Dermacosmetics Market To Generate Revenue Worth $115.2 Billion in 2030
- Published: July 2021
The increasing purchasing power of consumers, which is driving their inclination toward spending on appearance, surging prevalence of skin diseases, escalating number of dermacosmetic conferences, and rising demand for dermacosmetics products among teens, who are growing old at an early age, are propelling the global dermacosmetics market. Due to the aforementioned factors, the industry is expected to grow at a CAGR of 7.3% during 2020–2030, to reach $115.2 billion by 2030.
Due to COVID-19, the manufacturing industry across the world faced challenges, such as the availability of smaller workforces and government mandates for lockdowns. This, in turn, affected the market for dermacosmetics as a consequence of the reduced demand, impacted monthly income of individuals, closure of manufacturing facilities to limit the spread of the virus, and constraints with respect to the handling and transport of goods. Due to the pandemic, the supply of raw materials was also severely affected, which further hurt manufacturing activities.
Skincare Category Dominated Market
The dermacosmetics market is categorized into skincare and haircare, on the basis of product. The skincare category held the larger market share in 2020, and it is expected to retain its position in the coming years. This is primarily attributed to the availability of different skincare products for anti-aging, skin whitening, spot removal, acne treatment, and various other applications.
The dermacosmetics market is categorized into skin and hair, on the basis of treatment. The skin treatment category held the larger share in 2020. This is attributed to the higher prevalence of skin diseases, such as acne, dullness, fine lines, aging, and dual skin tone, and rising availability of different treatment options for them.
Geographically, Europe held the largest share in the market for dermacosmetics in 2020. This is mainly attributed to the rising prevalence of skin diseases in the region, which is leading to the rising demand for dermacosmetics products.
Industry Players Involved in Acquisitions to Gain Competitive Edge
Players in the dermacosmetics industry are actively involved in acquisitions to gain a significant position. For instance, in December 2020, L’Oréal Group announced the acquisition of Takami Co., a Japanese skincare company. Through this acquisition, L'Oréal recommenced a long-term brand licensing agreement with Doctor Takami and marked a cooperation contract with Takami facilities.
Similarly, in January 2020, The Procter & Gamble Company announced its plans to acquire Billie Inc., which offers premium body and skin care products for women. With this acquisition, the company strengthened its reach through the strong digital and direct-to-consumer marketing capabilities of Billie Inc.
Some of the key players in the global dermacosmetics market are The Procter & Gamble Company, Nu Skin Enterprises Inc., Unilever Group, Pierre Fabre S.A., Galderma SA, Shiseido Company Limited, Allergan plc , The Estée Lauder Companies Inc., Johnson & Johnson, Beiersdorf AG, L’Oréal SA, Bausch Health Companies Inc., and Coty Inc.