The European Commission reveals that the mean and median income of the people of Denmark, Germany, Spain, and France increased from 30,104 Euro in 2018 to 30,717 Euro in 2019, 22,713 Euro in 2018 to 23,515 Euro in 2019, 14,785 Euro in 2018 to 15,015 Euro in 2019, and 22,220 Euro in 2018 to 22,562 Euro in 2019, respectively. Likewise, the Bureau of Economic Analysis (BEA) states that the personal income of the people of the U.S. surged from $19,777.4 in the third quarter (Q3) of 2020 to $20,797.8 in Q3 of 2021.
Browse report with detailed COVID-19 impact analysis on Dermacosmetics Market Competitive Landscape Report
The surging personal income will augment the purchasing power of people, owing to which the dermacosmetics market will showcase a CAGR of 7.3% during 2020–2030. The market was valued at $57.0 billion in 2020 and it is projected to generate $115.2 billion revenue by 2030. In contemporary years, high income is encouraging more people to spend on dermacosmetic products and treatments. The mounting public focus on physical appearance will increase the footfall of such people in hospitals and clinics, medical spas, and salons that offer skincare and haircare treatments.
The large-scale consumption of dermacosmetic products can also be credited to the growing prevalence of skin diseases and the soaring number of dermacosmetic conferences. For instance, the Centers for Disease Control and Prevention (CDC) estimates that over 13 million workers in the U.S. are potentially exposed to chemicals at workplaces. Dermal exposure to hazardous chemicals can cause systemic toxicity and occupational skin diseases (OSDs) among workers. Exposure to toxic chemicals can cause pain, itching, redness, and swelling of the skin.
At present, dermacosmetics producers, such as Allergan plc, Bausch Health Companies Inc., Beiersdorf AG, Coty Inc., Galderma SA, Johnson & Johnson, L'Oréal SA, Nu Skin Enterprises Inc., Pierre Fabre S.A., Shiseido Company Limited, The Procter & Gamble Company, The Estée Lauder Companies Inc., and Unilever Group, are engaging in acquisitions to cater to the surging needs of customers. For example, in April 2019, Unilever Group acquired Laboratoire Garancia, a French dermacosmetic brand, to benefit from the selective retail distribution channels of the latter.
According to P&S Intelligence, the European region has emerged as the leader of the dermacosmetics market over the last few years, owing to the surging incidence of skin disorders and rising public awareness about skincare products in the region. For instance, the British Skin Foundation estimates that nearly 60% of the people in the U.K. suffer from skin disorders at some point in their lifetime, and approximately 70% of the British populace have visible skin conditions or scars.
Therefore, the mounting purchasing power of people and the rising incidence of skin ailments will encourage the usage of dermacosmetics in the foreseeable future.
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