TAGS: Skin Care
According to a new report by Grand View Research, the global anti-acne cosmetics market size is expected to reach USD 6.89 billion by 2028 registering a CAGR of 9.1 percent.
The high psychological burden associated with acne, especially among women, is expected to be the key growth-driving factor for the market. Moreover, the easy availability of various products to treat acne is anticipated to support the market growth.
Acne – Common Skin Disorder
According to the American Academy of Dermatology, it is one of the common skin disorders in the U.S., affecting approximately 50 million individuals every year, with nearly 85% of individuals between the age group of 12 and 24 years having minor acne. Thus, a high prevalence of this skin disorder is also anticipated to fuel the product demand, thereby augmenting the market growth.
Furthermore, according to a study conducted by SkinStore, an average American woman uses nearly 16 skincare products per day and spends approximately USD eight each day on facial cosmetics products. Such beauty regimes are also anticipated to propel market growth.
According to a University of Limerick study, the negative social stigma associated with this skin disorder reduces the quality of life of individuals, increases their psychological distress, and causes physical problems, such as headaches, sleep disturbance, and gastrointestinal issues. This is also anticipated to increase the product demand over the coming years.
Dominant Segment – Creams & Lotions
The
creams & lotions segment dominated the market in 2020 as the cream is the first line of therapy for all types of acne and it also provides
skin moisturization. The others product segment is expected to register the fastest CAGR over the forecast period due to the lightness of these products on the skin and compatibility with various skin types, as compared to creams & lotions.
The women end-use segment held a dominant share of the market in 2020 and is expected to grow at the fastest CAGR during the forecast period, owing to a high prevalence of acne and other skin disorders.
Asia Pacific is anticipated to be the largest as well as the fastest-growing regional market from 2021 to 2028 due to increasing disposable income levels and growing population in developing countries.
Range of Anti-acne Agents
Source: Grand View Research