Global Dermacosmetics Market to Reach USD 76,839.5 Million and Augment at a CAGR of 5.8% during 2020-2027 Timeframe - Exclusive Report [348 pages] by Research Dive
The global dermacosmetics market is estimated to grow in the coming years due to rise in technical advancements made by key players. The market is witnessing a negative impact of the Covid-19 outbreak. The Asia-Pacific region is expected to dominate the market during the forecast period.
New York, USA, March 23, 2021 (GLOBE NEWSWIRE) -- As per a latest report prepared by Research Dive, the global dermacosmetics market is predicted to gain $76,839.5 million by 2027, from a considerable market share of $48,944.0 million in 2019, at a notable CAGR of 5.8% during 2020-2027 forecast timeframe. The report includes various facets such as present market scenario market dynamics, hindrances, growth factors, and forthcoming opportunities in the estimated period.
Covid-19 Impact on the Market
The global dermacosmetics market witnessed a rapid downfall during the Covid-19 mayhem due to a decline in the demand for dermacosmetic goods. The negative impact on the market was due to the lockdown imposed across the globe that resulted in shutting down of cosmetic stores and manufacturing units. Nevertheless, prominent players of the market are trying to redeem themselves amidst the outbreak by concentrating on launching new products in the market. This aspect is expected to boost the market growth during the Covid-19 mayhem.
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Market Dynamics
The leading players of the market are aiming for new product launches and technological developments by financing in innovative and research activities. This aspect is predicted to propel the global dermacosmetics market growth during the forecast years. Moreover, constant technical progress to create efficient products which are solely based on user personalization and customization is also likely to bolster the market growth during the forecast period.
However, side effects such as skin damage due to the presence of toxic chemicals in dermacosmetics are anticipated to hinder the market growth. On the other hand, utilization of nanotechnology in personal care formulation is expected to create opportunities in the global market.
Skin Care Sub-Segment to be the Highest Revenue Producer
The skincare sub-segment garnered 62.7% of the total global market share in the year 2019 and is likely to maintain growth during the forecast period as well. The increase in skin disorders due to changes in lifestyle and rise in pollution levels is predicted to boost the skin care sub-segment market growth during the forecast period.
Skin Treatment Segment to be the Most Profitable
The skin treatment segment was accounted for $30,685.4 million in 2019 and is predicted to prosper throughout the forecasted timeframe. The rise in customers for skin rejuvenation treatment methods to beautify their skin is considered to drive the skin treatment segment market during the analyzed timeframe.
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Pharmacy & Retail Sub-Segment to Generate Maximum Revenue
The pharmacy & retail sub-segment of the distribution channel was accounted for the highest revenue in 2019 and is estimated to continue its growth during the forecast period as well. Retail stores are highly popular in the developing countries and retailers are adopting various marketing strategies to attract customers. This aspect is predicted to bolster the pharmacy & retail stores sub-segment market during the analyzed timeframe.
Clinics, Medical Spas, & Salon Sub-Segment to Gain Highest Market Share
Clinics, medical spas, & salon sub-segment was accounted for $27,480.6 million in 2019 and is anticipated to rise significantly during the estimated timeframe. Increase in the utilization of dermacosmetic products in salons and clinics worldwide is expected to boost the sub-segment’s market growth during the forecast period. Moreover, usage of advanced technology in skin & hair treatment by salons and medical spas to attract customers is projected to fuel this sub-segment’s market growth during the forecast period.
Regional Analysis
The Asia-Pacific region was accounted for the highest market share in 2019 and is anticipated to continue its growth during the estimated timeframe as well. The growth of the dermacosmetics market in the Asia-Pacific region is due to increase in the prevalence of skin diseases in the region and surge in the expenditure on skin treatments by people.
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Major Market Players & Recent Developments
The leading players of the global dermacosmetics market players are
- Shiseido Company
- Bausch Health Companies Inc.
- Johnson & Johnson Services, Inc.
- Galderma
- Procter & Gamble
- L'Oréal
- Allergan
- Beiersdorf
- Estée Lauder Companies
- Kanebo Cosmetics Inc.
- ZO Skin Health Inc.
These market players are opting for innovative strategies such as product launches, technical innovations, and financing research & development projects to boost the market growth. For example, in February 2019, PURITO, a Korean skin health brand, launched Centella Green range which is a part of vegan-friendly skin care products. This product focuses on customers with sensitive skin and is also environment friendly.
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