Under Eye Serum Market: The Future Growth Projection to USD 3.65 Billion (CAGR: 10.8%)

By | December 9, 2024
Global Under Eye Serum Market was valued at USD 3.65 billion in 2023 and may grow in the forecast with a CAGR of 10.8% by 2029.

According to TechSci Research’s report, Under Eye Serum Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the global under-eye serum market was valued at USD 3.65 billion in 2023 and is projected to grow at a CAGR of 10.8% during the forecast period.

This report provides a detailed analysis of the factors driving the market growth, emerging trends, challenges, and opportunities, alongside a segmentation of the market by type, skin type, sales channel, and region.


Under Eye Serum Market Overview

The under-eye serum market is witnessing robust growth due to the increasing demand for targeted skincare solutions, particularly those addressing concerns like dark circles, puffiness, and signs of aging. Under-eye serums are an integral part of skincare regimens, catering to a diverse demographic from young adults practicing preventive care to older individuals managing existing skin issues.

1. Key Under Eye Serum Market Drivers

  1. Anti-aging and Preventive Skincare Awareness
    Rising awareness about aging effects and environmental aggressors such as pollution and UV radiation is propelling demand for targeted skincare solutions. Serums designed for the sensitive under-eye area are increasingly seen as essentials in combating early aging signs.

  2. Consumer Education
    Enhanced awareness about specialized skincare products has driven demand, particularly among millennials and Gen Z consumers prioritizing preventive skincare.

  3. Premium Product Offerings
    The rise of luxury and premium skincare brands has elevated consumer expectations, encouraging spending on high-quality under-eye serums.

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2. Emerging Trends of Under Eye Serum Market 

  • Influence of Social Media and Beauty Influencers
    Social media platforms have played a pivotal role in promoting under-eye serums, with beauty influencers and dermatologists endorsing their benefits.
  • Shift Toward Clean Beauty
    Growing preference for sustainable and toxin-free products has prompted manufacturers to innovate with plant-based and cruelty-free formulations.


Under Eye Serum Market Challenges

Despite its promising growth, the under-eye serum market faces several challenges.

1. Competitive Landscape

The market is crowded with numerous brands offering similar products, making differentiation vital. Companies are investing in innovation, unique packaging, and strategic marketing to capture consumer attention.

2. Ingredient Transparency and Safety

Consumers are increasingly scrutinizing product ingredients, demanding formulations free from harmful chemicals and artificial additives. While this trend aligns with clean beauty principles, it also raises production costs for manufacturers.

3. Regulatory Compliance

Strict regulations around product safety, labeling, and ingredient sourcing add complexity to production and distribution processes.


Under Eye Serum Market Segmentation

1. By Type

Under-eye serums are classified based on their core functions, such as hydration, anti-aging, and depuffing formulations. Many products now combine multiple benefits, enhancing their appeal.

2. By Skin Type

Products cater to various skin types, including normal, oily, dry, and sensitive skin, ensuring inclusivity and better market penetration.

3. By Sales Channel

Supermarkets/hypermarkets dominate the distribution channels due to their wide accessibility and extensive product offerings.


Distribution Channel Insights

  • Supermarkets and Hypermarkets

Supermarkets and hypermarkets have emerged as dominant sales channels, offering consumers a diverse range of options across price points. These outlets’ convenience, promotional discounts, and loyalty programs further drive their popularity.

  • E-commerce Platforms

Online platforms are growing rapidly as a distribution channel, fueled by ease of access, home delivery, and detailed product reviews. The increasing penetration of smartphones and internet connectivity has also contributed significantly to this segment.

  • Specialty Stores and Pharmacies

Specialty skincare stores and pharmacies cater to consumers seeking expert advice and curated product selections. These channels often stock premium and dermatologically endorsed products.


Regional Under Eye Serum Market Analysis

North America

North America holds a significant market share, driven by high consumer awareness, advanced retail infrastructure, and the presence of leading global brands.

Europe

Europe, with its strong emphasis on clean and natural beauty, sees substantial demand for eco-friendly and cruelty-free under-eye serums. The region also benefits from an affluent consumer base willing to spend on luxury skincare.

Asia-Pacific

Asia-Pacific is a rapidly growing market due to rising disposable incomes, increasing urbanization, and growing adoption of skincare routines. The influence of Korean and Japanese beauty trends further propels demand.

 Middle East and Africa (MEA)

MEA is an emerging market with untapped potential, driven by growing interest in premium skincare products and increasing awareness about skincare solutions.

Latin America

The market in Latin America is gradually expanding, supported by rising urbanization and a growing focus on personal grooming.


Under Eye Serum Market Key Players and Strategic Developments 

Major players in the global under-eye serum market include:

  1. The Estée Lauder Companies Inc.
  2. L’Oréal S.A.
  3. Shiseido Co., Ltd.
  4. The Procter & Gamble Company
  5. Unilever PLC
  6. LVMH Moët Hennessy-Louis Vuitton SE
  7. Chanel
  8. Amorepacific Corporation
  9. Barbara Sturm Molecular Cosmetics GmbH
  10. Kimirica Hunter International LLP


Product Innovations

  • Manufacturers are incorporating advanced ingredients like hyaluronic acid, peptides, caffeine, and antioxidants to cater to diverse skincare needs.
  • The rise in clean and natural beauty products is prompting the use of plant-based formulations.

Recent Developments in Under Eye Serum Market 

In 2024, Kimirica expanded its skincare line by introducing a natural and cruelty-free under-eye serum featuring golden chamomile and cucumber extracts, catering to the growing demand for sustainable beauty solutions.

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Under Eye Serum Market Opportunities and Future Outlook

The global under-eye serum market offers significant growth opportunities:

  1. Technological Advancements
    Innovations in product formulation and delivery mechanisms, such as serums with microbeads or applicators, will continue to enhance product performance.

  2. Emerging Markets
    Rising disposable incomes and growing awareness in emerging economies provide immense potential for market expansion.

  3. Customization and Personalization
    Brands focusing on customizable solutions based on individual skin needs are likely to attract a broader consumer base.

  4. Sustainability Initiatives
    Companies adopting sustainable practices, including recyclable packaging and ethically sourced ingredients, are expected to gain a competitive edge.


Conclusion

The global under-eye serum market is poised for significant growth, driven by a combination of consumer awareness, innovative product offerings, and rising interest in preventive skin care.

While challenges such as intense competition and regulatory hurdles persist, the market’s trajectory remains positive, bolstered by trends like clean beauty and premiumization.

With sustained innovation and strategic market positioning, companies in this space are well-placed to capitalize on the growing demand for targeted under-eye care products.

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