Itchy Skin Estrogen is responsible for stimulating the production of collagen, a fibrous protein that provides strength and support to the skin. As estrogen production diminishes around the time of menopause, dry itchy skin becomes a very common symptom. The decline in skin thickness and collagen production appears to be most rapid in the years before menopause. Low estrogen levels also decrease the body's ability to retain moisture, and slow down the body's production of natural skin oils.