The global skin care industry has been evolving at an exponential rate. Established or even the broad skincare industry has been shifting with high acceleration due to the incorporation of artificial intelligence and deep learning technologies. All these innovations are geared towards filling essential voids in skin condition assessment, prescription of products, and the representation of the skin of color. As this survey paper aims, the relevant studies on various algorithms to analyze facial images, skin condition identification, as well as ingredient recommendations are explored. Further, it lists the limitations such as dataset biasness, real time performance re-optimization, data privacy issues along with the prospectus of AI based skincare solutions. This survey paper also focuses on things like why skincare is necessary and how are different chemicals or their compositions useful in fighting multiple facial skin defects. It elaborates on the existing solution shortcomings and suggests possible categories for further research; the development of comprehensive skincare management that incorporates life changes, the extension of the datasets with regards to the minor skin diseases for improved precision of the model. Alleviating these challenges will enable AI-driven skincare systems to transform the beauty market and make customized skincare accessible, understandable, and available to a worldwide population.