As the life of people in urban areas is becoming increasingly busy, consumer goals for health and well-being are becoming deep-rooted than ever. This has resulted in an increased adoption of healthy lifestyle and more thoughtful consumption in all arenas including beauty. In recent years, the cosmetic sector has experienced an overbearing revolution.
Conventionally, cosmetics have been deliberated as formulations of powders or creams, intended to boost personal appearance by direct application on the skin. However, scientific as well as technological advances have altered the empathy of the composition of normal skin and how cosmetics products can change its look through biological activities and physical alterations. Dermocosmetics has evolved into a branch of dermatology that uses cosmetics in the scientific management of a number of skin ailments.
Today’s consumers no longer hide their skin issues – instead, they prefer treating the problems at their root. They take help from dermatologists to avert possible problems and reinforce their skin’s natural barrier. This desire, which is chiefly engrained in urban people, has boomed the dermocosmetics market.
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Newest Insights in the Dermacosmetics Market
As per a report by Research Dive, the global dermacosmetics market is expected to grow with a stunning CAGR of 11.1% in the coming years. The Asia-Pacific dermacosmetics market is expected to perceive dominant and speedy growth in the years to come. This is because, the region has an enormous demand for dermacosmetics products owing to the rising frequency of skin problems and increasing consumer expenditure on skin care in this region. As per the Euromonitor International’s Voice of the Consumer: Beauty Survey in 2021, nearly 19% APAC consumers have sensitive skin problems mainly due to hectic lifestyles, pollution, and inapt usage of cosmetics products. Japan, China, and South Korea are the 3 leading dermocosmetics markets in this region. Hence, dermacosmetics market is experiencing bulging growth in this region.
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How are Market Players Responding to the Rising Demand for Dermacosmetics?
Market players are greatly investing in innovative product launches to cater the rising demand for dermacosmetics. Some of the leading players of the dermacosmetics market are Abbvie, L'Oréal, ZO Skin Health Inc., Bausch Health Companies Inc., Kanebo Cosmetics Inc., Galderma, Estée Lauder Companies, Procter & Gamble, Johnson & Johnson Services, Shiseido Company, Beiersdorf, and others. These players are focused on planning and devising tactics such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a foremost position in the global market.
For instance,
- In December 2021, Avicanna Inc., a biopharmaceutical firm focused on the development, production, and commercialization of plant-derived cannabinoid-based pharmaceuticals, launched a proprietary and clinically backed derma-cosmetics brand called, Pura H&W, through its elite partnership with Red White and Bloom, a company setting a standard in the American cannabis market.
- In Febrauary 2022, BASF, a German multinational chemical firm and the leading chemical producer worldwide, launched Peptovitae™ series – a novel series of dermocosmetic peptides for modernizeing the cosmetics industry.
- In June 2022, Dong-A Pharmaceutical, a leading manufacturer and seller of medical devices, ethical drugs, and diagnostic tests in South Korea, launched dermacosmetic brand ‘Fation’ in Vietnam.
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COVID-19 Impact on the Global Dermacosmetics Market
The abrupt rise of the coronavirus pandemic in 2020 has partially impacted the global dermacosmetics market. During the lockdown period, disruptions in the supply chains and closure of manufacturing units were witnessed by numerous dermacosmetics makers, consequently causing a decrease in the production of dermacosmetics. All these factors mired the dermacosmetics market growth in the course of the pandemic.
However, the pandemic impelled the growth of skin health awareness among consumers, which boosted the demand for products with proven efficiency and a background in medical research. This was a bright spot during the pandemic for the market growth. In addition, with the relaxation of the pandemic since the end of 2021, many dermacosmetics making companies have resumed their usual functioning, which is anticipated to thrust the growth of the dermacosmetics market in the future years.
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