DNA-based Skin Care Products Market Likely To Touch At $11.7 Billion By 2025: Grand View Research Inc.

 

The global DNA-based skin care products market size is expected to reach USD 11.7 billion by 2025, according to a new report by Grand View Research, Inc., 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.

The Beauty and Personal Care (BPC) industry has witnessed a decline in the wake of the Covid 19 pandemic, but the impact is not as severe as seen in other industries. Although discretionary spending has reduced, the BPC market has witnessed a consumer behavioral shift towards safe and reliable products. Products that have a lower risk of contamination owing to automation and longer shelf lives helping the rationing of consumer supplies are expected to stand out in the near future. Brands are also focusing on improving their supply lines in terms of strengthening their E-commerce channel along with offering at-home wellness products, which are highly suited in this volatile business environment. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.

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.

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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.

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; ALLÉL; and SkinDNA.

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; ALLÉL; SkinDNA; Targeted DNA; Jinomz; and Evergreen Health Solutions Ltd.

Skincare has never been one-size-fits-all and as a result, there is high consumer demand for bespoke products that suit individual and unique needs. DNA-based skincare provides users a host of benefits such as sun protection, collagen formation, increased antioxidants, and inflammation control. Genetic testing for design suitable solutions has become much easier and convenient in recent years and provides accurate results in minimum time. Several companies involve users in the product formulation process after the testing, a trend that has attracted many consumers.

At-home DNA testing has also become common among consumers, with players offering a host of simple, easy-to-use kits. Various DNA kits are available in the market which provides detailed family history and wellness reports based on genetics. This also provides personalized products suggestion as per the test results. These tests can make recommendations about grooming and beauty routines by examining one’s genetic markers and understanding their skin’s genetic profile. The tests shed light on some of the major concerns like wrinkles and fine lines, skin elasticity, antioxidants, pigmentation, collagen quality, sensitivity, and sun protection. With the increasing acceptance of DNA testing among consumers, the cost of the same has also decreased to a certain extent in the recent past, thereby making it accessible to a relatively larger consumer base.

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The beauty and personal care industry has witnessed steady growth with rising consumer spending. This trend is particularly true for the millennial population segment, fueled by the desire to slow down signs of aging. Aggressive advertising and promotional campaigns by niche and large players have also played a significant role in influencing consumer behavior. With increasing inclination and ability to spend on beauty and cosmetic solutions, the market will continue to grow.

Rising demand for genetic testing services and skincare products in China, Brazil, and Germany has resulted in product innovations and various market developments. Players are investing in several strategic activities, such as acquisitions and mergers, innovations, new launches, and capacity expansions. Leading vendors include Imagine Labs; EpigenCare; Caligenix; EpigenCare Inc.; SkinGenie; Danskin; ALLÉL; SkinDNA; Targeted DNA; Jinomz; and Evergreen Health Solutions Ltd.

Grand View Research has segmented the global DNA-based skin care products market on the basis of product, distribution channel:

DNA-based Skin Care Product Outlook (Revenue, USD Billion, 2015 - 2025)

• Creams
• Serums
• Others

DNA-based Skin Care Products Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)

• Online
• Offline

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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