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.
The high incidence of these skin diseases is fueling the demand for dermacosmetics. Apart from this factor, the growing propensity of people for spending in order to improve their looks and appearance is also propelling the expansion of the dermacosmetics market. Moreover, with the rising public awareness about skincare, people of various age groups are increasingly focusing on reducing acne, brightening their skin, reducing the signs of ageing, and improving their appearance, which is subsequently pushing up the requirement for dermacosmetics.
Between these, the skincare category contributed higher revenue to the market in 2020 and this trend is predicted to continue in the coming years as well. This will be because of the availability of various skincare products for skin whitening, acne treatment, spot removal, anti-ageing, and several other applications. The market is also categorized, based on treatment, into hair and skin. Of these, the skin category generated higher revenue in 2020.
Thus, it can be safely said that the market will grow sharply in the coming years, primarily because of the rising incidence of skin diseases and the increasing purchasing power of people all over the world.
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