Around the world, industrialization and urbanization are leading to a rise in people’s disposable income. Along with this, urbanization is making residents more conscious of their appearance. The combined effect of these factors is expected to drive the global dermacosmetics market value to $115.2 billion in 2030 from $57.0 billion in 2020, at a 7.3% CAGR between 2020 and 2030, according to the market research report published .
This is because with their surging appearance consciousness and spending power, urban dwellers, especially in emerging economies, are purchasing an increasing amount of dermacosmetic products. Another key driver for the dermacosmetics market is the increasing prevalence of skin issues, such as acne, atopic dermatitis, dyspigmentation, hyperpigmentation, psoriasis, deep wrinkles, freckles, and melasma. For instance, 125 million people around the globe had psoriasis in 2020, as per the World Psoriasis Day consortium.
Key Findings of Global Dermacosmetics Market Report • Skincare products to continue being in higher demand • Developing countries to be key market growth enablers in future • Dermacosmetic sales increasing rapidly via online channels • Market players being increasingly subjected to no-animal-testing policy • Established dermacosmetic companies acquiring smaller ones • Personalized dermacosmetics major opportunity for market
The dermacosmetics market and other allied industries were badly affected during the COVID-19 pandemic, as the lockdowns in various countries led to closed manufacturing facilities and retail and cosmetic stores. Moreover, due to job losses, furloughs, and reduced salaries, people did not purchase non-essential items, which further hurt the product demand.
The skincare category will likely witness the faster growth in the product segment of the dermacosmetics market in the coming years. A wide range of products are available for skin applications, such as aging, skin whitening, spot removal, and acne treatment, which will boost their sales.
In the past, the dermacosmetics market, under segmentation by distribution channel, generated the higher revenue from the pharmacies & retail stores bifurcation. This is the more-traditional distribution channel, and such places employ learned pharmacists and other staff members who can advise customers about the products on offer.
The highest CAGR, of 7.6%, within the end user segment of the dermacosmetics market, will be seen in the clinics, medical spas, & salons category. Most people visit these places for skin and hair treatments as the services provided here are generally cheaper than those offered at hospitals.
Europe has dominated the dermacosmetics market till now because of the high disposable income of its residents and increasing incidence of skin diseases. The rise in the demand for such products will be the fastest in Asia-Pacific (APAC) in the years to come as the people here are witnessing financial prosperity and becoming more conscious of how they look.
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