The global dermacosmetics market reached a revenue of $57.0 billion in 2020 and it is predicted to attain a value of $115.2 billion by 2030. Furthermore, the market will exhibit a CAGR of 7.3% from 2020 to 2030 (forecast period), as per the estimates of the market research firm, P&S Intelligence. The market is being driven by the increasing purchasing power of people, growing focus of people on their looks and appearance, rising incidence of skin diseases, and soaring number of dermacosmetic conferences around the world.
According to the American Academy of Dermatology Association (AAD), 84.5 million people or one out of every four individuals in the U.S. were diagnosed with skin diseases in 2013. Furthermore, the organization reported that acne is the most prevalent skin ailment in the country and affects up to 50 million Americans every year. Additionally, the organization stated that atopic dermatitis affects up to 2–3% of all adults and up to 25% of all children in the country.
To meet the rising demand for these products, the players operating in the dermacosmetics market are actively focusing on acquisitions. For example, L’Oréal Group acquired Takami Co., which is a skincare company based in Japan, in December 2020. With this acquisition, L’Oréal Group signed a cooperation contract with Takami facilities and recommenced a long-standing brand licensing agreement with Doctor Takami. Depending on product, the market is classified into haircare and skincare.
This is attributed to the higher incidence of skin ailments such as dullness, ageing, fine lines, dual skin tone, and acne and the surging availability of various treatment options for them. Across the globe, Europe dominated the dermacosmetics market in 2020, and it is predicted to exhibit huge expansion in the upcoming years as well. This is ascribed to the growing incidence of skin diseases and soaring requirement for dermacosmetics in the region.
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