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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. Asia Pacific dominated the dermocosmetics market with a market share of 40.2% in 2022.
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.
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.
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.
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.
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.
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:
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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.
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.
The increased awareness regarding skin preventive measures is anticipated to boost the growth of the global market for dermocosmetics.
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.
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.
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.
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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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.
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.
In terms of geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia Pacific Dermocosmetics Market Size, 2022 (USD Billion)
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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.
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.
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 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.
An Infographic Representation of Dermocosmetics Market
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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.
ATTRIBUTE | DETAILS |
Study Period | 2017-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2017-2021 |
Growth Rate | CAGR of 9.9% from 2023-2030 |
Unit | Value (USD Billion) |
Segmentation | By Type
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By Distribution Channel
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By Region
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Fortune Business Insights says that the global market size stood at USD 35.77 billion in 2022 and is projected to reach USD 77.51 billion by 2030.
The market is projected to grow at a CAGR of 9.9% during the forecast period.
The Asia Pacific market size was USD 14.38 billion in 2022.
Based on type, the skin care segment leads the global market.
Asia Pacific held the dominant share of the global market in 2022.
The rising prevalence of skin diseases, surging awareness, and strong beauty concerns drive the global market growth.
LOreal Group, Pierre Fabre Group, and Unilever are the key players in the market.
The increasing body care awareness and a surge in strategic activities by key players to launch advanced products are key factors contributing to the adoption of products.
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