June 16, 2024
Dermocosmetic Skin Care Products Market

Dermocosmetics Skin Care Products Market is Estimated to Witness High Growth Owing to Increasing Skin Related Issues

Dermocosmetics skin care products includes cosmetics designed for the skin that have medicinal or therapeutic benefits. These products contain ingredients that not only treat dermatological conditions but also improve the appearance and condition of the skin. They contain active ingredients such as anti-aging ingredients, sun protection agents, moisturizers, exfoliates etc. that hydrate and nourish the skin. The growing demand for multi-benefit skin care products that offers both cosmetic enhancement and therapeutic benefits has been driving the demand for dermocosmetics products.

The Global dermocosmetics skin care market is estimated to be valued at US$ 98.33 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Dermocosmetics Skin Care Products Market Growth are BASF, Avéne, BIODERMA, Estée Lauder, Beiersdorf, Ducray, Shiseido Co.,Ltd., Kanebo Cosmetics, Galderma, Sebamed, SkinCeuticals, CeraVe, La Roche-Posay, L’Oréal Groupe, Unilever, Procter & Gamble, Lotus Herbals Pvt. Ltd., and Himalaya Global Holdings Ltd. These players dominates almost 30-40% of market share.

The key opportunities in the market includes increasing demand for anti-aging and sun protection products from consumers, especially in developed regions like North America and Europe. The rising pollution levels leads to early skin aging propelling the demand for anti-aging products. Moreover, growing awareness about harmful effects of UV radiations boosts the demand for photoprotection products globally.

Due to growing prevalence of skin diseases worldwide and increasing awareness, most multinational companies are expanding their dermocosmetic products portfolio globally. For instance, BASF recently expanded its skin care range in Asia Pacific to cater to the growing needs of consumers. Similarly, L’Oréal launched customized skincare products for Chinese population.

Market drivers

The major driver for dermocosmetics skin care market is the increasing incidence of various skin conditions like acne, psoriasis, eczema etc. due to changing lifestyle and environmental factors. According to WHO, around 100 million people worldwide suffer from acne. Additionally, rising pollution levels leads to early skin aging propelling the demand for anti-aging dermocosmetics products. Growing health and wellness trends coupled with increasing disposable income has also been positively impacting the demand for premium dermocosmetic products globally.

PEST Analysis

Political: The regulations and policies enforced regarding the usage and manufacturing of ingredients used in dermocosmetic skin care products. Many countries have strict norms to ensure product safety and quality.

Economic: The overall expenditure on skin care products is rising owing to increasing income levels and health awareness. However, external economic factors such as inflation and recession impact consumer spending on these products.

Social: Changing lifestyles, busy schedules and increasing environmental pollution are leading to more stress on skin. Social media is influencing consumers in their purchase decisions regarding skincare brands and products.

Technological: Advancements in ingredient research helps formulate new products addressing specific skin concerns. Technologies used for product packaging and preservation methods ensure longer shelf-life and portability. Online shopping and digital marketing further growth.

The North American region has the largest share of the global dermocosmetic skin care products market in terms of value. Countries like the US and Canada have a high per capita expenditure on skincare due to awareness levels and urban population.

The Asia Pacific region is expected register the fastest growth over the forecast period driven mainly by countries like China, Japan and India. Rising incomes, growing middle class, increasing health, beauty and wellness industry promotes significant opportunities in the APAC dermocosmetic skin care products market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it