Dermacosmetics Market is Expected to Register a CAGR of 6.5% during 2019-2024
The global dermacosmetics market generated revenue of $52.5 billion in 2018 and is expected to register a CAGR of 6.5% during the forecast period (2019–2024). The market is growing due to the rising number of dermacosmetics conferences, increasing inclination toward spending on appearance, rising prevalence of skin diseases, and growing purchasing power of consumers. Cosmetic products that are used by skincare specialists and dermatologists for the management of skin and hair disorders are termed as dermacosmetics.
When treatment is considered, the dermacosmetics market is categorized into skin and hair treatments. The market was dominated by the category of skin during 2014–2018 (historical period), which is expected to hold its position during the forecast period. This is due to the availability of a broad range of skincare products for applications such as skin whitening, spot removal, and acne. The skin treatment market is further classified into acne treatment, skin whitening, anti-aging, and other treatments. During the forecast period, the largest share of the market is projected to be held by anti-aging.
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In terms of distribution channel, the dermacosmetics market is divided into online channels and pharmacies & retail stores. The division of pharmacies & retail stores contributed the higher revenue to the market during the historical period and is projected to hold its position during the forecast period. During the forecast period, the division of online channels is expected to grow at the higher CAGR. This is because of the rising preference of consumers to buy beauty and cosmetics products through this medium, as these channels provide discounts and offers.
The rising number of dermacosmetics conferences is among the major driving factors of the dermacosmetics market. Due to the growing demand for dermacosmetic products, the research and development investments for advanced and effective products are also increasing. This is further ascribed to the surging number of conferences on cosmetics, where manufacturers and scientists discuss about latest technologies and share their expertise. The organization of seminars and conferences helps increase the awareness regarding dermacosmetics and encourages companies to broaden their portfolio with new products.
The growing inclination of people toward spending on appearance is also contributing to the growth of the dermacosmetics market. As per the Bureau of Labor Statistics (BLS), the individual expenditure on personal care products rose to $762 in 2017 from $707 in 2016 in the U.S. Consumers are becoming more inclined toward improving their appearance as it helps in boosting their confidence. In addition to this, as the number of working women is increasing, the use of beauty and personal care products, as opposed to home remedies, is rising.
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Another key factor leading to the growth of the dermacosmetics market is the surging prevalence of skin diseases. Owing to the excessive exposure to ultraviolet (UV) radiation and pollution, the prevalence of skin diseases such as photoaging is increasing. Some of the other common skin problems are dyspigmentation, freckles, atopic dermatitis, melasma, deep wrinkles, and psoriasis. Furthermore, acne, caused by the clogging of the hair follicles by dirt, sebum, and dead skin cells, leads to scarring, and it affects the majority of the world population. Due to these factors, the demand for dermacosmetic products is increasing.
Thus, the growing number of dermacosmetics conferences, rising prevalence of skin diseases, and increasing inclination of people toward spending on appearance are leading to the growth of the market.
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