Skin care products have gained robust traction in recent years, as beauty conscious demographic continues to show a marked preference for natural solutions. The demand is further triggered by the preference for organic-certified skin care products, which is significantly underpinned by the awareness of consumers about various side effects of hazardous chemicals in synthetic skin-care products.
The widespread distribution networks of manufacturers and suppliers has facilitated the accessibility to various brands of skin care products. Furthermore, the rise of e-commerce or online sales platforms has streamlined shopping experience for customers by opening door to a wide range of products online from anywhere.
The skin care products market is highly competitive due to the presence of numerous multinational companies with their extensive product portfolios, which continue to prompt manufacturers to induce technology in their manufacturing processes and adopt natural and safe ingredients. Surging demand for organic products has led companies to increase their focus on the development of organic and natural product lines. Robust expansion of product portfolios, and geographical outreach, continue to remain the key strategies for most companies to gain a firm foothold in the skin care products market.
Beauty-consciousness has witnessed a significant prevalence worldwide, which in turn has increased the consumer willingness to spend on skin lightening creams and other products. In fact, the growing social perceptions of appearance are pressuring individuals, both men and women, to spend on beauty creams. A large part of revenue share belongs to anti-aging and sun protection as their demand continue to grow on the back of the aging population.
“Companies strategic moves to boost awareness about the importance of adopting skin care products in daily regime in tandem with the approval from different human health and safety regulatory bodies, including FDA and the U.S. Department of Agriculture for the use of organic skin care products is expected to trigger growth in skin care products market,” finds Fact.MR.
The dermatological products market is anticipated to witness steady growth in the forthcoming years, as per the recent Fact.MR report. The sales of dermatological products continue to remain highly influenced by the novel formulations invented by manufacturers for the treatment of stubborn skin diseases and conditions.
With the growing number of skin issues, which are accredited to the increasing pollution worldwide, the demand and adoption of dermo-cosmetic products including prescription and OTC products to address a wide range of problems, including atopic dermatitis, acne, skin infections, and other skin problems is on rise. Fact.MR estimated sales of dermatological products to surpass US$ 13,000 million in 2018.
Female costumers continue to remain the main users of the dermatological products, owing to increase women-related skin disease, including rosacea, acne, skin cancer etc. The demand for dermo-cosmetic products is also rising among women. Females are also showing growing preference for over-the-counter anti-aging dermatological products, influencing manufacturers to make creams that meet the skin needs of their key costumers, in turn brining tremendous changes in the dermatological products market, finds the report.
The American Academy of Dermatology data shows that acne is the most widespread skin condition in the US, affecting nearly 50 million annually. According to the data, roughly 7.5 million US people suffer from psoriasis. The growing consciousness of manufacturers towards making safe creams continue to help them in gaining FDA and other regulators’ approval for their products, psoriasis, acne and other skin problems, thereby triggering adoption of their dermatological products on a vast level.
Fact.MR’s report offers exhaustive and highly actionable insights about the skin care products market. The reports points towards a steady overall growth in the dermatological products market, with demand envisaged to reach 3.7% CAGR during 2018-2027.
Mr. Shambhu Nath Jha is a seasoned consultant and researcher. His research papers have been published in reputed websites and trade journals. His interests include philosophy and history.