The growing trend among the youth and millennial population to look beautiful and enhance their confidence has expedited the growth of the global dermocosmetics market.
Rapidly shifting fashion trends will open new facades of growth for the dermocosmetics business. Furthermore, concerns related to skin conditions such as oily skin, acne, pimples, dry skin, marks, and blemishes have boosted the demand for dermocosmetics. In addition, the growing trend among the youth, and millennial population to look beautiful and enhance their confidence has expedited the growth of the global dermocosmetics market. As per the study published by Allied Market Research, the global dermocosmetics market is set to accrue earnings worth $130.46 billion by 2030.
BASF SE launches PeptovitaeTM series for addressing a wide range of skin issues
New product launches have favorably impacted the growth of the global dermocosmetics market. BASF SE, a German-based Chemical firm, introduces the PeptovitaeTM series, a new dermocosmetics peptides range, which is likely to bring a paradigm shift in the global cosmetics industry. The strategic move will address a large proportion of skin problems. For the record, PeptovitaeTM was developed by BASF SE in collaboration with Caregen, a Korea-based firm operating in biometric research and development activities. Furthermore, Merck & Co., Inc., a U.S.-based pharmaceutical firm, developed two new active ingredients that are extracted from the baobab fruit and the hibiscus flower having high nutritive value. Reportedly, the two ingredients referred to as RonaCare Baobab and RonaCare Hibisscus were developed for promoting youthful and beautiful skin. Moreover, the extracted products are used in topical products ranging from routine skin care and dermocosmetics.
Continuing with the trend of new product launches, Mustela, a key French-based manufacturer of cosmetic items for babies and young children, introduced a multi-purpose balm with three avocada extracts. The new product will help in nourishing, restoring, and protecting dry areas of the face, arms, elbows, neck, feet, lips, knees, and cuticles. The strategic move is aimed at creating expertise in the production of skin care and plant extraction products. The firm is trying to focus on establishing a dominant position in the skincare and body care product business across the globe.
Puig Acquires Major Stake In Kama Ayurveda Pvt. Ltd. To Expand Across Beauty and Wellness Industry In India
Securing investments has played a pivotal role in leveraging the growth of the global dermocosmetics market. Puig, a key Spanish player in the fashion and fragrance business, acquired a major stake in Kama Ayurveda Pvt. Ltd., a key player that sells personal care and beauty products in India. Reportedly, Puig now owns nearly 85% stake in Kama Ayurveda. The strategic move will help the Indian-based firm Kama Ayurveda in expanding its footprint in India and global markets. Furthermore, Puig will also assist Kama Ayurveda in brand building and product and technological innovations. Moreover, it will provide expertise to the Indian firm in skincare and perfumery product categories. The initiative will also Puig in expanding its business across the beauty and wellness industry in India.
Industry players are implementing key business strategies such as new product launches and investments for expanding their regional presence. Moreover, the need for increasing the customer base and acquiring huge gains has forced the industry players to successfully execute these key business strategies. Furthermore, the execution of these business strategies has also helped in expanding the revenue and size of the global dermocosmetics market.
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