1 December 2023
Increasing demand for skincare and aesthetics, along with the availability of affordable treatments and improved medical infrastructure, are driving the growth of the global chemical peel market.
The global chemical peel market is poised for significant growth in the coming years, driven by factors such as the expansion of beauty clinics, the rise of medical tourism, and increasing awareness of skincare and aesthetics. Chemical peels, a traditional method of skin rejuvenation, have gained popularity due to their adaptability, efficiency, and ability to address various skin concerns. With advancements in infrastructure and a growing network of dermatological clinics, the market is projected to reach a valuation of US$ 3,350.6 million by 2034, with a CAGR of 4.4% between 2024 and 2034.
The Growth Drivers of the Chemical Peel Market
The expansion of medical tourism has played a crucial role in driving the demand for chemical peels. Patients are seeking affordable, high-quality treatments in emerging nations, where there is an abundance of highly competent surgeons and improved medical infrastructure. Additionally, the increasing awareness of skincare and aesthetics among both men and women has contributed to the market’s growth. Women, in particular, are more likely to experience skin concerns such as acne, pigmentation, and wrinkles, making up a significant portion of the clientele.
The Impact of COVID-19 on the Chemical Peel Market
Like many industries, the cosmetic products market, including chemical peels, experienced a slowdown due to the COVID-19 pandemic. The supply chain was disrupted as cosmetic manufacturers faced labor shortages and had to halt production units. However, as the world recovers from the pandemic, the market is expected to regain momentum, driven by rising disposable income and growing self-consciousness about appearance.
Regional Insights and Market Trends
– North America, dominated by the United States, is currently the leading market for chemical peels, accounting for 88.2% of the region’s market share in 2023.
– India is expected to exhibit promising growth during the forecast period, with a CAGR of 3.4%.
– The United Kingdom and China are also projected to experience significant growth, with CAGRs of 4.5% and 4.2%, respectively.
– Japan is anticipated to have steady growth at a CAGR of 4.0%.
– Superficial peels are expected to witness high growth, with a CAGR of 4.7% in the forecast period.
– Glycolic peels held the largest market share of 40.0% in 2023, among various product types.
Innovations and Key Players in the Chemical Peel Market
To meet consumer demands, manufacturers are focusing on developing 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 its revolutionary Smart Trichloroacetic Acid (TCA) Peel System, providing post-peel comfort to consumers. Sorella Apothecary launched a collection of four chemical peels targeting different skin issues. Major players in the market include L’ORÉAL, Allergan, Galderma, and Johnson & Johnson.
Conclusion:
The global chemical peel market is poised for robust growth, driven by the increasing number of beauty clinics, the rise of medical tourism, and growing awareness of skincare and aesthetics. With advancements in infrastructure and the availability of affordable treatments, the market is set to expand significantly in the coming years. As consumers become more conscious of their appearance and seek effective solutions for various skin concerns, chemical peels offer a promising option for skin rejuvenation and addressing specific skin issues. The market’s growth is further supported by the of innovative products and strategic collaborations among key players. As the world recovers from the impact of the COVID-19 pandemic, the chemical peel market is expected to regain momentum and continue its upward trajectory.
