NEW YORK, April 5, 2021 /PRNewswire/ -- India's disposable income rose from $2,738.1 billion in 2018 to $2,935.9 billion in 2019, says Trading Economics. This is expected to be a key factor to take the Indian skincare dermacosmetics market revenue from $750.3 million in 2019 to $1,758.0 million in 2030, at a CAGR of 8.5% between 2020 and 2030. The rise in the purchasing power of people is a result of the rapid industrialization and urbanization, which are leading to higher salaries.
The reason this will be a strong driver for the Indian skincare dermacosmetics market is that with more money, people are able to spend freely on themselves. Skincare remains a predominantly urban concept in India, which is why only those who have a high disposable income usually undergo skin treatments. Spending on one's appearance is still considered a luxury; hence, the rising purchasing power will play an important role in encouraging people to spend on skincare.
Key Findings of India Skincare Dermacosmetics Market
- Skincare dermacosmetics demand growing due to rising purchasing power of citizens
- Product usage to increase fastest for skin repair purposes
- Surging population of teenagers adding to market revenue
- Preference for personalized skincare increasing in India
- North India is largest market for skincare dermacosmetics
- Market players launching new products for larger industry share
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The Indian skincare dermacosmetics market has come to a standstill during the COVID-19 pandemic, as many factories and major commercial places have been closed down to contain the virus spread. Similarly, cosmetic clinics and dermatology departments of hospitals have suspended activities, as the focus is on dealing with the pandemic. Moreover, with a loss of pay and unemployment, people are only spending on essential items, which has reduced the demand for skincare dermacosmetics in the nation.
The Avène category is predicted to witness the fastest growth in the Indian skincare dermacosmetics market in the years to come, based on brand. The brand includes a wide range of products that help deal with numerous issues related to the skin. Some of the ways in which the products of this brand are intended to help the skin are by removing dead cells, oil, and dirt and keeping it moist.
Browse detailed report with COVID-19 impact analysis on India Skincare Dermacosmetics Market Research Report: By Brand (Avène, L'Oréal, Neutrogena, BIODERMA, Sebamed, Galderma and Cetaphil, A-Derma, Shiseido, Clarins, Ducray, Clinique), Application (Acne, Dark Circles, Psoriasis, Skin Repair, Wrinkles and Fine Lines, Scars) - Industry Analysis and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/india-skincare-dermacosmetics-market
In the past, the largest share in the Indian skincare dermacosmetics market, under segmentation by application, was held by the acne category. People in various age groups, especially the youth, are opting for acne treatment because of the rising prevalence of this common dermatological issue and growing appearance consciousness among teenagers.
The Indian skincare dermacosmetics market has generated the highest revenue in the northern part of the country till now. The incidence of skin diseases is increasing here, and the region also boasts a relatively advanced healthcare infrastructure than elsewhere in the country. As per a 2016 article in the National Center for Biotechnology Information (NCBI) website, the Garhwal hills of North India account for a high prevalence of dermatitis, skin appendages, acne, and eczema.
In the near future, the highest Indian skincare dermacosmetics market CAGR is expected in the western part of the country. The increasing awareness about the improved skincare treatments available is a key factor driving the spending on personal care in West India. In addition, people in the region are shifting from a general idea of good-looking skin to the deeper concept of skin health, which is further pushing up the sales of skincare dermacosmetics here.
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Major players in the Indian skincare dermacosmetics market include Unilever Group, The Procter & Gamble Company, Galderma S.A., Pierre Fabre S.A, Allergan plc, Shiseido Company Limited, Johnson & Johnson, The Estée Lauder Companies Inc., L'Oréal S.A., Beiersdorf AG, Clarins Group, Amorepacific Corporation, Avon Products Inc., NAOS, ZO Skin Health Inc., Oriflame Holding AG, and Sebapharma GmbH & Co. KG.
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