Global dermocosmetics market is projected to witness a CAGR of 8.97% during the forecast period 2024-2031, growing from USD 82.4 billion in 2023 to USD 163.79 billion in 2031. Dermocosmetics, developed by dermatologists’ expertise, provides therapeutic properties to the skin. It provides targeted solutions to various skincare and haircare problems through its formulation with clinically proven active ingredients that act as a major factor for market growth.
Other factors, including skin aging, wrinkles, skin’s inability to hold firmness, and deterioration of hair quality, such as thinning hair, split ends, hair fall, and accumulation of dandruff on the surface of the scalp, contribute to the market’s growth. Dermocosmetic products are actively used due to increasing pollution and the damage caused to skin and hair by exposure to the sun’s harmful ultraviolet radiations.
Dermocosmetics penetrate the dermis of consumers’ skin and help correct skin-related problems. It protects skin tissues and prevents unwanted scarring from acne or causing marks such as wrinkles, enriching the appearance of the skin and hair. This expands the appeal of dermocosmetics products to consumers for youthful, clear, and healthy hair and skin. These multi-functional products are gaining popularity due to their versatility in offering multiple benefits to consumers.
The manufacturers’ consumer-centric approach is further fueling the market’s growth. Thus, key players are formulating products specifically designed to provide personalized solutions to consumers based on their skin type and concerns.
The rising aging population is a crucial driver of the market growth. According to an article published by Visual Capitalist, in 2022, there were 77 million people aged 65 years and above, which was 10% of the world population. The number is rising rapidly and is expected to reach 16 percent by 2050 and 24 percent by 2100. Thus, consumers invest in anti-aging products to restore their youthfulness, ultimately driving market growth.
Sun Protection Products Dominating the Market
Sun protection products dominate the dermocosmetics market due to rising skin problems caused by exposure to the sun, such as dullness and aging. This damage can be prevented through the application of sun protection products, which are dermatologically tested.
Additionally, various dermocosmetic sun protection products are multi-functional and offer advanced formulations that protect from UV rays and provide benefits, including hydration and anti-aging properties.
In September 2023, BASF Personal Care and Nutrition GmbH announced the launch of its latest sunscreen ingredient, TinomaxTM CC, due to the rising demand for multi-functional solutions with revised SPF and UVA protection through light birefringence. The ingredient contributes to a noticeable improvement in sensorial performance, especially at a higher SPF level.
Long exposure to UV rays can result in sunburns and increase the risk of skin cancer and melanoma. Skin Cancer Foundation examined that people with five or more sunburn issues double their melanoma risk. Additionally, it was estimated that the number of melanoma cases diagnosed in 2024 globally will increase by 7.3% and the number of melanoma deaths is expected to rise by 3.8% by the end of 2024.
Anti-Skin Aging Products Gaining Momentum
As the global population ages, a growing demand for anti-aging solutions has been witnessed to cater to skin issues such as wrinkles, loss of elasticity, hydration, and fine lines. The popularity of skin aging dermocosmetics drives the need for effective, science-backed skincare solutions among the aging population.
One of the major causes of skin aging is skin exposure to the sun’s harmful ultraviolet radiation. The rising awareness of the impact of UV radiation on skin aging has driven the demand for preventive solutions such as dermocosmetics. As per the study by Skin Cancer Foundation, it was anticipated that 80% of skin aging is caused by the sun. Additionally, consumers who use sunscreen daily, having an SPF of 15 or higher, exhibit 24% less skin aging than those who omit sunscreen in their daily skincare regime.
in September 2023, Hy, a food company, announced the launch of Leti 7714 Triple Lift-up Up Anti-Aging Cream, featuring cultured lactic acid bacteria which is a fermented ingredient. The product soothes sensitive skin damaged by UV and infrared rays. After the exposure of the skin to thermal infrared rays, the cream improves the skin’s radiance and calms the redness.
Retinols are Rising in the Market Trend
Several factors drive the incorporation of retinols in dermocosmetics, including their benefits for improving skin health and appearance.
Retinols are gaining popularity among consumers since they are an extract of Vitamin A, which helps enhance skin-cell turnover. They provide softer and smoother skin and result in visibly reduced fine lines, significantly changing the health and appearance of the skin. Furthermore, they are also helpful in reducing dryness and flakiness of the skin.
The benefits of retinol in treating several skin concerns, such as acne, wrinkles, fine lines, hyperpigmentation, and uneven skin texture, expand their applicability in the dermo-cosmetics, making them a crucial ingredient in anti-aging and other skincare formulations.
In December 2023, COSRX launched its latest Retinol 0.3 cream. The cream is distinctly formulated with special ingredients that provide hydration and soothe and protect the skin. It is designed to have effective results on all skin types and is safe to be used around the eye area, neck, chest, and face.
Advanced Hair Repair and Growth Formulations Acting as a Catalyst
The demand for advanced hair repair and growth formulations drives the demand for dermocosmetics for several reasons, including hair loss, hair thinning, and hair damage. As a result, consumers are increasingly seeking products with effective solutions to address these hair-related issues.
The formulations incorporated peptides, vitamins, antioxidants, and botanical extracts, which nourish the scalp, strengthen the hair follicles, and promote healthy hair growth, further fueling the market growth. Dermocosmetic hair care products are formulated with dermatologically tested ingredients and undergo rigorous testing to ensure safety and compatibility with sensitive scalp and skin types.
The increased prevalence of lifestyle factors such as stress and pollution has also resulted in hair-related issues, further driving the demand for advanced hair repair and regrowth formulations.
For instance, in February 2024, Curology, a dermatologist-powered skincare brand, introduced Hair Formula RX, which provides hair growth treatment. It contains clinically proven ingredients that help in hair regrowth in three months. A licensed dermatologist has prescribed the personalized formula for the product.
Future Market Scenario (2024–2031F)
- With the rising skin issues and emergence of new skin diseases due to an increase in pollution and environmental damages, will contribute to the market growth.
- Advancements in biotechnology will result in the development of more targeted and effective formulations, providing solutions for specific skin concerns, unique to the consumers.
- Trends of clean beauty, sustainable packaging, and digitalization in the skincare industry will be boosting the dermocosmetics market growth.
- The growing demand for customized skincare solutions tailored to consumers’ needs will positively influence the market’s trajectory.
Report Scope
“Dermocosmetics Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global dermocosmetics market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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