29 November 2023
Increased Beauty Clinics and Dermatological Services Fuel Global Chemical Peel Market Growth
The global chemical peel market is poised for significant expansion in the coming years, driven by the rise in the number of beauty clinics and the growing network of dermatological services. 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 efficient and adaptable solutions for various skin concerns. This article explores the factors driving the growth of the chemical peel market, the impact of the COVID-19 pandemic, and key players in the industry.
Expanding Medical Tourism and Growing Awareness of Skincare Drive Market Growth
The chemical peel market is expected to expand significantly due to the growth of medical tourism. Affordable, high-quality treatments, the presence of skilled surgeons, and improved medical infrastructure in emerging nations are driving the demand for facial aesthetics and chemical peels. Additionally, the growing awareness of skincare and aesthetics worldwide, particularly among women who make up a significant portion of the clientele, is propelling the market forward.
Impact of the COVID-19 Pandemic on the Chemical Peel Market
The COVID-19 pandemic had a temporary impact on the cosmetic industry, including the chemical peel market. Due to labor shortages and disruptions in the supply chain, cosmetic manufacturers had to halt production, leading to a decrease in the industry’s growth rate. However, with the gradual recovery of the global economy and the resumption of cosmetic production, the market is expected to regain momentum.
Regional Market Insights
– North America: The United States dominates the chemical peel market in North America, accounting for 88.2% of the region’s business in 2023.
– Europe: The United Kingdom is expected to witness a CAGR of 4.5% from 2024 to 2034.
– Asia Pacific: India and China are projected to experience significant growth during the forecast period, with CAGRs of 3.4% and 4.2% respectively.
– Japan: The chemical peel market in Japan is anticipated to rise steadily at a CAGR of 4.0% from 2024 to 2034.
Product and Category Insights
– Superficial peels are expected to witness high growth, with a CAGR of 4.7% during the forecast period.
– Glycolic peels held a market share of 40.0% in 2023, making them the most popular product in the chemical peel market.
Key Players and Innovations
To meet consumer demands, manufacturers are focusing on discreet and innovative chemical peels. Brand promotion plays a crucial role in the industry, with key players using a combination of organic and inorganic growth strategies such as product launches, acquisitions, and collaborations. Some notable examples include SkinCeuticals’ Smart Trichloroacetic Acid (TCA) Peel System, Sorella Apothecary’s collection of four chemical peels, and L’ORÉAL’s acquisition of Takami, a skincare company based in Japan.
Conclusion:
The global chemical peel market is set to experience substantial growth in the coming years, driven by factors such as the expansion of medical tourism, growing awareness of skincare, and the of innovative products. Despite the temporary setback caused by the COVID-19 pandemic, the market is expected to recover and thrive as the economy rebounds. With the increasing demand for facial aesthetics and the availability of advanced dermatological services, the chemical peel market presents lucrative opportunities for both established players and new entrants in the beauty industry.
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The Global Chemical Peel Market: Expanding Beauty Clinics and Growing Medical Tourism Drive Market Growth