India has witnessed rapid economic progress in recent years, which has subsequently resulted in a massive rise in the disposable income of its citizens. As per the data produced by Trading Economics, in India, the disposable income grew from $2,738.1 billion in 2018 to $2,935.9 billion in 2019. Moreover, with the country predicted to witness sharp economic growth in the coming years, the purchasing power of its citizens will further shoot up.
This will, in turn, propel the sales of skincare dermacosmetics products in the country in the coming years. Besides the increasing disposable income of people, the rising inclination of people for having a good physical appearance is also propelling the sales of skincare dermacosmetics products in the country. People are making huge investments for brightening and maintaining their skin and using products for mitigating the occurrence of acne marks and the signs of aging such as fine lines and wrinkles.
Furthermore, as per the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 8.5% between 2020 and 2030. The major brands that sell skincare dermacosmetics products in the country are Neutrogena, Avène, L’Oréal (Skinceuticals and CeraVe), A-Derma, Galderma and Cetaphil, BIODERMA, Clinique, Sebamed, Ducray, Clarins, and Shiseido. Out of these, the demand for products developed by Avène was found to be the highest in the country in 2019.
This was mainly because of the availability of a diverse range of products and patented technologies developed by the company for addressing various skin problems and concerns. The major application areas of skincare dermacosmetics products in the country are wrinkles and fine lines, acne, dark circles, skin repair, scars, and psoriasis. Out of these, skin repair applications are predicted to generate the highest demand for skincare dermacosmetics products in the coming years.
