The global dermocosmetics skin care products market size was reached at USD 52.47 billion in 2022 and it is expected to hit around USD 132.66 billion by 2032, poised to grow at a CAGR of 9.71% between 2023 to 2032. The Asia Pacific region is growing the biggest CAGR between 2023 and 2032.
Dermatology and cosmetology are used for treating various skin conditions. Dry skin, oily skin, and other concerns like blemishes, acne, and marks are treated with the use of various products. All these products can be used for hair and skin to effectively treat various ailments. Physiologically and physically the use of skin care products has evolved due to advancements in technology and science.
Irrespective of gender both men and women are careful about their hair and skin. As the current population is constantly exposed to increasing pollution the cases of skin problems and hair problems have grown significantly. As these conditions are expected to gradually increase in the coming years, the amount of expenditure made on the use of various skin care and hair care products for treating these conditions is also expected to grow.
Manufacturers are making use of active ingredients and such innovations will provide good opportunities for the growth of the market in the long run. The use of natural ingredients will also play an instrumental role in the greater adoption of such products. To maintain healthy skin and healthy hair modern solutions are provided due to advancements in technology. Pimples, dullness, acne, blemishes, and aging are some of the skin issues that can be treated with the help of cosmetology and dermatology.
Dermocosmetics plays an important role in correcting the texture of the skin apart from treating various skin conditions. Various solutions and products are used to treat dark spots, wrinkles, and fine lines. Exfoliators, anti-aging products, pore refiners, gels, cleansers, and skin masks are some of the products used in the market.
Report Scope of the Dermocosmetics Skin Care Products Market
|Market Size in 2023||USD 57.57 Billion|
|Market Size by 2032||USD 132.66 Billion|
|Growth Rate from 2023 to 2032||CAGR of 9.71%|
|Forecast Period||2023 to 2032|
|Segments Covered||By Product and By Distribution Channel|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Key Market Drivers
Growing awareness about the availability of dermocosmetic products
Growing awareness about the availability of various procedures and treatments available in the market to improve the texture of the skin and to treat various skin disorders has increased in recent times. Increased exposure to social media platforms has also played a significant role in creating awareness among the population.
Hydrating masks, pore refiners, cleansers, serums, and exfoliators are purchased on a large scale. To have flawless skin, consumers prefer these technologically advanced treatments and products that provide long-term relief from various skin conditions. The results and the properties of these products will influence the major population in the coming years.
Key Market Restraints
The market growth will be restrained due to allergic reactions.
For some skin types, dermocosmetic products cause allergic reactions. The use of these products must be made after seeking expert advice before it may cause itching, scratching, and redness of the skin. These are some of the allergic reactions faced by consumers.
Prolonged use of such products may also hamper the immune system of the person. Improper guidance for the use of these products may cause many other hair conditions like thinning of the hair and hair loss. All of these products are formulated in a way that suits specific consumers and the lack of expert opinion may cause more harm to hair and skin.
Key Market Opportunities
Growing levels of pollution have increased hair and skin diseases.
Improper nutrition and an unhealthy lifestyle are some of the major factors associated with various problems with the skin as well as hair. The young generation is noticing premature aging due to these reasons. The chemicals and preservatives used in the foods manufactured have a bad effect on the health of the person. Increased blood pressure and obesity are caused due to the consumption of unhealthy fats.
The amount of sugar and salt consumed through the consumption of various snacks has also increased in recent times and all of these are extremely harmful to the skin. Various skin and hair treatments are gaining popularity across the globe due to the growing cases of pollution. Discoveries are made in this field and the use of advanced technology is likely to provide major opportunities for the growth of the market in the long run.
Key Market Challenges
Challenging research and development activities
Innovation in this field involves minor adjustments and the products are launched as new products with alternative formulations, and this happens to be a major issue in the growth of the market. Coming up with skincare and hair care products that make use of natural ingredients is another challenge as the formulation of such products is not as effective as the ones that make use of chemicals.
The use of technology
The formulators in the market are facing issues in identifying the technical methods or technology that can help them in coming up with innovative products that will help in meeting the needs of the consumers. Many industries have revolutionized due to computer technology, but this is not the case with the dermatology and cosmetology industries.
Product Type Insights
The hair and scalp segment have a larger share of the market which was about 38% in 2022. The use of shampoos, conditioners, and serums is the largest across the globe. All of these products are used for treating the concerns of dandruff, dull hair, dry hair, and hair fall. Hair loss and hair fall are the major concerns driving the market growth. The use of active ingredients for scalp and hair health has grown significantly.
Apart from the growth of the products used for various hair and scalp conditions, sun care products are also expected to see significant growth during the anticipated time frame. Constant exposure of skin to ultraviolet rays has increased the cases of sunburn and other conditions. The demand for sunscreen of varied protection is available in the market and this varied spectrum helps in providing maximum protection.
Dermatology and cosmetology anti-aging products are also expected to have a greater demand. These products help in fighting fine lines and wrinkles. Innovation in the molecular designs of these products will provide opportunities in the long run. The amount of expenditure made on research and development activities in the field of anti-aging products has grown. Having youthful skin has led to the introduction of anti-aging moisturizers, creams, and different types of serums.
Distribution Channel Insights
The pharmacy and drug store segment had the largest market share in the past which was 36%. The sales of various cosmetics through these distribution channels are expected to grow in the coming years due to the availability of varied products in the drugstores.
The fastest growth will be registered by the online segment due to increased sales through online platforms. Internet penetration in most countries across the globe has led to the sales of various products through online portals. E-commerce platforms are easy to use and the dependency of people on these platforms has grown significantly in recent times.
Digitization has also played an important role in the growth of this segment. Easy access and comparison of the rates of various products have created more popularity for this segment. Easy exchange, return and home delivery are some of the factors that are anticipated to drive the market growth of this segment.
In 2022, the European market has dominated the dermocosmetics skin care products market with the largest share 36% in terms of revenue, as the disposable income of the people in the European nations is the amount of money spent on purchasing various products to enhance appearance has also increased. In European nations, women spend a larger portion of their incomes on skin care products. The demand for cleansers, moisturizers, and serums has increased. The growing importance of these products will provide major opportunities for the growth of the market.
The presence of various market players in the North American region is also expected to drive market growth in this region. Constant research and development in this field have led to the introduction of new innovative products in the market and the presence of prominent players in the North American region has created a larger consumer base for these products.
The highest compound annual growth rate will be registered in the Asia Pacific region during the forecast period. Premium products are gaining popularity in the Asian region. Premium products offer good results with fewer side effects. Organic and natural products are introduced in the market. Many international brands are entering the Asia Pacific region. Many new products are launched in the Asia Pacific region as there is a growing demand for such products. India and China are emerging markets in the Asia Pacific region and many new launches have taken place in these nations.
Growing concern about the harmful ultraviolet rays on aging has created a demand for dermocosmetic skin care products. Many mergers and collaborations have taken place and new investments are being made to launch innovative products. Online consultation has also played a significant role in increasing the sales of these products. Growing demand for cosmetic surgeries and the use of cosmetic products used after such surgeries is also expected to grow in the Asia Pacific region.
Key Market Developments
For consumers having sensitive skin, a new line of products was launched by Galderma in 2022. DAYLONG Sun Protection Product was launched for consumers having different needs and these products will help in the expansion of the product portfolio CETAPHIL.
Key Market Players
Segments Covered in the Report
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By Distribution Channel
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