031. This segment has seen growth due to rising awareness of the importance of skincare among men and the development of products tailored specifically to their needs.
Free Valuable Insights: Global Hand Cream Market size to reach USD 4.2 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 24% revenue share in the market in 2023. In terms of volume, the North America region is expected to be utilized 42,897.6 thousand units of hand cream by 2031. This can be attributed to several factors, including the high consumer spending on personal care products, a well-established skincare market, and a strong preference for premium and specialized skincare brands.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 1.7 Billion |
| Market size forecast in 2031 | USD 4.2 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 12.6% from 2024 to 2031 |
| Quantitative Data | Volume in Thousand Units (75 ml), Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 373 |
| Number of Tables | 750 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Distribution Channel, End Use, Region |
| Country scope |
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| Companies Included | L'Oréal S.A., Pacifica Beauty LLC, Unilever PLC, Kao Corporation,NAOS, The Estee Lauder Companies, Inc., Johnson & Johnson,Pierre Fabre S.A, Amway Corporation and Coty, Inc. |
By End Use (Volume, Thousand Units, USD Billion, 2020-2031)
By Product (Volume, Thousand Units, USD Billion, 2020-2031)
By Distribution Channel (Volume, Thousand Units, USD Billion, 2020-2031)
By Geography (Volume, Thousand Units, USD Billion, 2020-2031)
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