Dermocosmetics Market Size, Share & COVID-19 Impact Analysis, By Type (Skin Care {Anti-Aging, Skin Whitening, Sun Protection, Acne Treatment, and Others}, and Hair Care {Anti-Hairfall, Anti-Dandruff, and Others}), By Distribution Channel (Pharmacies/ Drug Stores, Online Stores, and Others), and Regional Forecast, 2023-2030

The global dermocosmetics market size was valued at USD 35.77 billion in 2022 and is projected to grow from USD 39.95 billion in 2023 to USD 77.51 billion by 2030, exhibiting a CAGR of 9.9% during the forecast period.

Dermocosmetics are skin and haircare solutions that use active ingredients that provide support or care for the symptoms of various body conditions. The rising prevalence of skin diseases, increasing awareness, and growing concern for maintaining beauty standards are projected to fuel market growth. Some typical application areas of dermocosmetics include common skin conditions such as eczema, acne, and others.

• For instance, according to statistics published by the World Health Organization (WHO) in 2022, skin cancers are primarily caused by exposure to ultraviolet radiation (UVR). In 2020, over 1.5 million cases of skin cancer were diagnosed across the globe. Skincare products are used in the management of cancer-related skin toxicities. Thus, the robust application of dermocosmetics in various disease prevention and cure is expected to propel market expansion.

Furthermore, increasing strategic activities by prominent players to launch advanced care products catering to consumer preferences are expected to propel market growth. In addition, the industry expansion is being favored by growing R&D collaborations to enhance the efficacy and safety of active ingredients across the globe.

COVID-19 IMPACT

Consistent Adoption of Skin Care Products Led to Slight Positive Growth on the Market

The COVID-19 pandemic had a moderately positive effect on the global market in 2020. The market experienced slower growth in 2020 as a result of travel restrictions and supply chain disruptions. The number of dermatologist clinic visits also decreased due to these travel constraints and market closures. Teleconsultations for dermatological procedures had a significant impact on the market growth.

• According to a study published in the Cyprus Journal of Medicine in 2022, the study involved 153 patients, 14 males and 139 females, in the age group of 18 to 73 years, in Northern Cyprus during the pandemic. The study found that the demand for dermatocosmetic applications was still high, and patients who did not use dermocosmetics before the pandemic started using them during that time.

In terms of revenues of key companies, the market increased at a slower pace in 2020 compared to the previous year. As far as market players were concerned, some of the biggest players witnessed a slower growth in their sales volume of dermatocosmetics products during the pandemic.

• For instance, dermocosmetics is L'Oréal's largest segment, with net sales touching USD 3.2 billion in 2020. The segment sales increased by 30.7% in 2021 over 2020, driven by an increase in the global demand for skincare and haircare.

As a result of the revival of dermatologist visits, growth rates returned to pre-pandemic levels in 2022. The revenue of dermocosmeceutical companies is expected to grow steadily over the forecast period of 2023-2030.

Dermocosmetics Market Trends

Research Partnerships for Advanced Dermocosmetic Products is a Major Trend

One of the most prominent global dermocosmetics market trends in recent years is the active initiatives to research and develop advanced dermocosmetic products. New products and skin models are being developed to encourage a healthier skin microbiome. Similarly, prominent players' increased focus and initiatives on developing innovative products are expected to drive the growth of the market. For instance:

• In May 2020, L’Oréal Group partnered with the Melanoma Research Alliance to help advance this crucial research in skin cancer prevention and detection using sophisticated AI technology.


• In November 2020, CTIBiotech unveiled two bioprinted full-skin model technologies for skincare applications. The solutions were designed to provide researchers with the best tools to make the most human-compatible products. Currently, more companies are launching new and advanced products to expand skin and hair care across the globe.

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Dermocosmetics Market Growth Factors

Increasing Cases of Skin Problem Leading to Improved Product Adoption to Boost Market Growth

One of the most prominent drivers is the growing prevalence of skin diseases, including eczema, skin cancer, pigmentation, and others. Due to such a scenario, the demand for prevention and treatment of skin diseases by using bodycare products has increased. This factor will eventually contribute to market growth.

