Pharma & Cosmetics Market Size, Share, Growth, and Industry Analysis, By Type (Ointments, Creams, Gels, and Others), By Application (Pharmaceuticals, OTC, and Cosmetics), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Pharma & Cosmetics Market Report Overview

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The global pharma & cosmetics market size was USD 1690700 million in 2021 and is projected to touch USD 2365686.13 million by 2031, at a CAGR of 3.4% during the forecast period.

The pharmaceutical and cosmetics industry, with a wide range of products included, is called pharma & cosmetics. The pharmaceutical industry deals with the production, commercialization, and research of various drugs. The cosmetic section consists of products developed for curing, managing, and cleaning oral, hair, and skincare. Grooming and beauty preparation is also included in this market. The industry has a wide range of products and is anticipated to be driven by the rising prevalence of skin-related diseases and issues.

Cosmetic products with bioactive ingredients induced various medical benefits fall under the pharma & cosmetics category. Pharmaceuticals and cosmetics together are known as cosmeceuticals. The rising prevalence of skin disorders coupled with the growing inclination toward dermatologists is estimated to propel the demand for cosmetics and pharma. The population suffering from various skin disorders is expected to make a remarkable rise in demand for cosmeceutical products. The harmful side effects of cosmetics are expected to lead the population toward the adoption of organic and safe cosmetics products.

COVID-19 Impact: Reduced Visits to Dermatologists Hampered Market Growth

The spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with pharma & cosmetics experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

The global pharma & cosmetics market was considerably hampered by the advent of COVID-19. Leading dermatologists have reported a sharp drop in patient visits, and the closure of retailers involved in the distribution of these medications during the shutdown are two of the main factors harming the market. Additionally, the COVID-19 outbreak caused the cancellation of elective treatments, including medical aesthetic procedures, which decreased the number of patients visiting specialist clinics offering cosmetic therapy. Lower patient prescriptions for these items as a result of the drop in these procedures had a negative impact on the market.

LATEST TRENDS

"Increasing Prevalence of Skin-Related Issues to Surge Growth in the Market"

The increased demand for skincare products is brought on by the rising prevalence of skin problems in both adults and children. This has prompted several market players to create unique formulations with a focus on creating active ingredients, such as plant-based substitutes, along with the rising use of organic products internationally. The increase in important product launches and product development is estimated to surge market expansion. The rising air pollution is leading to a rise in a number of skin-related issues such as rashes, skin irritation, pimples, and others. The global e-pharmacy beauty and personal care (BPC) market is expected to grow due to the rise in teen use of beauty and body care products coupled with the advancements in the e-commerce sector. The expansion of the internet and the increased use of smartphones may both be contributing factors to the expansion of the global market. 

Pharma & Cosmetics Market Segmentation

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• By Type Analysis

By type, the market is segmented into ointments, creams, gels, and others.

• By Application Analysis

Based on application, the market is classified into pharmaceuticals, OTC, and cosmetics.

DRIVING FACTORS

"Easy Availability of E-Commerce Platforms to Surge Product Demand"

The e-commerce sector is expanding, which helps the demand for pharma & cosmetic items from online pharmacies. By acquiring or combining with rival businesses, the companies are taking strategic action to boost their market share. This is estimated to aid businesses in expanding their product lines and purchasing new technology. The government is also making every effort to guarantee the dependability and safety of the items sold by online pharmacies. In order to boost sales, they use discounts and other promotional strategies on important occasions. Moreover, the e-commerce sector is growing due to the easy return policy and convenience offered to it. The consumer prefers shopping online, which is estimated to surge the pharma & cosmetics market growth. 

"Higher Demand for Products from Women and Youngsters to Propel Market Growth"

The demand for the product has been registered majorly from women. Women are more concerned for their health and skin, which is expected to aid growth in the market. The working women population spends on their skin and physical health. The Pharma & cosmetics industry is dedicated to innovation in skincare, beauty, and makeup. The demand for customized products from women and youngsters is expected to increase growth in the market. Additionally, the young generation is also concerned about their skin and appearance which is forecasted to augment the pharma & cosmetics market growth.

RESTRAINING FACTORS

"High Cost of Branded Products to Impede Market Growth"

Globally, there is a rising demand for pharma & cosmetics goods as a result of the incidence of skin and hair issues, an aging population, and increased knowledge of dermatological treatments. The market's expansion is expected to be constrained by the high price of engraved cosmeceuticals sold by significant industry participants. The high cost borne by the end customer is caused by a rising number of major corporations presenting themselves as luxury labels in the industry. The recovery costs of products are also high owing to expenditure on research and development of unique items and brand advertising.

Pharma & Cosmetics Market Regional Insights

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"Asia Pacific to Dominate the Market Due to the Growing Awareness of Product Availability"

Asia Pacific is likely to hold a dominating part of the pharma & cosmetics market share owing to the rising emphasis of major players on gaining strategic partnerships by focusing on the launch of advanced products. Additionally, the rising awareness about the availability of the product is expected to augment growth in the market.

North America is expected to show significant growth in the market by virtue of the availability of a large number of the population suffering from various skin issues such as eczema and melanoma. The growth is also anticipated to be backed by the steady adoption of advanced cosmetic products.

Europe is likely to hold a sizable part of the pharma & cosmetics market share due to the rapid adoption of novel cosmetic and pharma products. 

KEY INDUSTRY PLAYERS

"Key Players Focusing On Launching Advanced Robots to Grow in Market"

Key companies are launching advanced robots to increase their market share. Various technologies and modernization is adopted in the robotics industry. This section offers a detailed analysis of the key competitors and their marketing strategies. The top market players are expanding their footprints in developing economies to develop their product portfolio in the global market. Various strategies are being adopted by the players to gain greater market share in the global market.

List of Market Players Profiled

• Johnson & Johnson (U.S.)
• Roche (Switzerland)
• Novartis (Switzerland)
• Pfizer (U.S.)
• Sanofi (France)
• Eli Lilly (U.S.)
• GSK (U.K.)
• Bayer (Switzerland)
• Merck & Co (U.S.)
• L' OREAL (France)
• Unilever (U.K.)
• Procter & Gamble (U.S.)
• Estee Lauder (U.S.)
• Kao (Japan)
• Shiseido (Japan)
• Beiersdorf (Germany)
• Henkel (Germany)
• Shanghai Jahwa (China)

REPORT COVERAGE

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