New York, USA, June 23, 2021 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global dermacosmetics market is projected to generate $76,839.5 million revenue by 2027, and grow at healthy CAGR of 5.8% over the forecast period (2020 to 2027). As per our analysts, the technological advancements in the dermacosmetics sector to produce personal care products based on user personalization and customization is the significant factor estimated to fuel the growth of the global dermacosmetics market during the analysis period. Besides, innovations such as the adoption of nanotechnology in formulation of personal care products is boosting the overall market growth. However, the side effects and complexities associated with using dermacosmetics products may restrict the market growth in the upcoming years.
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Impact of COVID-19 on the Market
The outbreak of COVID-19 around the world has adversely impacted the global dermacosmetics market. The sharp downfall in the market growth during the pandemic crisis can be attributed to lockdown restrictions, shutting down of manufacturing plants, and decreasing demand for dermacosmetics products. However, some of the leading companies have preventively adopted several tactics like novel product launches to sustain their losses in the unprecedented times. For instance, in June 2020, Bausch launched ARAZLO (tazarotene) lotion in the U.S. which is now commercially available for the healthcare professionals in the country.
Skincare Sub-segment to be Most Profitable
By product, the skincare sub-segment valued for majority of market share in 2019 and is projected to dominate in the global industry throughout the forecast period. The dominance can be attributed to increasing prevalence of skin disorders due to change in lifestyle and pollution. Besides, many manufacturers are offering a wide variety of skincare products such as sunscreens, anti-aging creams, body lotions, and skin brightening lotions to meet the rising demand of consumers.
Skin Sub-segment to be Most Lucrative
By treatment, the skin sub-segment accounted for $30,685.4 million in 2019 and is anticipated to hold highest market size over the forecast period. This is mainly due to increasing adoption of skin-based dermacosmetics products by consumers due to skin changes with aging. Besides, the rising customer frequency to adopt skin rejuvenation with treatment procedures to enhance the appearance of their skin is driving the sub-segment’s growth.
Pharmacy & Retail Stores Sub-segment to Hold Maximum Market Share
By distribution channel, the pharmacy & retail stores sub-segment witnessed significant growth in 2019 and is projected to account for largest market share by 2027. This is mainly because retail stores occupy a crucial part of the retail industry, especially in the emerging nations, and the retailers perform numerous marketing functions that allow every customer to buy a variety of products & services.
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Clinics, Medical Spas, and Salons Sub-segment to be Most Profitable
By end user, the clinics, medical spas, and salons sub-segment valued for $27,480.6 million in 2019 and is projected to hold the majority of market share over the forecast period. This can be attributed to the increasing utilization of dermacosmetic products in the salons and clinics across the globe. In addition, medical spas and salons make use of advanced technologies to attract clients due to the rising demand for skin and hair care treatment.
Asia Pacific Region to Have Enormous Growth Opportunities
By region, the Asia Pacific market for dermacosmetics accounted for highest revenue share in 2019 and is predicted to continue to witness steady growth during the forecast period. This is mainly due to the increasing prevalence of skin disorders coupled with growing expenditure of people on skincare or skin treatment. According to the Organization for Economic Cooperation and Development (OCED), the personal and beauty care spending in Japan has increased to about 1.2% in 2019 as compared to 2018.
Major Dermacosmetics Market Players
The report presents several aspects of the prominent market players such as business & financial performance, key strategic moves, latest developments, SWOT analysis, and product portfolio. Some of the top players of the global dermacosmetics industry are:
- ZO Skin Health Inc.
- Johnson & Johnson Services, Inc.
- Shiseido Company
- Bausch Health Companies Inc.
- Estée Lauder Companies
- Galderma
- Kanebo Cosmetics Inc.
- Procter & Gamble
- Beiersdorf
- L'Oréal
- Allergan
These players are adopting numerous strategies and business tactics to gain a leading position in the global industry.
For instance, in February 2019, PURITO, the South Korean cosmetics brand, announced the launch of ‘PURITO Centella Green,’ a vegan-friendly line of derma cosmetics products range. This new range of products is aimed at consumers with sensitive skin and also addresses the growing demand of consumers for ethical & eco-friendly cosmetics products.
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