NEW YORK, Jan. 3, 2022 /PRNewswire/ — From an estimated $188.2 million in 2021, the Indian skincare dermacosmetics market value will increase to $449.6 million in 2030, witnessing a 10.2% CAGR between 2021 and 2030, according to the market research report published by P&S Intelligence. This will primarily be due to the increasing incidence of skincare diseases, such as acne, dyspigmentation, hyperpigmentation, psoriasis, deep wrinkles, freckles, melasma, and atopic dermatitis.
This is because the triggers for these conditions are fairly common and include excessive exposure to ultraviolet radiation and air pollution. Moreover, with the increasing consciousness among Indians regarding their appearance, they are doing more than ever to take care of their skin, which is propelling the demand for a range of dermacosmetic products.
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Key Findings of India Skincare Dermacosmetics Market Report
Skinshine brand is the most popular in India because it is widely used to treat moderate-to-severe melasma, make the skin lighter, and decrease senile lentigines.
Acne is the largest application in the Indian skincare dermacosmetics market because of the high prevalence of this disease. The large population of youths is raising the requirement for products to treat acne as young people commonly suffer from this condition.
The easy availability of skincare dermacosmetics on e-commerce websites is another key factor aiding the market advance. People in places that do not have proper pharmaceutical stores can use their mobile phones to order such products online.
The rise in the purchasing power of Indians has allowed them to use skincare dermacosmetics. Earlier, cosmetics were considered an unnecessary expense, but now, since people have more to spend, they are in a better position to purchase these products.
The COVID-19 pandemic had a negative impact on the demand for skincare dermacosmetic products as the nationwide lockdowns and reduced disposable income discouraged people from buying them.
Due to the presence of numerous globally operating companies, the Indian skincare dermacosmetics market is fragmented, which is prompting the players to launch new products.
Across India, the demand for skincare dermacosmetics is expected to be the highest in the northern region in the years to come. This is attributed to the easy availability of the products of well-known brands in the region. Moreover, in recent years, the focus on personal wellbeing via the use of organic and natural cosmetics has risen in North India.
The key players in the Indian skincare dermacosmetics market are Cadila Pharmaceuticals Limited, Piramal Enterprises Limited, HEGDE & HEGDE PHARMACEUTICA LLP, Honasa Consumer Private Limited (The Derma Co.), Galderma SA, Torrent Pharmaceuticals Ltd., Johnson & Johnson, Sebapharma GmbH & Co. KG, NAOS, Abbott Laboratories, ITC Limited, Dr. Reddy’s Laboratories Ltd., and Cadila Healthcare Ltd. (Zydus Cadila).
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SOURCE P&S Intelligence