The global professional skin care market has almost doubled in size in 10 years, from $4.5 billion in 2010 to $8.5 billion in 2021. And the future looks robust, as sales are estimated to rise at a CAGR of 10% through 2026, which shows the strong momentum and opportunities that exist in this market.
According to Kline’s Professional Skin Care Global Series: Market Analysis and Opportunities, the gain of +10% in 2021 was truly powered by the medical dispensing outlet channel, which topped $2.5 billion, according to our 65-market estimate. Opportunistic markets include The Nordics, Australia, Japan, Mexico, and United Kingdom.
While some professional skin care outlets like spas and beauty institutes have experienced a tumultuous few years, the medical dispensing channel has skyrocketed before, during, and after the pandemic with no signs of letting up. Aesthetic non-surgical procedures are a good barometer of the market potential. According to The Aesthetic Society’s recently released 2021 procedure survey report, consumer demand for fillers and Botox were up 42% and 33%, respectively, from the prior year.
When it comes to purchasing pre- and post-aesthetic procedure products, Galderma’s acquisition of Alastin in 2022 is sure to contribute to the overall global growth of the market. The partnership has clear-cut benefits for both parties: Galderma can now pair its flagship injectable brands Dysport and Restylane with Alastin, known for its procedure pairing products. Alastin, meanwhile, will have rapid global expansion on the coattails of its new parent company’s strong global presence in the aesthetics space.
E-commerce, which had been experiencing dynamic growth for several years, continues to be an essential avenue for both brands and professional accounts alike to service customers and provide opportunities for them to easily replenish products in between visits. This dynamic has helped brand websites while also offering physicians revenue-sharing benefits.
In the past, aesthetic consumers have been fairly resilient when it comes to spending on themselves. It will be revealing to hear from consumers in our upcoming The Professional Skin Care Consumer: Attitudes and Behaviors Survey report how much they intend to spend this year and in 2023 in the face of inflation.
Kline’s Professional Skin Care Global Series: Market Analysis and Opportunities will be available in the second quarter of 2022, providing detailed insights on the competitive landscape, opportunities, and outlook.