The utilization of the internet and social media platforms has increased considerably over the past few years. Thanks to technological advancements, the penetration of the internet and smartphones have also risen in developing countries. While these platforms have enhanced the connection between human beings, they are also responsible for making people more conscious regarding their physical appearance. Since people can now easily post their pictures online, they want their appearance to be flawless, owing to which they are widely making use of different cosmetic products. It is because of this that the global derma cosmetics market is projected to attain revenue of $76.3 billion by 2024, increasing from $52.5 billion in 2018, at a 6.5% CAGR during the forecast period (2019–2024).
A major factor that is resulting in the increasing demand for derma cosmetics is the rising disposable income of people across the globe, especially in developing countries. Take for instance India, where, until a few years ago, people used to rely on home remedies for taking care of their skin and enhancing their beauty. Now, however, things have changed, and due to globalization and urbanization, the focus has shifted toward commercial products. The increasing income of people has further allowed them to buy cosmetic and personal care products. The World Bank says that from $443.314 in 2000, the gross domestic product (GDP) per capita of India rose massively to $2,104.651 in 2017.
What Are Derma cosmetics?
Dermacosmetics are a bit different from conventional cosmetic products, since, along with cosmetic action, these products also have dermatological action. These products are specifically helpful when it comes to treating skin diseases, including photoaging, which is caused because of excessive exposure to ultraviolet radiation and pollution. The prevalence of skin diseases has been rising all over the world because of a number of factors, such as excessive consumption of tobacco and alcohol.
The increasing applications of cosmetics have been possible due to technological advancements that have aided in enhancing the understanding of skin physiology. Some of the most common skin diseases are hyperpigmentation, acne, freckles, dyspigmentation, deep wrinkles, psoriasis, melasma, and atopic dermatitis. Shedding light on the incidence of such issues, the World Health Organization (WHO) says, “Skin diseases are among the most common of all human health afflictions and affect almost 900 million people in the world at any time.”
Applications of Derma cosmetics
A large number of products, including toners, creams, gels, cleansers, lotions, and serums, are now available in the market for the treatment of skin diseases. Out of all dermatological diseases, acne is one of the most common; it is caused by the blockage of the hair follicles by dirt, dead skin cells, and sebum. A majority of the population across the globe is affected by acne that eventually results in scarring. As per the American Academy of Dermatology, about 85% of Americans are affected by acne during some phase in their lives. The demand for derma cosmetics has been considerably high for treating acne in the past, and the situation is expected to be the same in the coming years.
Other than skin problems, derma cosmetics are also used for hair-related problems, such as hair fall, dandruff, and the damage caused by excessive exposure to pollution and ultraviolet radiation. Shampoos and conditioners are some of the most common derma cosmetics utilized by people all over the world.
Where Can these Products be Procured from?
Different types of derma cosmetics are available at pharmacies & retail stores and online platforms. The sale of these products via pharmacies & retail stores has been higher up till now, as a wide range of over-the-counter products is available in such stores. This being said, the procurement of derma cosmetics is also projected to rise from online platforms in the years to come, which can be ascribed to the rising trend of online shopping all over the world. Derma cosmetics are majorly used at homes, clinics, medical spas, and salons, and hospitals. Clinical, medical spas and salons make the most use of these products, as a number of skin diseases are treated at these facilities.
Asia-Pacific (APAC) To Have Most Flawless Skin in Future?
The demand for derma cosmetics has been increasing rapidly in Asia-Pacific (APAC), which can be ascribed to the changing lifestyle patterns, improving the economic condition of various countries, rising awareness regarding derma cosmetics, growing personal spending, and a strong presence of major companies operating in the domain. Moreover, the incidence of skin diseases is rising rapidly in APAC, which is why people are increasingly spending money on skin treatments.
Many of the key companies offering derma cosmetics, such as Bausch Health Companies Inc., Allergan plc, Johnson & Johnson, Procter & Gamble (P&G), Unilever Group, L’Oréal S.A., and Beiersdorf AG, are household names, thanks to their effective marketing campaigns, extensive supply network, and wide range of products.
In conclusion, the adoption of derma cosmetics has been increasing all across the globe, due to the rising incidence of skin diseases, surging purchasing power of people across the globe, and growing focus of people on physical appearance.
Source: P&S Intelligence
Pramod Kumar has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others.
He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd.