The improvement in the global gross domestic product (GDP) can be attributed to the ease of doing business that has been possible due to globalization. This increase in GDP is indicative of the financial stability of a country, which translates into the increasing disposable income of the individuals there. One such example is of the U.S., where the Bureau of Labor Statistics reported that the personal disposable income in the country is expected to reach $24,174.5 billion by 2026 from $15,928.7 billion in 2016. Another instance of economic prosperity is the figures reported by the Organization for Economic Co-operation and Development for Canada, where the annual household disposable income growth rate rose to approximately 3.4% in 2017 from around 2.0% in 2009. Economic prosperity has allowed people to spend on products that were earlier bought only by the wealthy and deemed unaffordable by others. Among such products are dermocosmetics, used for the treatment and management of numerous skin disorders. The rising skin disease prevalence and growing concerns of people regarding their appearance have been instrumental in driving the demand for dermocosmetics.
In a study conducted by the P&S Intelligence, from $52.5 billion in 2018, the dermocosmetics market is expected to witness a 6.5% CAGR to amass $76.3 billion in the coming years. Dermocosmetic products are of two types — haircare and skincare. Skincare dermocosmetic products were in larger demand in the past and would continue on the path in the coming time as compared to haircare products. Skincare products are designed to clean the skin by removing oil, dirt, and dead cells and also provide moisture to the skin. There are several types of skincare products, such as toners, creams, gels, serums, cleansers, and lotions. Among these, in the near future, the most popular skincare product is predicted to be creams, which are essentially a blend of water and oil, and these may or may not have medicinal ingredients.
Even though people may suffer from same ailments with similar causes, at times, the response by the body could be entirely different. This variation in response can be an avenue for cosmetic manufacturers to multiply their profits. Both the hair and skin are extremely sensitive to water, climatic conditions, and pollution. Previously, only basic products were available in the market that aimed at treating the conditions superficially. With advancements in technology and research, personalized products, which cater to special skin and hair types, are providing a more customized and targeted treatment to people, therefore are witnessing a spike in demand. Many renowned companies, such as L’Oreal S.A., Estee Lauder Companies Inc., and Phyto Botanical Power, have launched a special product range based on geography, targeting the needs of people depending on the climatic conditions they live in.
Cosmetic products can either be medicinal or non-medicinal, therefore are sold via different distribution channels, namely online and pharmacies & retail stores. In the past, majority of the sales were reported by pharmacies and retail stores, and in fact, in the coming time, the popularity of this channel would continue to grow. This can be attributed to the ready availability of such products at pharmacies and retail stores. However, in the coming time, online channels are expected to witness a rapid increase in popularity, owing to the easy ordering and home delivery facility provided, thereby resulting in an even higher demand for dermocosmetics.
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In a study conducted by the P&S Intelligence, from $52.5 billion in 2018, the dermocosmetics market is expected to witness a 6.5% CAGR to amass $76.3 billion in the coming years. Dermocosmetic products are of two types — haircare and skincare. Skincare dermocosmetic products were in larger demand in the past and would continue on the path in the coming time as compared to haircare products. Skincare products are designed to clean the skin by removing oil, dirt, and dead cells and also provide moisture to the skin. There are several types of skincare products, such as toners, creams, gels, serums, cleansers, and lotions. Among these, in the near future, the most popular skincare product is predicted to be creams, which are essentially a blend of water and oil, and these may or may not have medicinal ingredients.
Even though people may suffer from same ailments with similar causes, at times, the response by the body could be entirely different. This variation in response can be an avenue for cosmetic manufacturers to multiply their profits. Both the hair and skin are extremely sensitive to water, climatic conditions, and pollution. Previously, only basic products were available in the market that aimed at treating the conditions superficially. With advancements in technology and research, personalized products, which cater to special skin and hair types, are providing a more customized and targeted treatment to people, therefore are witnessing a spike in demand. Many renowned companies, such as L’Oreal S.A., Estee Lauder Companies Inc., and Phyto Botanical Power, have launched a special product range based on geography, targeting the needs of people depending on the climatic conditions they live in.
Cosmetic products can either be medicinal or non-medicinal, therefore are sold via different distribution channels, namely online and pharmacies & retail stores. In the past, majority of the sales were reported by pharmacies and retail stores, and in fact, in the coming time, the popularity of this channel would continue to grow. This can be attributed to the ready availability of such products at pharmacies and retail stores. However, in the coming time, online channels are expected to witness a rapid increase in popularity, owing to the easy ordering and home delivery facility provided, thereby resulting in an even higher demand for dermocosmetics.
