According to market research firm Fact.MR, there is significant market demand for dermatological products in the FMCG landscape due to rising skin care trends. But the beginning of 2020 will likely see sales get worse before they get better.
The market for dermatological products grew 10% in 2020, up from 2016 numbers. However, initially in 2020, spending on dermatological product is expected to plummet owing to the global lockdown attributed to COVID-19. This restrained production due to a shortage of raw materials.
Once governments lift nationwide restrictions and lockdowns, this market is expected to recover. This projection is based on regional trends suggesting dermatological product consumers have made a substantial shift toward skin-friendly products.
This, in turn, is making the emollient market more lucrative. In fact, the global emollient market is expected to grow at CAGR of nearly 5% between 2020 and 2030, owing to rising demand in Asia-Pacific, excluding Japan. More specifically, hydrocarbon demand will almost double by 2030. Also, demand for esters will grow at a CAGR of nearly 5.5%, resuming market demand for cosmetic products after the impact of COVID-19.