How Will Physical Outlook Awareness Strengthen India Skincare Dermacosmetics Market?
A number of factors such as the soaring focus of people on physical appearance, growing penetration of e-commerce platforms, and rising incidence of skin diseases will help the Indian skincare dermacosmetics market grow at an exceptional CAGR of 10.2% during 2021–2030. The market was valued at $188.2 million in 2021, and it is projected to generate $449.6 million revenue by 2030. The industry growth can be attributed to the surging number of dermacosmetics conferences and the increasing use of personal care products by teenagers of the country.
In recent years, the surging number of product approvals and product launches has become a prominent trend in the Indian skincare dermacosmetics market. For example, Galderma SA received the FDA approval for Restylane Lyft, a hyaluronic acid derma filler, in May 2018. This product is used to treat age-related losses of muscles in the hands. In the same vein, Clinique Laboratories LLC introduced its new range of skincare products under the Clinique iD brand, in November 2018. The brand offers a customized hydration system, which is an ideal solution for treating wrinkles, fine lines, and oily skins.
At present, the Indian skincare dermacosmetics industry is fragmented, due to the presence of numerous key players, such as Piramal Enterprises Limited, Cadila Pharmaceuticals Limited, Galderma SA, Torrent Pharmaceuticals Ltd., Abbott Laboratories, NAOS, Johnson & Johnson, Galderma SA, Cadila Healthcare Ltd. (Zydus Cadila), and Dr. Reddy's Laboratories Ltd. The prime focus of these players is product launches, as it helps them attain a significant position.
According to P&S Intelligence, the northern region will account for the largest share in the Indian skincare dermacosmetics market throughout this decade. This will be on account of the increasing availability of skincare products and the strong presence of international brands in the region. In addition, the growing focus of people of tier-1 and tier-2 cities on achieving physical well-being through natural, anti-aging, organic, and anti-pollution skincare products. Moreover, the presence of developed cities such as Chandigarh and Delhi-NCR also supports the market growth in the northern part of the country.