20 Highest Quality Skincare Brands in 2024

Published on February 24, 2024 at 4:55 am by Fatima Gulzar in Industries, Lists, News

In this article, we will discuss the 20 Highest Quality Skincare Brands in 2024. You can skip our detailed analysis of the worldwide skincare industry, the skincare world embraces sustainability, and skincare companies are incorporating eco-friendly practices and flourishing, go directly to the 5 Highest Quality Skincare Brands in 2024.

Skincare, the pinnacle of self-care, encompasses a range of practices and products dedicated to nurturing and enhancing the health of our skin. From cleansing and moisturizing to protecting and rejuvenating, skincare empowers us to unveil a radiant and youthful complexion. Through the harmonious fusion of science and beauty, this art form enables us to accept our inherent radiance and take the first steps toward achieving radiant, healthy skin. Let skincare be the foundation of your self-love and radiance!

The Worldwide Skincare Industry:

According to Grand View Research, the global skincare products market size was valued at $135.83 billion in 2022 and is anticipated to boom between 2023 and 2030 at a CAGR of 4.7%. Global demand for body lotions, sunscreens, and face creams is predicted to have a beneficial effect on growth. Furthermore, it is expected that the thriving e-commerce industry will spur additional market expansion.

The beauty and cosmetics business was severely impacted by the COVID-19 pandemic. Strict lockdown procedures caused store closures, which had severe effects. Global sales fell by 60–70% between March and April 2020. As consumers reduced their spending on cosmetics and grooming items, corporations positively addressed the situation by stepping up production and providing hand sanitizers and cleaning agents.

The impact of viral content makers and the rise of organic skin care trends have significantly expanded the market for skin care products. Due to the influence of well-known personalities and the growing need for high-quality skin care products, the rise of celebrity-led brands like Kylie Cosmetics by Kylie Jenner is surging global demand for skin care.

The desire of consumers for personalized items has been rising in the United States. With a revenue share of 39.65% in 2022, Asia-Pacific was the dominant region worldwide. From 2023 to 2030, North America’s CAGR is projected to be 4.4%. Customers in North American nations like the United States and Canada are prepared to shell out money in exchange for skin that is more radiant and youthful-looking. In 2022, face creams and moisturizers had the highest revenue share (42.11%), and this trend is anticipated to continue throughout the forecast period.

As a result of Korean beauty’s growing appeal, many customers have indicated an intense curiosity about Korean skincare and a willingness to try Korean goods. With a market valuation of $91.99 billion in 2022, the global market for K-beauty products is projected by Grand View Research to expand at a compound annual growth rate (CAGR) of 9.3% between 2023 and 2030.

The emphasis on high-quality ingredients in K-beauty products is widely recognized. Customers are gravitating toward K-beauty products at a faster pace as a result of the brands’ emphasis on employing natural, safe, and effective ingredients. In cooperation with the Korean firm Shihyo, L’Oréal announced in November 2022 the debut of C-Beauty, K-Beauty, and J-Beauty consumers. 24 herbal ingredients are steeped in fermented rice and other creative Asian techniques as part of this brand, Shihyo’s assortment.

The Skincare World Embraces Sustainability:

One of the biggest environmental problems the skincare sector faces is packaging waste. Beauty packaging is responsible for 120 billion units of waste annually, including plastic, paper, glass, and metal that are inadequately recycled and wind up in landfills, according to the social justice platform TRVST.

The average UK family generates about 23 kg of plastic packaging waste annually, with cosmetics and personal care goods accounting for a sizable amount of this, based on a report by Zero Waste Scotland. In 2018, the US generated more than 7.9 billion units of cosmetic trash, according to Euromonitor. This trash releases greenhouse gases into the atmosphere, depletes natural resources, and adds to the global plastic pollution problem.

To combat this issue, the skincare industry is undergoing a profound transformation. The notion of sustainable beauty is rapidly gaining traction, fueled by the aspiration for products that not only enhance our appearance but also contribute positively to the well-being of our planet. This remarkable movement is reshaping the beauty industry, questioning conventional practices, and igniting a surge of creativity and ingenuity. From the utilization of eco-friendly ingredients to the adoption of sustainable packaging and the emergence of consumer trends, sustainable beauty is leading the charge towards a more environmentally conscious future.

The vegan cosmetics market, estimated to be worth $17.39 billion globally in 2022, is expected to rise at an exciting rate and reach $24 billion by 2028, as per Research and Markets. Europe is expected to be valued at $2.2 billion by 2028, making it a crucial geographic region for this market. Hence, consumers are actively looking for skincare products that are vegan, cruelty-free, or composed of natural materials. With Green Beauty, consumers can use their purchases to demonstrate their commitment to sustainability and ethics.

Skincare Companies are Incorporating Eco-Friendly Practices and Flourishing:

Estée Lauder Companies Inc. (NYSE:EL), a global skincare American brand with an astonishing annual revenue of $17.74 billion in 2022, has taken a step towards boosting its commitment to sustainable packaging in 2023 by teaming with SK Chemicals, one of the world’s leading manufacturers of chemical and life science products.

As stated by the latter company, advanced recycling

“is considered important technology for the advancement of packaging-to-packaging recycling, helping solve plastic waste issues in a circular and innovative way.”

Estée Lauder Companies Inc. (NYSE:EL) announced several ambitious targets for sustainability in 2021. Two of these objectives were to reduce the amount of virgin petroleum plastic used in packaging to 50% or less by 2030 and to incorporate 25% post-consumer recycled (PCR) materials into the packaging by 2025. Estée Lauder Companies Inc. (NYSE:EL) hopes to accomplish the aforementioned goals with the assistance of SK Chemicals.

After completing a $2.8 billion agreement in April 2023, The Estée Lauder Companies Inc. (NYSE:EL) became the only owner of the Tom Ford brand. In the high-end beauty industry, it is one of the biggest deals.

With a focus on packaging, forestry, water, and climate change, Procter & Gamble Company (NYSE:PG) with a whopping revenue of $80.19 billion in 2022, is a globally renowned US brand dedicated to making a positive difference in our homes, communities, and the environment. Procter & Gamble Company’s (NYSE:PG) goal is to create products and innovations that, when combined, provide sustainable, unbeatable supremacy. According to Procter & Gamble Company’s (NYSE:PG) Annual Citizenship Report 2022, the company, by 2040, aims to attain net zero greenhouse gas (GHG) emissions throughout its supply chain, from raw materials to retailers.

Procter & Gamble Company’s (NYSE:PG) is well-acquainted with acquiring beauty brands. In 2022, the corporation allocated $1.4 billion in cash for acquisitions, primarily focusing on popular and clean skincare brands Farmacy Beauty and Tula, along with haircare company Ouai.

With that said, here are the 20 Highest Quality Skincare Brands in 2024.

A photograph of a customer testing out different products in the skincare aisle at a store.

Methodology:

To pick out the 20 Highest Quality Skincare Brands in 2024, we have used a consensus-based approach using a diverse variety of credible sources to determine the most premium skincare brands worldwide. To give you the finest result possible, we picked brands that appeared multiple times in reliable sources, including Byrdie, HarpersBazaar, and Sephora, assigned them a score based on their number of appearances, and ranked them accordingly. In tie-breaker situations, we consulted independent beauty blogs and product reviews and then curated the skincare brands for our list.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.