Wilmington, Delaware, United States, Transparency Market Research Inc.: Medicated skin care products contain active ingredients that address common skin disorders.
Wilmington, Delaware, United States, Transparency Market Research Inc.: Medicated skin care products contain active ingredients that address common skin disorders. The cosmetics industry is booming, and skin care is a large component of it. People are so concerned with their appearance that they spend a lot of money on skin care products and treatments.
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People are becoming more technologically aware of the various new skin care products that are presently accessible. Medical skin care products are used to treat acne, pimples, rosacea, eczema, psoriasis, and scars in addition to providing an aesthetic benefit.
Global Medicated Personal Care Products Market: Key Trends
The global medicated personal products market is driven by increase in urbanization, rise in the number of working women, changing lifestyles, and surge in awareness about hygiene and skin care
Personal care products have become popular as people have become more aware about hygiene and personal health. Hence, the number of skincare and hair care products available in the market has increased, which in turn drives demand for medicated personal care products.
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Developing countries, particularly China, Brazil, and India, have seen a significant change in consumer behavior. Increase in income and purchasing power fuel the growth of the global market. This has propelled demand for personal care ingredients in these countries. Public awareness about hygiene, beauty, and health has gradually increased. Premium skin and hair care products, for example, which were previously only available in urban areas, are now widely available in India and China’s rural areas. The cosmetics and personal care industry are being driven by this change in consumption patterns.
Personal care products are regulated by various government agencies across the world. Every country’s regulatory system is different, but they have the same goal: to ensure the safety and proper labelling of personal care products.
The China Food and Drug Administration (CFDA) has regulations prohibiting the use of new unregistered ingredients. This limits the use of new ingredients across the world, hampering the development of personal care products. These strict regulations delay or prevent the introduction of new products, raise the price of any new product that is introduced to the market, and could result in product recalls. Therefore, the implementation of new regulations and changes to existing regulations restrain the global market.
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Impact of COVID-19 on Global Medicated Personal Care Products Market
A major issue for manufacturers during the COVID-19 pandemic was disrupted supply chains, particularly for cosmetics, because countries closed their borders or raised trade barriers during the lockdown. Hence, manufacturers and exporters faced intense competition to export their goods. Moreover, on-premise sales at supermarkets and convenience stores have decreased due to subsequent lockdowns and the closure of retail stores, as people have been practicing social distancing and avoiding gatherings and outings. However, sales through online retail channels aided market penetration significantly.
COVID-19 has resulted in significant reductions in discretionary expenses such as fragrances, hair styling products, and make-up in the personal care market. Consumers spend the majority of their money on necessities such as hand sanitizer, face masks, and lotions. Consumer spending and consumption patterns have changed due to the global lockdown, affecting various segments of the personal care industry.
North America to Capture Major Share of Global Medicated Personal Care Products Market
The global medicated personal care products market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America is projected to dominate the global market during the forecast period. Increase in initiatives to spread awareness about the importance of leading a healthy lifestyle drives the market in the region. The market in the U.S. is anticipated to expand at a high CAGR during the forecast period.
Europe is expected to be the second largest market for medicated personal care products in terms of share during the forecast period. Germany is likely to dominate the market in the region in the next few years. Demand for medicated personal care products is projected to increase in Rest of Europe in the near future
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Key Players Operating in Global Medicated Personal Care Products Market
Major players operating in the global medicated personal care products market are listed below:
- L’Oreal
- Procter & Gamble
- Unilever plc
- Colgate-Palmolive Company
- The Estee Lauder, Inc.
- Natura & Co.
- Johnson & Johnson, Inc.
- Beiersdorf AG
- Shiseido Company Limited
- Other prominent players
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