The global dermacosmetics market is likely to grow in the coming years due to rise in technical advancements s made by players. The market is witnessing a negative impact due to the Covid-19 outbreak. The Asia-Pacific region is expected to rule the market.
NEW YORK, March 10, 2021 /PRNewswire/ — Research Dive’s new report is titled as, “Dermacosmetics Market by Product (Skincare and Haircare), Treatment (Skin and Hair), Distribution Channel (Pharmacy & Retail Stores and Online), End User (Clinics, Medical Spas & Salons, Hospitals, and At-home), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027″.
According to a new report offered by Research Dive, the Global Dermacosmetics Market is estimated to garner a revenue of $76,839.5 million by 2027, rising from a market size of $48,944.0 million in 2019, at a significant CAGR of 5.8% during 2020-2027 timeframe. The report includes various facets such as present scene of the market, market dynamics, hindrances, growth factors, and forthcoming opportunities in the estimated period.
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Covid-19 Impact on the Dermacosmetics Market
The global dermacosmetics market is experiencing a decline during the Covid-19 pandemic due to reduction in demand for dermacosmetic products. The negative impact on the market is due to lockdown imposed across the globe that resulted in shutting down of cosmetic stores and manufacturing units. In order to counter this downfall, the leading players of the market are focusing on launching products to maintain their position in the market. For example, in June 2020, Bausch, a pharmaceutical company, revealed ARAZLO lotion that aids in tazarotene acne treatment.
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The Asia-Pacific dermacosmetics market was the highest market contributor in 2019 and is estimated to maintain a steady growth during the forecast timeframe. Increase in the occurrence of skin diseases coupled with the rise in expenditure by people for various skin treatments is estimated to boost the global dermacosmetics market growth during the estimated timeframe.
The report divides the market into segments based on product, treatment, distribution channel, and end user.
- Among the product segment, the skin care sub-segment garnered 62.7% of the total global market share in the year 2019. The manufacturers are making products such as body lotions, sunscreens, and anti-aging creams to meet the customers’ demands. This facet is estimated to propel the skin care sub-segment market growth during the forecast period.
- Skin treatment segment was accounted for $30,685.4 million in 2019 and is predicted to maintain growth throughout the forecast period. Rise in adoption of skin-based dermacosmetic items by customers is expected to fuel the skin treatment market growth during the forecast period.
- Amongst distribution channel segment, the pharmacy & retail stores sub-segment is estimated to continue to acquire a considerable market share during the forecast period. Retail stores cover a majority of portion in the developing countries and they augment products’ images via advertising. This feature is likely to drive the pharmacy & retail stores sub-segment market growth during the forecast timeframe.
- The clinics, medical, spas, & salon sub-segment was accounted for the biggest market size in 2019 and is projected to rise continuously during the forecast period as well. Increase in the utilization of advanced technology by medical spas and salons for hair and skin treatment in order to attract customers is expected to boost this sub-segment market during the analyzed timeframe.
Factors Affecting the Market Growth
Rising technical advancements to develop trendy products which are based on user personalization and customization is anticipated to boost the global dermacosmetics market during the forecast period. Furthermore, the well-known market players are focusing on product revelations and technical production by investing heavily in the research sector. This factor is projected to fuel the market growth during the forecast period.
However, usage of toxic and carcinogenic chemicals in the dermacosmetic goods that may harm the user is estimated to restrain the market growth during the forecast period. Nonetheless, utilization of nanotechnology to generate UV protected products is expected to open opportunities for the market in the coming years.
Key Market Players & Recent Developments
The leading players of the global dermacosmetics market players are
1. Shiseido Company
2. Bausch Health Companies Inc.
3. Johnson & Johnson Services, Inc.
5. Procter & Gamble
9. Estée Lauder Companies
10. Kanebo Cosmetics Inc.
11. ZO Skin Health Inc.
These market players are opting for innovative strategies such as product launches, technical innovations, and financing research & development projects to boost the market growth. For example, in February 2019, PURITO, a Korean skin health brand, launched Centella Green range which is a part of vegan-friendly skin care products. This product focuses on customers with sensitive skin and is also environment friendly. – Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
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Why are Dermacosmetics Better than OTC Skincare Products?
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