Dermacosmetics Market to Generate Revenue Worth $132,743.5 Million by 2030
- Published: November 2022
The global dermacosmetics market is predicted to reach $132,743.5 million by 2030, growing at a CAGR of 8.9% between 2021 and 2030. The market growth can be primarily driven by the surging purchasing power of consumers, the increasing inclination toward spending on appearance, the growing prevalence of skin diseases, and the rising number of dermacosmetic conferences.
The breakdown of elastin and skin collagen is accelerated by pollution, eating disorders, sun, stress, and free radicals. This is increasing the demand for beauty products, mainly among working people. Additionally, there is a considerable market for well-tolerated, safer treatments that have been shown to be effective, due to the surging concerns about the health of the skin and hair.
Acne is the most common skin disease in the U.S., impacting around 50 million individuals each year, according to the American Academy of Dermatology Association. Furthermore, one out of every ten people is expected to develop atopic dermatitis during their lifetime, while rosacea affects approximately 16 million people and psoriasis affects around 7.5 million in the country. Furthermore, as the number of cases of skin-related disorders and photoaging caused by excessive UV exposure rises, so does the demand for efficient cosmetic remedies.
Rising Number of Dermacosmetic Conferences
With a focus on enhancing skin and hair health, there is a rising demand for dermacosmetic products globally. This is primarily attributed to the rising R&D investments and the increasing number of conferences in the cosmetics industry, in which scientists and manufacturers share their expertise and discuss the latest technologies. For instance, New Zealand hosted the Asia-Pacific Dermatology and Cosmetology Conference in October 2020, in which dermatology and cosmetology experts discussed business approaches and trends.
Moreover, in March 2022, Dubai Derma organized the 21st edition of the Dubai World Dermatology and Laser Conference and Exhibition, which was dedicated to improving skin health by showcasing such products. Such conferences and seminars increase awareness about skin health, which, in turn, encourages companies to broaden their product portfolio with new products, thereby escalating the market growth.
Surging Demand for Dermacosmetics in APAC
The APAC market is expected to register a significant growth rate over the forecast period. This can be ascribed to the surge in awareness of cosmetic surgeries among consumers, especially the young generation, in countries such as Japan, China, and South Korea, with supportive technologies for online consultation. Cosmetic surgeries increase the demand for aftercare products including sprays, healing balms, and repairing facial masks, among others, for faster healing and improvement of appearance.
Some major players operating in the dermacosmetics market are The Procter & Gamble Company, Nu Skin Enterprises Inc., Unilever PLC, Pierre Fabre S.A., Galderma SA, Shiseido Company Limited, Bausch Health Companies Inc., Johnson & Johnson Services Inc., L’Oreal S.A., and Beiersdorf AG.