• According to an article published by Wiley Online Library in 2023, eczema (atopic dermatitis) is a major global public health issue with high prevalence and morbidity. The Global Asthma Network (GAN) Phase I data from 27 centers in 14 countries involving 74,361 adolescents aged 13–14 and 47,907 children aged 6–7 (response rate 90%, 79%) was analyzed. It was found that a median of 6% of children and adolescents had symptoms of current Eczema, with 1.1% and 0.6% in adolescents and children, respectively, reporting symptoms of severe eczema. Such a rise in the prevalence or incidence of diseases is expected to drive the demand for body care products such as skin cleansers, topical sebum-controllers, sunscreens, and others over the forecast timeframe.


• According to the data published in the National Library of Medicine in August 2023, acne vulgaris is the most common skin disease that occurs in adolescents and young adults, with a prevalence rate estimated in the range of 35.0% to 90.0% in the U.S.

Rising Awareness for Skin Disease Preventive Measures and Products to Drive Market Growth Prospects

The market is witnessing robust advancements in skin and hair care globally. Various research institutes and market players have been increasing initiatives to increase healthy skin health awareness. These products are formulated to preserve the health and beauty of the skin and hair. The growing awareness will eventually enhance product adoption, propelling market growth.

• In September 2023, ISDIN became the official sun protection brand of the 37th America's Cup, which will take place in Barcelona in 2024. The company will provide sun protection services to participants and the audience of the regatta as part of its global sun protection awareness campaign.

The increased awareness regarding skin preventive measures is anticipated to boost the growth of the global market for dermocosmetics.

RESTRAINING FACTORS

High Cost and Limited Geographical Availability of Products to Hinder Market Expansion

One of the substantial hindrances to market growth is the substantial cost associated with dermocosmetics. These products are typically priced higher than regular/traditional cosmetic products due to their active ingredients and specialized formulation. Such high cost is a barrier to product adoption among the developed and developing country population.

• According to an article published by the National Institutes of Health (NIH) in 2022, dermocosmetics fall within the so-called intangible costs, and a patient has to face overall high costs for improving their quality of life.

Furthermore, most branded products are unavailable in emerging countries due to constraints in continual innovation and weak distribution channels. Such factors may restrain the growth of the market across the globe.

Dermocosmetics Market Segmentation Analysis

By Type Analysis

Growing Awareness and Adoption of Skin Care Products Contributed to Skin Care Segment’s Dominance in 2022

In terms of type, the market is segmented into skin care and hair care.

The skin care segment held a significant global dermocosmetics market share in 2022. The growing awareness regarding skin disorders and their treatment is promoting product adoption across the globe. Similarly, the growing strategic initiatives by key players in order to launch innovative skin care products in the market are promoting segmental expansion.

The skin care segment is further sub-segmented into anti-aging, skin whitening, sun protection, acne treatment, and others. The anti-aging sub-segment holds a significant proportion of the segment owing to the growing aging population and robust adoption of anti-aging creams in the market.

• According to statistics published by The World Bank Group in 2022, the percentage of the working-age population (15-64 yrs) in the U.S. is 54.1%, and France is 63.6%. This age group has strong concerns regarding skincare and beauty standards. Such a strong factor promotes product adoption and market growth across the globe.

The hair care segment holds a substantial share of the market. The hair care is further sub-segmented into anti-hairfall, anti-dandruff, and others. The segment share can be credited to the increasing cases of anti-hair fall and the strong demand for shampoos, conditioners, and hair serums across the globe.

In February 2022, K18, a revolutionary haircare brand in the U.S., announced the launch of its K18 Biomimetic Hairscience product in the Indian market. As claimed by the company, the product helps in reversing the hair damage in just 4 minutes.

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By Distribution Channel Analysis

Pharmacies/Drug Stores Segment Dominated Due to Strong Initiatives by Key Players

In terms of distribution channel, the market is segmented into pharmacies/drug stores, online stores, and others.

The pharmacies/drug stores segment held a dominant share of the market. Pharmacies/drug stores are the most widely adapted distribution network for buying skin and hair care products, which has contributed to its segmental dominance. Similarly, the growing initiatives by key players to expand their penetration in skin laboratories across the globe have strongly influenced market growth.

• For instance, in February 2022, SkinCeuticals, a professional skincare brand in the U.S., inaugurated SkinCeuticals SkinLab by Barba Skin Clinic in Florida, U.S. This skin lab was opened in partnership with board-certified dermatologist Dr. Alicia Barba with a vision of providing a combination of dermatological services by using science backed clinical grade skincare products. Such initiatives are expected to drive market growth.

