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The Australian skin care products market size is expected to grow from USD 2.10 billion in 2023 to USD 2.94 billion by 2028, at a CAGR of 6.95% during the forecast period (2023-2028).
Australian consumers are increasingly health conscious and prioritize skincare as part of their overall well-being. This awareness increases the demand for skin care products.
The demand for natural ingredients has been quite evident in the market, and this has led to consumers seeking products with nature-inspired ingredients, such as plant inspired and premium botanical ingredients, coupled with multi-functional properties. In March 2022, Gen Z skincare brand 'Skin Proud' launched in Australia and is formulated with natural extracts such as pomegranate, raspberry, coconut oil, and rose water. The company claims that the products are vegan, PETA-approved cruelty-free.
Additionally, the rising consumer awareness about using skincare products that are vegan, organic, and natural has encouraged manufacturers to launch new offerings and expand their footprint in the market.
Technological advancements are the major reason behind the growth of the professional skincare market. This leads to consumer willingness to buy a broader range of complex formulated and natural green products. Furthermore, the improving quality of life, the positive effects of skincare on self-esteem and social interaction, and the gradual consumer shift toward premium and luxury brands are a few factors that are likely to propel the market growth during the forecast period.
