NEW YORK, July 20, 2021 / PRNewswire / – Around the world, industrialization and urbanization are increasing the disposable income of people. At the same time, urbanization is making residents more aware of their appearance. The combined effect of these factors is expected to boost global growth dermocosmetics market value at $ 115.2 billion in 2030 from $ 57.0 billion in 2020, at a CAGR of 7.3% between 2020 and 2030, according to the market research report published by P&S Intelligence.
Indeed, with their growing awareness of appearance and their purchasing power, city dwellers, especially in emerging economies, are purchasing an increasing amount of dermacosmetics. Another key driver of the dermacosmetics market is the increasing prevalence of skin problems, such as acne, atopic dermatitis, dyspigmentation, hyperpigmentation, psoriasis, deep wrinkles, freckles, and melasma. For example, 125 million people worldwide suffered from psoriasis in 2020, according to the World Psoriasis Day Consortium.
Key Findings of the Global Dermacosmetics Market Report
Skin care products will continue to be in high demand
Developing countries will be the main drivers of market growth in the future
Dermacosmetics sales are growing rapidly through online channels
Market players are increasingly subject to a policy of no animal testing
Established dermocosmetics companies acquire smaller
Personalized dermacosmetics, a major opportunity for the market
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The dermacosmetics market and other related industries have been hit hard during the COVID-19 pandemic, as lockdowns in various countries have resulted in the closure of manufacturing facilities and retail and cosmetic stores. In addition, due to job losses, reduced holidays and wages, people did not purchase non-essential items, further hampering demand for products.
The skin care category is likely to experience 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 increase their sales.
Browse Detailed Report with COVID-19 Impact Analysis on Dermacosmetics Market Research Report: By Product (Skin Care, Hair Care), Treatment (Skin, Hair), Distribution Channel (Pharmacies and Retail Stores, Online Channels), End User (Clinics, Medical Spas, & Salons, Home, Hospitals) – Global Industry Revenue Estimate and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/dermacosmetics-market
In the past, the dermacosmetics market, under segmentation by distribution channel, generated the higher turnover of the pharmacies and retail stores bifurcation. This is the most traditional distribution channel, and these locations employ experienced pharmacists and other staff who can advise customers on the products on offer.
The highest CAGR of 7.6% in the end user segment of the dermacosmetics market will be seen in the clinics, medical spas and salons category. Most people visit these places for skin and hair treatments, as the services provided here are generally cheaper than those offered in hospitals.
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Europe has dominated the dermacosmetics market so far due to the high disposable income of its residents and the increasing incidence of skin diseases. The increase in demand for these products will be fastest in Asia Pacific (APAC) in the years to come as people here witness financial prosperity and become more aware of their looks.
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Indian market for Dermacosmetics skin care products – The Indian skin care dermocosmetics market recorded the strongest growth in North India in recent years and this trend is expected to continue in the years to come. This will be due to the existence of several brands and international companies in the northern region of the country.
Beauty devices market – Geographically, the Asia Pacific The beauty device market is expected to register the highest CAGR during the forecast period. This may be due to increasing disposable income, increasing prevalence of skin diseases, increased awareness of beauty devices, growing geriatric population, introduction of beauty products at low prices, easy availability from major brands and increasing concern for physical appearance in the region.
Skin Care Device Market – Globally, the skin care devices market is expected to exhibit the highest growth rate in Asia Pacific in the future. This is believed to be due to the presence of a large population, the increasing incidence of obesity and skin diseases, and the increasing geriatric population in the region.
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SOURCE P&S Intelligence