Dermocosmetic Skin Care Market Poised for Exponential Growth into 2031: Report

A new market analysis from Coherent Market Insights forecasts growth in the dermocosmetic skin care products market, projecting its value to soar from $56.94 billion in 2024 to $98.33 billion by 2031, with a compound annual growth rate (CAGR) of 8.1%.

The primary reason for the growth, according to a press release, is the escalating consumer inclination towards natural and organic products. Better-informed consumers have heightened awareness regarding the potential adverse effects of chemical-laden skincare formulations has prompted a paradigm shift towards products perceived as safer and more eco-friendly. Additionally, the escalating prevalence of dermatological conditions like acne, eczema, and psoriasis is propelling demand for dermatocosmetic products offering therapeutic benefits. Manufacturers are increasingly integrating active ingredients such as retinol, hyaluronic acid, and vitamin C into their formulations to address specific skin concerns.

Key trends in this market include the rising popularity of multi-functional products, catering to consumers seeking simplified skin care routines addressing multiple concerns like anti-aging, hydration, and sun protection. There was an additional trend towards personalized skincare solutions, leveraging technologies like artificial intelligence and machine learning to tailor products to individual skin characteristics. The market also witnesses increased demand for gender-neutral skincare products, reflecting the increasing interest of men in skincare and grooming. 

Source: News release. April 15, 2024.