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The global dry skin care products market is poised for significant growth in the coming years, propelled by increasing awareness of dry skin conditions and escalating disposable income levels. This expansion is being fueled by the rising popularity of dry skin creams, lotions, and ointments, which offer essential moisture and nourishment to the skin. Delve deeper into this dynamic market to uncover comprehensive global insights.
, /PRNewswire/ — The global dry skin cream, lotion, and ointment market is estimated to be US$ 40.4 billion in 2024. The market is projected to exhibit a CAGR of 8.6% over the forecast period and reach US$ 86.1 billion by 2034.
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The dry skin condition, also known as xeroderma, is prevalent in the populations of several countries. Dry skin can make the skin feel rough, flaky, or scaly. If left untreated, it can also result in inflammation and irritation. As people become increasingly aware of their skin health, dry skin creams, lotions, and ointments are gaining popularity. These products provide essential moisture and nourishment to the skin, contributing to an overall improvement in skin texture and appearance.
The significance of dry skin creams, lotions, and ointments in the skin care industry is also gaining impetus due to the increased exposure to Western beauty standards in developing and underdeveloped nations. The last few years have seen a significant rise in the disposable income of the middle-class population in countries like India, Thailand, South Korea, etc. This has resulted in elevated spending on beauty and skin care products.
Dry skin creams and lotions are also becoming important in daily skin care routines due to their easy availability and affordability. The booming eCommerce industry in emerging countries has facilitated the access of dry skin creams, lotions, and ointments in every nook and corner of the world.
“Well-established brands in the dry skin cream, lotion, and ointment market are spending extensive research and development hours on developing clean-labelled and organic products to keep up with the changing market trends. They are also taking the initiative toward sustainable manufacturing, packaging, and disposal of their products to cater to the demands of eco-conscious consumers,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Market Study
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Creams dominated the market with a share of 46.5% in 2022. Creams are generally thicker than lotions and ointments; hence, the preference for creams by the dry skin population is high.
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Synthetic segment in the dry skin cream, lotion, and ointments market accounted for a share of 63.8% in 2022.
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The dry skin cream, lotion, and ointment market in China is predicted to grow at a remarkable CAGR of 8.40% through 2034.
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The dry skin cream, lotion, and ointment in the United States is predicted to rise at a whopping 8.10% CAGR through 2034.
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The dry skin cream, lotion, and ointment market in Japan has the potential to increase at 7.80% CAGR through 2034.
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The Indian dry skin cream, lotion, and ointment market is predicted to rise by 7.60% CAGR through 2034.
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The dry skin cream, lotion, and ointment market in France is predicted to grow at a CAGR of 6.60% through 2034.
Market Competition
The dry skin cream, lotions, and ointments market is filled with international brands like L’Oreal, Unilever, Estee Lauder Companies, etc. These companies have established themselves and have a loyal consumer base. There is a presence of smaller domestic companies as well. These entities supply regionally and have a very limited consumer base. Despite these challenges, these brands bring a sense of innovative spirit to the industry by coming up with new flavors and formulations.
Recent Developments
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In 2019, Johnson & Johnson launched a new range of dry skin care products from Neutrogena and Aveeno. One of the products from Neutrogena is a bright boost gel cream.
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In March 2022, L’Oréal’s corporate venture capital fund, Business Opportunities for L’Oréal Development, acquired a minor stake in SPARTY, which is a startup in Japan involved in personalized beauty products under the brand called Hotaru, which includes dry skin care products as well.
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About Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here.
Unveiling the Dynamics of the Dry Skin Cream, Lotion, and Ointment Market: Access Our Comprehensive Research Methodology
About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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