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Dermacosmetics Market Overview
The global dermacosmetics market generated $52.5 billion revenue in 2018 and is projected to advance at a CAGR of 6.5% during the forecast period, mainly on account of increasing incidence of skin diseases, and rising disposable income across the globe.
Based on treatment, the dermacosmetics market is categorized into skin and hair treatments. Of these, the skin treatment is expected to be the leading category throughout the analysis period. This is mainly due to the increasing incidences of skin diseases, rising awareness, and availability of broad range of skincare products.
Based on distribution channel, the dermacosmetics market is classified into pharmacy and retail store, and online. Of these, it is expected that the pharmacy and retail store category will lead throughout the forecast period. This is due to availability of a broad range of over-the-counter dermacosmetic products, which are available in the pharmacy and retail stores. However, increasing trend toward online shopping, making the online category to witness faster growth in the market.
Dermacosmetics Market Dynamics
The prevalence of skin diseases, such as photoaging is increasing due to excessive exposure to pollution and ultraviolet (UV) radiation, resulting in sunburns, and reduced skin elasticity. Skin diseases are also caused by various other factors, such as excessive alcohol consumption, environmental pollution, and consumption of tobacco. Acne, hyperpigmentation, dyspigmentation, psoriasis, freckles, deep wrinkles, atopic dermatitis, and melasma are some of the common skin problems.
Acne is a common dermatological condition caused by the clogging of hair follicles by sebum, dirt, and dead skin cells. Acne affects majority of the world population and eventually leads to scarring. According to the American Academy of Dermatology (AAD), approximately 85% of Americans suffer from acne at some phase in their lives. The Academy also stated that melasma is a skin problem, which causes brown and grey-brown patches on face. It was further reported that about 10% of people suffering from melasma are men. Similarly, freckles are a skin problem in which small brown colored spots appear on face and these spots occur across all ages. These are melanotic lesions that can be treated by using beauty devices. The increasing prevalence of such skin problems leads to the increasing demand for dermacosmetics across the globe.
Furthermore, consumers are focusing on improving their appearance. For this, they are now preferring to invest in a comprehensive skin and haircare regime that reduces the signs of aging, reduces acne, and helps in brighten skin.
According to the Bureau of Labor Statistics (BLS), a consumer’s spending on personal care products increased from $707 in 2016 to $762 in 2017 in the U.S. Personal care products includes cosmetic and dermacosmetic products such as skin whitening serums, anti-aging creams, and skin tightening lotions.
Besides, with increase in the percentage of working women, there is a high inclination toward appearance. According to data presented by the World Bank, the percentage of working women in Brazil rose to 43.4% in 2018, from 40.1% in 2000. A similar scenario was also reported in Colombia, where a rise of 3.1% from 2000 to 2018 was observed. Working women tend to favor readily available products rather than home remedies. These factors propelling the growth of the dermacosmetics market.
Dermacosmetics Market Competitive Landscape
Ongoing acquisitions and collaborations among players in the dermacosmetics market are resulting in increased market reach and share of players. For instance, in March 2019, Unilever plc completed the acquisition of Laboratoire Garancia. The acquired company offers 38 premium facial and body skincare products predominantly sold through the pharmacy channel in France, and in selective retail distribution. Similarly, in April 2018, Allergan plc, a global pharmaceutical company, acquired Elastagen Pty Ltd., a clinical-stage medical company developing medical and cosmetic treatments including recombinant human tropoelastin, the precursor of elastin which is a key component of youthful skin. The acquisition enhanced Allergan's dermacosmetic portfolio.
Leading players in the global dermacosmetics market include Bausch Health Companies Inc., Allergan plc, Procter & Gamble (P&G), L’Oréal S.A., Johnson & Johnson, Unilever Group, and Beiersdorf AG, among others.
The dermacosmetics market had a value of $52.5 billion in 2018.
The dermacosmetics industry will register a growth rate of 6.5% between 2019 and 2024.
The skin treatment category will register the higher revenue in the dermacosmetics market between 2019 and 2024.
Online and pharmacy and retail stores are the two main categories under the distribution channel segment of the dermacosmetics industry.
Clinics, medical spas, and salons dominated the dermacosmetics market during 2014–2018.