The global DNA-based skin care products market size is expected to reach USD 11.7 billion by 2025., registering a 6.8% CAGR during the forecast period. The market is driven by high consumer spending on skincare solutions, resulting from increasing concerns pertaining to skin damage and aging. Increasing purchasing power of consumers in developing countries such as China and India has also driven demand over the years.
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DNA-based skin care is a recent science-driven trend that involves taking into consideration individual genetic make-up to design bespoke products for specific areas of concern. Products are prescribed to consumers after genetically testing their skin, which ensures the most effective compatibility with their genes. Even though DNA testing was initially done solely in wellness clinics, in recent years, at-home testing kits are available to suit the convenience of consumers.
Demand for skincare solutions stems from evolving and varied needs of consumers. Products that help in hydrating the skin, maintaining its elasticity, color, and moisture are in high demand. The impact of e-commerce channels, specialty and convenience stores, cost effectiveness of these products, and increasing concerns regarding existing off-the-shelf beauty solutions provides significant opportunity for growth in the market. This has attracted a number of manufacturers and distributors to venture into the skincare industry.
The DNA-based skin care products market is driven by high growth of cosmetics in Asia Pacific, along with rise in sales of customized anti-aging solutions. Rising focus on genetic testing in a number of application areas is another factor likely to propel the market over the coming years. A number of leading DNA skincare manufacturers have bene looking to expand their geographical reach, which will also benefit market growth.
Growing awareness about skincare and new launches in the category have driven the Asia Pacific market. This region is anticipated to exhibit the highest growth over the course of the forecast period. The Europe market is expected to be driven by rise in sales of cosmetic products. For instance, Germany consumed personal care and cosmetic items worth 13.54 billion euros in 2017.
Rise in number of key initiatives by manufacturers, such as product launches, acquisitions, promotional campaigns, online sales, and capacity expansions has changed the vendor landscape of the market. Leading market players include Imagene Labs; EpigenCare; Caligenix; EpigenCare Inc.; SkinGenie; DNAskin; ALLeL; SkinDNA; Targeted DNA; Jinomz; and Evergreen Health Solutions Ltd.
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Further key findings from the report suggest:
• In terms of revenue, the creams segment is projected to register a CAGR of 6.5% over the forecast period
• The offline channel dominated the global market with an overall share of 66.3% in 2018
• North America dominated the global DNA-based skin care products market in 2018, which constituted for 39.6% of the value. This trend is projected to continue over the next few years
• Asia Pacific is expected to be driven by increasing disposable income in countries like India, South Korea, China, and Japan
• The industry is highly competitive in nature with players concentrating on new product launches, capacity expansion, and technological innovation to estimate existing and future demand patterns
• Leading competitors include Imagene Labs; EpigenCare; Caligenix; EpigenCare Inc.; SkinGenie; DNAskin; ALLeL; and SkinDNA.
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