Traditional Chinese Medicine for Skincare Market: Introduction
According to the report, the global traditional Chinese medicine for skincare market was valued at US$ 3.5 Bn in 2019 and is projected to expand at a CAGR of ~8% from 2020 to 2030. Traditional Chinese medicinal system is one of the oldest Chinese medicinal systems with focus on entire body’s well-being. Traditional Chinese medicinal system is based on balance, harmony, and energy. Different types of traditional Chinese medicine are used in the treatment of skincare problems such as eczema, acne, hypopigmentation, psoriasis, and others. The growth of the global traditional Chinese medicine for skincare market can be ascribed to the entry of pharmaceutical companies in the market and rise in popularity of traditional Chinese ingredients.
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Asia Pacific dominated the global traditional Chinese medicine for skincare market in 2019. The trend is anticipated to continue during the forecast period. Presence of major players, significant healthcare expenditure, early availability of new products, and increase in export of traditional Chinese medicine drive the market in Asia Pacific. Additionally, large patient base in countries such as India, Japan, and China and rise in the number of traditional Chinese medicine for skincare service providers drive the market in the country. North America is projected to be the second largest market for traditional Chinese medicine for skincare during the forecast period. It is likely to expand at a high CAGR during the forecast period.
Entry of Pharmaceutical Companies and Popularity of Traditional Chinese Ingredients to Drive Global Market
Pharmaceutical firms in China that treat TCM products are gradually entering the cosmetics market. This can be attributed to the consistent rise in the prices of fresh herbal medicinal ingredients, which makes it difficult to hold the cost of TCM products down, prompting these pharmaceutical firms to pursue a new source of revenue. The growing popularity of traditional Chinese ingredients due to increase in household income of customers in China is creating a major market for natural skincare goods, as consumers are willing to pay a premium to avail the advantages of organic beauty products.
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Chinese Herbal Medicine to Dominate Global Market
In terms of product type, the global traditional Chinese medicine for skincare market has been classified into Chinese herbal medicine, acupuncture, and diet therapy. The Chinese herbal medicine segment has been split into bodycare, face care, and foot & hand care. The Chinese herbal medicine segment dominated the global traditional Chinese medicine for skincare market in 2019 and the trend is likely to continue during the forecast period. Chinese herbal medicines are most commonly used in the treatment of skin disorders. Rise in prices and growing popularity of traditional Chinese medicine (TCM) have increased supply and demand for TCM. These factors are projected to fuel the growth of the segment during the forecast period.
Acupuncture was the second largest segment in terms of market share in 2019. The growth of the segment can be attributed to increase in its use to relieve pain and other skin problems.
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Acne to be Key Application Area of Traditional Chinese Medicine
Based on application, the global traditional Chinese medicine for skincare market has been categorized into eczema, psoriasis, acne, hyperpigmentation, and others. The acne segment accounted for a prominent share of the global traditional Chinese medicine for skincare market in 2019. Acne is a common skin condition. The increase in incidence of acne is anticipated to drive the segment over the next few years. Acne affects nearly 50 million people in the U.S. each year. The increase in demand for traditional Chinese medicine for acne treatment is expected to propel the segment during the forecast period.
Asia Pacific to Dominate Traditional Chinese Medicine for Skincare Market
In terms of region, the global traditional Chinese medicine for skincare market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the global traditional Chinese medicine for skincare market in 2019, followed by North America. Asia Pacific’s large market share can be ascribed to acne, which is a common skin condition. The increase in incidence of acne is likely to drive the segment over the next few years.
The traditional Chinese medicine for skincare market in North America is anticipated to expand at a significant CAGR from 2020 to 2030. Acne affects nearly 50 million people in the U.S. each year. The rise in demand for traditional Chinese medicine for acne treatment is projected to propel the segment during the forecast period.
Competition Landscape of Traditional Chinese Medicine for Skincare Market
The global traditional Chinese medicine for skincare market is fragmented in terms of the number of players. Key players operating in the global market include Shen-Nong Limited (Integrated Chinese Medicine Holding Ltd), Jahwa, Solstice Medicine Company, Inc., Yuannan Baiyao, The Mentholatum Company, and Eu Yan Sang.
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