The global DNA-based skin care products market is expected to reach USD 11.7 billion by 2025, according to Million Insights, registering a 6.8% CAGR over the forecasted period, from 2019 to 2025. The major factor which is driving the growth of the market is increasing consumer spending on skincare products due to rising concern about aging signs and skin damage. In addition, increasing the spending capacity on beauty products among consumers in several countries such as India and China is expected to further drive market growth.
DNA based skincare helps to recognize the genetic skin problems for specific area concern. After genetically testing the individual’s skin, professionals recommend the products that are more compatible with their genes. DNA testing was done at the wellness clinic initially. However, now home testing kits are also available in the market. These home testing kits are very easy and consumers can easily conduct the test and understand its skin requirements. This is a key factor which is providing traction to market growth over the forecast period.
The demand for skin care products is increasing due to rising concerns about skin problems. DNA-based skin care products help to maintain moisture, even texture, and hydrates the skin. Further, the increasing influence of e-commerce, as well as offline channels including specialty and convenience stores, is expected to provide new opportunities over the forecast period. Thus, the above factors are encouraging several manufactures of DNA-based skincare products to invest in the skincare industry.
DNA based skincare products are expected to grow with the highest CAGR in Asia Pacific due to the rise in demand for customized anti-aging products. Moreover, increasing focus on genetic testing for several applications is also expected to boost market growth over the forecast period. The number of manufacturers is looking to expand their geographical presence to cater to the growing demand for DNA-based skin care products from emerging markets. This is expected to drive the market forward over the forecast period.
Increasing awareness related to skincare and new product launches is expected to drive the market growth in Asia Pacific. Further, this region is projected to grow with the highest growth rate over the forecast period. Moreover, in Europe, the DNA-based skin care products market is expected to grow at a healthy rate over the forecast period. This growth can be attributed to rising sales of cosmetic products. Germany consumed cosmetic and personal care products worth euro 13.54 billion, in 2017.
Manufacturers are implementing several strategies such as product launches, merger and acquisition, capacity expansion, online sales, and aggressive promotional activities. The key manufacturers operating in the DNA-based skincare product market are ALLÉL, Targeted DNA, EpigenCare, Jinomz, Caligenix, SkinGenie, dnaskin, Imagene Labs, Evergreen Health Solutions Ltd., SkinDNA, and EpigenCare Inc.
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Further key findings from the report suggest:
• Among products, the cream category is expected to grow with a CAGR of 6.5% from 2019 to 2025.
• The offline segment accounted for the largest market share of 66.3%, in 2018.
• In 2018, North America held the largest market share of 39.6% of the global market and expected to retain same position over the forecast period.
• Asia Pacific DNA-based skin care products market is expected grow at a fastest CAGR due to increasing demand for skin care products from several countries like China, Japan, South Korea and India.
• The industry is highly competitive sue to several strategies implemented by manufacturers such as product development and innovation.
• The key players included in the market are Epigen Care Inc, Imagene Labs, Skin Genie; ALLÉL, Caligenix, DNA skin, and others.
Million Insights has segmented the DNA-based skin care products market on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Billion, 2015 - 2025)
Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
DNA-Based Skin Care Products Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia