24 November 2023
Increasing Demand for Skin Rejuvenation Drives Market Expansion
The global chemical peel market is projected to witness significant growth in the coming years, driven by factors such as the rise in the number of beauty clinics with enhanced infrastructure and an expanding network of dermatological clinics. Chemical peels, a traditional method of skin rejuvenation, offer adaptable and efficient solutions for various skin concerns. With the market value estimated to reach US$ 3,350.6 million by 2034, this article explores the key drivers, market trends, and competitive landscape shaping the future of the chemical peel industry.
Growing Medical Tourism and Demand for Aesthetic Services:
The expansion of medical tourism has played a crucial role in driving the demand for chemical peels. Emerging nations offer affordable, high-quality treatments, attracting patients from around the world. The presence of highly competent surgeons, improved medical infrastructure, and the availability of renowned dermatological clinics have further contributed to the growth of the market. Additionally, the rising awareness of skincare and aesthetics globally, particularly among women who experience acne, pigmentation, and wrinkle problems, has fueled the demand for chemical peels.
Impact of COVID-19 on the Market:
The cosmetic industry, including the chemical peel market, experienced a setback due to the COVID-19 pandemic. The industry’s growth rate declined as cosmetic manufacturers faced production halts and disruptions in the supply chain. However, as the world recovers from the pandemic, the market is expected to regain momentum, driven by rising disposable income and the growing self-consciousness about appearance.
Regional Market Analysis:
– North America: The United States dominates the chemical peel market in North America, accounting for 88.2% of the region’s business in 2023. The market is expected to witness steady growth in the coming years.
– Europe: The United Kingdom’s chemical peel industry is projected to expand at a CAGR of 4.5% from 2024 to 2034, driven by increasing demand for aesthetic services.
– Asia Pacific: India and China are emerging as promising markets for chemical peels, with projected CAGRs of 3.4% and 4.2%, respectively. The rising disposable income and growing awareness of skincare are key factors driving market growth in these regions.
– Japan: The demand for chemical peels in Japan is expected to rise steadily at a CAGR of 4.0% during the forecast period.
Innovations and Product Launches:
To meet consumer demands, manufacturers are focusing on discreet and innovative chemical peels. Several key players in the market are adopting a combination of organic and inorganic growth strategies, including product launches, acquisitions, and collaborations. For example:
– SkinCeuticals introduced the 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.
– L’ORÉAL signed an agreement to acquire Takami, a skincare company based in Japan.
The global chemical peel market is poised for significant growth, driven by factors such as the expansion of beauty clinics, the rise in medical tourism, and increasing awareness of skincare and aesthetics. Despite the temporary setback caused by the COVID-19 pandemic, the market is expected to recover and thrive in the coming years. With innovative product launches and strategic collaborations, manufacturers are well-positioned to meet the growing demand for chemical peels and cater to the evolving needs of consumers worldwide.