The online stores segment is expected to grow at a lucrative rate over the forecast period. The rising adoption of these products and skin disease awareness in emerging countries contribute to the segment growth over the forecast period. The convenience and certain discount benefits on major brands through online channels are another major segmental expansion factor.

The others segment is projected to account for the lowest share due to higher adoption and availability of these products at super and hypermarkets.

REGIONAL INSIGHTS

In terms of geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Asia Pacific held the dominant share of the global market. The regional market generated a revenue of USD 14.38 billion in 2022. The robust population adopting skin and hair care products and the growing penetration of major players in various countries are prominent contributors to the region's dominance. The strong beauty concerns and skin issues amongst the population of South Korea, China, Japan, India, and others, have robustly promoted regional growth.

• In September 2023, L’Oréal Group entered the Indian dermocosmetic market and introduced L’Oréal Dermatological Beauty (LDB) in India.

North America held a substantial share in the global market. Robust product adoption, strong disposable income, and easier availability of products ultimately result in market growth.

Europe is growing due to the increasing penetration of significant companies and robust awareness regarding skin and hair concerns. For instance, L’Oréal Group, headquartered in France, is one of the world’s cosmetic companies. Pierre Fabre Laboratories is the world's second largest dermo-cosmetics company. Such factors are propelling market growth.

Moreover, Latin America and the Middle East & Africa markets are growing due to their vast population, skin disease prevalence, and new product launches by various key and domestic players.

• For instance, in December 2022, according to data published in the journal Dermatology and Therapy, around 25% of children and 1-3% of adults are prone to atopic dermatitis in Latin America.

List of Key Companies in Dermocosmetics Market

Strong Product Portfolio and Geographical Presence of L’Oréal Group, Pierre Fabre Group, and Unilever to Help Them Dominate the Market

The global market's competitive landscape reflects a semi-consolidated structure, with few dominant players holding substantial market shares. L’Oréal, Pierre Fabre Group, and Unilever are some of the major players that led to the global market growth for dermocosmetics in 2022.

L’Oréal held the maximum share due to its increasing sales, expansive product portfolio, and market presence. The company has multiple international skincare brands recommended by healthcare professionals. Further, companies such as Pierre Fabre Group and Unilever are adopting various strategic initiatives and awareness campaigns to disseminate awareness regarding body care in the market. Such factors have contributed to the significant shares of these players in the market.

• In April 2023, the Pierre Fabre group acquired the MÊME brand by Judith Levy Keller and Juliette Couturier. It is the first French dermo-cosmetic brand for patients experiencing the side effects of cancer treatments.

In addition, other players, such as Coty Inc., Puig, Beiersdorf AG, Colgate-Palmolive Company, and others, are focusing on product portfolio expansion and enhancing brand presence to strengthen their dominance in the dermocosmetics sector.

LIST OF KEY COMPANIES PROFILED:

• Pierre Fabre Group (France)


• L’Oréal (France)


• Coty Inc. (U.S.)


• Puig (Spain)


• Johnson & Johnson Services, Inc. (U.S.)


• Colgate-Palmolive Company (U.S.)


• Procter & Gamble (U.S.)


• Beiersdorf AG (Germany)


• Unilever (U.K.)

KEY INDUSTRY DEVELOPMENTS:

• October 2023: Nykaa partnered with Uriage Dermatological Laboratories to introduce its innovative skincare products to the Indian market.


• August 2023: Marc Jacobs International signed an expanded long-term license agreement with Coty Inc. that brought Marc Jacobs Beauty into its iconic portfolio. Its portfolio includes fragrances, color cosmetics, and skin and body care.


• January 2023: L’Oréal launched its brow care and skin supplements in the annual CES tradeshow organized by the Consumer Technology Association.


• August 2022: Puig acquired a majority stake in Loto del Sur, Colombia's leading natural cosmetics brand.


• June 2022: Kim Kardashian introduced SKKN BY KIM in partnership with Coty Inc. SKKN BY KIM is a clinically proven skincare solution to support the skin’s natural abilities and revitalize the complexion.

REPORT COVERAGE

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The global dermocosmetics market research report provides a comprehensive market analysis. It provides an overview of the key segments, such as type, distribution channel, and geography. It includes key insights such as statistics on the key skin disease prevalence, regulatory scenarios, key industry developments, and new product launches in the market. Furthermore, it provides insights into market dynamics, company profiles of key players, and the COVID-19 impact on the market.

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