26 November 2023
Increasing Demand for Skin Rejuvenation and Aesthetics Propels the Chemical Peel Market
The global chemical peel market is set to experience significant growth in the coming years, driven by factors such as the rise in beauty clinics with advanced infrastructure and an expanding network of dermatological clinics. According to a report by Future Market Insights, the market is projected to reach a valuation of US$ 3,350.6 million by 2034, with a compound annual growth rate (CAGR) of 4.4% between 2024 and 2034. Chemical peels, a traditional method of skin rejuvenation, offer effective and adaptable solutions for various skin concerns. This article explores the key drivers, market trends, and competitive landscape of the global chemical peel market.
Expanding Medical Tourism Boosts Market Growth
The chemical peel market is expected to expand during the forecast period due to the growth of medical tourism. The availability of affordable, high-quality treatments, the presence of renowned surgeons, and improved medical infrastructure in emerging nations are driving the demand for facial aesthetics and chemical peels. Medical tourism, where individuals travel to other countries for medical procedures, has witnessed a significant surge in recent years, contributing to the growth of the chemical peel market.
Growing Awareness of Skincare and Aesthetics Drives Market Demand
Increasing awareness of skincare and aesthetics worldwide is another factor propelling the chemical peel market. Women, who are more prone to skin concerns such as acne, pigmentation, and wrinkles, constitute a significant portion of the market’s clientele. However, men are also increasingly seeking solutions for their skincare needs. Rising disposable income and the growing self-consciousness about one’s appearance are driving individuals to explore cosmetic procedures like chemical peels.
Impact of COVID-19 Pandemic on the Market
The chemical peel market, like many other industries, experienced a slowdown during the COVID-19 pandemic. The growth rate of the cosmetic products industry decreased due to labor shortages and disruptions in the supply chain. However, as the situation improves and economies recover, the market is expected to regain momentum.
Regional Outlook and Market Segmentation
The chemical peel market shows promising growth prospects in various regions. India is projected to develop at a CAGR of 3.4% during the forecast period, while the United States currently dominates the North American market with a share of 88.2% in 2023. The United Kingdom, China, and Japan are also expected to witness significant growth in the chemical peel market.
The market is segmented based on type, product, indication, and end-user. Superficial peels are expected to witness high growth at a CAGR of 4.7% in the forecast period. Glycolic peels, among other products, held a market share of 40.0% in 2023.
Competitive Landscape and Innovative Product Launches
Manufacturers in the chemical peel market are focusing on innovative product launches to meet consumer demands. Brand promotion plays a crucial role in this competitive landscape. Key players employ a mix of organic and inorganic growth strategies such as product launches, acquisitions, and collaborations. For example, SkinCeuticals introduced its Smart Trichloroacetic Acid (TCA) Peel System, which provides post-peel comfort to consumers. Sorella Apothecary launched a collection of four chemical peels targeting different skin issues. These strategic moves contribute to the overall growth and development of the market.
Conclusion:
The global chemical peel market is poised for significant growth in the coming years, driven by factors such as the expansion of beauty clinics, growing medical tourism, and increasing awareness of skincare and aesthetics. The COVID-19 pandemic temporarily impacted the market, but it is expected to recover as economies stabilize. With advancements in technology and innovative product launches, the chemical peel market continues to offer effective solutions for skin rejuvenation and aesthetic concerns. As individuals become more conscious of their appearance and seek affordable and high-quality treatments, the demand for chemical peels is expected to rise, driving market growth in the forecast period.
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