Traditional Chinese Medicine for Skincare Market
Traditional Chinese Medicine for Skincare Market By Application (Eczema, Psoriasis, Acne), By Product (Chinese Herbal Medicine, Acupuncture, Diet Therapy)- Global Market Insights 2021 to 2031
About the Report
The global traditional Chinese medicine for skincare market is growing steadily due to the rising demand for various Chinese herbal medicines, acupuncture, and diet therapy, around the world.
Additionally, rise in cases of various skin-related problems such as acne, hyperpigmentation, and others is catering to industry growth. There is particularly noteworthy demand for these medicines for body care and face care, besides others.
The latest report on traditional Chinese medicine for skincare by Fact.MR provides a thorough analysis of the global industry, demand-supply trajectories, growth & restraining factors, and new trends for the forecast period of 2021 to 2031.
According to the report, the global industry will surpass US$ 7 billion in valuation by 2031, while North America, Europe, and Asia Pacific will emerge leading regions during the forecast period.
Historical Vs. Future Outlook on Traditional Chinese Medicine for Skincare
The traditional Chinese medicine market for skincare grew steadily over the past years with technical advancements in manufacturing units and increase in application in treating various skin diseases such as eczema, psoriasis, and others.
Furthermore, key industry players brought in a flurry of inventions in various types of body care, face care, and other Chinese herbal medicines, which further fueled sales during the last 5 years from 2016 to 2020.
Growing requirement for acupuncture, diet therapy, and other traditional Chinese medicines for skincare is boosting demand for traditional Chinese medicine for skincare around the globe.
Despite getting battered due to the onset of the COVID-19 pandemic and its second wave, the industry has potential to expand further with steady demand from pharmaceutical, personal care, and other sectors. According to Fact.MR, the global traditional Chinese medicine for skincare market is expected to experience a moderate growth rate through 2031.
How is Growing Number of Cases Related to Skin Issues Fueling Sales?
Traditional Chinese medicine for skincare is an integral part of the treatment for various skin-related problems such as acne, hyperpigmentation, psoriasis, and others. With rise in the number of cases of skin diseases, suppliers of traditional Chinese medicine for skincare are set to come across lucrative growth scope over the coming years.
According to a report titled “Skin Conditions by the Numbers”, published by the American Academy of Dermatology, acne is the most common skin condition in the United States, affecting up to 50 million Americans annually. As stated in a report published by the NCBI in 2018, prevalence rate of acne in women is nearly 50.9%, globally. This, in turn, is aiding in demand growth of traditional Chinese medicine for skincare across the world.
What are the Key Challenges Faced by Traditional Chinese Medicine for Skincare Manufacturers?
There are a few restraining factors that often work as challenges for traditional Chinese medicine for skincare manufacturers around the world, such as-
- Process cycle of traditional Chinese medicine for skincare is quite complex
- Development of traditional Chinese medicine for skincare is costly
- Many product types such as acupuncture, diet therapy, and others are yet to become popular among people
However, overall advantages of traditional Chinese medicine for skincare outpace these few constraints, and manufacturers are giving their best efforts in order to minimize these negative sides and excel further.
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What’s Driving Sales of Traditional Chinese Medicine for Skincare in the United States?
The United States is leading in North America as far as demand for traditional Chinese medicine for skincare is concerned, and is expected to remain dominant throughout the forecast period. Highly advanced manufacturing sectors and rise in application in various skin diseases are fuelling sales in the country.
As stated in a report published by the American Academy of Dermatology, in the U.S., approximately 85% of people between the ages of 12 and 24 experience minor acne at least once. According to the report, in the U.S., 1 in 10 people are likely to develop atopic dermatitis during their life time. No doubt that suppliers are targeting the U.S. in order to increase their sales footprint.
How Lucrative is Germany for Traditional Chinese Skincare Medicine Suppliers?
Germany is the epicenter of Europe’s market for traditional Chinese medicine for skincare, and is expected to maintain its lead through 2031. Rise in R&D activities and increase in application in diverse segments such as eczema, hyperpigmentation, and acne, to name a few, are bolstering market growth in Germany.
As stated in a report published by the NCBI, eczema, hyperpigmentation, and acne are some of the most prevalent skin issues, while increase in concerns among people are compelling them to spend significant amounts in order to treat such disease. According to the report, atopic eczema is one of the most common skin diseases in Germany, with an estimated economic burden of EUR 1.2 - 3.5 billion yearly. This explains why manufacturers are targeting Germany to raise their profit margins further.
Will Popularity of Ancient Traditions Lead to High Sales of Skincare Medicines in China?
Backed by advanced manufacturing units and increasing awareness regarding various skin diseases, China is the hotspot for traditional Chinese medicine for skincare manufacturers, and is likely to remain dominant in the near future.
According to a report published by the World Health Organization (WHO), skin disease deaths in China reached 7,365 or 0.08% of total deaths as in 2018.
As stated in the report, age-adjusted death rates due to skin diseases in China is 0.46 per 100,000 of population, making China rank 150 in the world. As more people are becoming concerned regarding this, the growth scope for traditional Chinese medicine suppliers is widening further in China.
How Will India Fare in Traditional Chinese Medicine for Skincare Sales?
India has been in the limelight in Asia Pacific for traditional Chinese medicine for skincare since the past decade, and is anticipated to sustain its position throughout the forecast period. Abundance of raw materials, growing demand from pharmaceutical sector, and high prevalence of skin diseases are surging demand in the country.
According to the India Brand Equity Foundation (IBEF) report, India is the largest provider of generic drugs globally, while the Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the U.S., and 25% of all medicines in the U.K. This gives a glimpse of the growing opportunities for traditional Chinese medicine for skincare suppliers in India.
Which Traditional Chinese Medicine for Skincare is the Most Sought-After?
Presently, Chinese herbal medicines are the most sought-after in terms of product, and are expected to remain dominant through 2031 owing to their various advantages, such as-
- Availability in wide variety such as body care, face care, and hand & foot care
- Effective in treating wide variety of skin problems, starting from acne to hyperpigmentation
- Less side-effects
Other key segments in terms of product that are bolstering market growth are acupuncture, diet therapy, and others.
An Adaptive Approach to Modern-day Research Needs
With the competition getting stricter, traditional Chinese medicine for skincare manufacturers are launching more diverse products.
- Eu Yan Sang recently launched its new range of herbal foot soak, facial acupuncture, and others.
- Solstice Medicine Company, Inc. launched is new advanced range of Chinese pain relief treatment solutions, Chinese herbal antifungal medicines, and others, a couple of years back.
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Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Customization & Pricing
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Market Segmentation by Category
- Traditional Chinese Herbal Medicines
- Traditional Chinese Herbal Medicines for Body Care
- Traditional Chinese Herbal Medicines for Face Care
- Traditional Chinese Herbal Medicines for Foot & Hand Care
- Traditional Chinese Herbal Medicines for Acupuncture
- Diet Therapy
- Traditional Chinese Herbal Medicines
- Traditional Chinese Herbal Medicines for Eczema
- Traditional Chinese Herbal Medicines for Psoriasis
- Traditional Chinese Herbal Medicines for Acne
- Traditional Chinese Herbal Medicines for Hyperpigmentation
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
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