The global DNA-based skin care market size is set to exhibit growth at a CAGR of 5.3% in the forecast period from 2022 to 2032. It is expected to grow steadily and reach US$ 4.7 Billion in 2022 and US$ 8.2 Billion in 2032. The rising consumer spending is estimated to accelerate the beauty and personal care industry, which is projected to drive the sales of DNA-based skin care products.
DNA-based skin care is the formulation and development of personalized skin care products that are specific to the DNA of patients. It includes the extraction of DNA by a cheek swab and analysis of the same to detect the skin’s inherent condition in terms of sun protection, collagen formation, antioxidant, glycation, and inflammation.
The increasing expenditure on health and wellness products and the ongoing advancement in the field of genomics are expected to bode well for the market. The inherent desire to look young, especially among the geriatric population is another factor that is set to drive the market.
The surging influence of social media, the lower prices of genetic diagnostics, and the expansion of the tourism industry are some of the vital factors that are estimated to fuel the market. In addition, rising investments by numerous renowned, as well as start-up companies in the development of personalized medicines for the skin is expected to accelerate the market.
In March 2022, for instance, CureSkin, a Bengaluru-based artificial intelligence-driven skin care and beauty brand, successfully raised US$ 5 million funding from JSW Ventures. The company is aiming to expand its adjacent categories and grow its customer base with the help of this funding. The rising entry of new players in the market and their surging investments are therefore set to augment the market.
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Which are Some Prominent Drivers Spearheading DNA-Based Skin Care Market Growth?
The desire to slow down the signs of aging among millennials is a major factor that is projected to accelerate the DNA-based skin care market growth in the upcoming years. Promotional campaigns and aggressive advertising by large and niche companies are likely to play an important role in influencing consumer behavior.
The ability to spend more on cosmetics and beauty solutions is anticipated to augur well for the market. As everyone’s skin is different, the need for a regimen that is specifically tailored for an individual’s own requirement is set to grow.
Many people are expected to replace the generic approach of over-the-counter items with novel and customized regimens. The increasing number of campaigns conducted by skincare specialists to directly engage with customers is projected to propel the market.
What are the Challenges Faced by the DNA-Based Skin Care Industry?
Regulatory bodies of various countries often do not approve what goes in cosmetics and personal care products before these are sold in the market. Some of the agencies only regulate the colors that can be utilized in such products. The trend of buying products that do not have controversial ingredients, especially those derived from paraben, Sodium Lauryl Sulfate (SLS), and petroleum is surging at a fast pace. However, several reports have showcased that a few ingredients are not safe for use and can cause side-effects. Spurred by the above-mentioned factors, the sales of DNA-based skin care products may get hampered in future.
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Why is North America Emerging as an Opportunistic DNA-Based Skin Care Market?
North America is anticipated to generate the largest DNA-based skin care market share in the upcoming years. The immense popularity of clean, sustainable, and consumer-driven ingredient compositions in the U.S. cosmetics industry is projected to propel the market.
The high purchasing power of people in the U.S. and the presence of a large number of established brands are a couple of other factors that are set to accelerate the growth. The surging demand for premium, personalized skin care among people is also expected to bolster the market in North America.
How is Asia Pacific Contributing to Growth of the DNA-Based Skin Care Market?
The ongoing development of numerous innovative skin care products by renowned companies based in India, China, Malaysia, and Singapore is expected to augment the demand for DNA-based skin care products in Asia Pacific. The rapid expansion of the e-commerce sector is another factor that is likely to augur well for the regional market.
In April 2021, for instance, Anake, a Singapore-based firm, introduced its new DNA-based skin care service to allow customers to make more informed purchase decisions amid the COVID-19 dominated world. It aims to help customers to find new products that are best for their skin and are not just an influencer’s recommendation or a brand name. Thus, the launch of similar other services across Asia Pacific is estimated to spur the market.
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Market Competition
Some of the prominent players present in the global DNA-based skin care market are ALLÉL, IMAGENE LABS, Genetic Beauty, DNA Skin Institute, EpigenCare, ANAKE, Caligenix, LifeNome, SKINSHIFT, and SkinDNA among others.
The global market is highly fragmented with the presence of various international and domestic companies. Many companies are gradually shifting towards artificial intelligence to provide individualized suggestions and track daily skin changes to react to the shift in lifestyles. Meanwhile, some of the other key players are striving to develop DNA testing kits for customers to enable them to make informed decisions associated with their genetic composition.
Scope of Report
Growth Rate
CAGR of 5.3% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2015-2020
Forecast Period
2022-2032
Quantitative Units
Revenue in USD Million and CAGR from 2022-2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered
- Product Type
- Distribution Channel
- End Use
- Region
Regions Covered
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
Key Countries Profiled - U.S
- Canada
- Brazil
- Argentina
- Germany
- U.K
- France
- Spain
- Italy
- Nordics
- BENELUX
- Australia & New Zealand
- China
- India
- ASEAN
- GCC
- South Africa
Key Companies Profiled
- ALLÉL
- IMAGENE LABS
- Genetic Beauty
- DNA Skin Institute
- EpigenCare
- ANAKE
- Caligenix
- LifeNome
- SKINSHIFT
- SkinDNA
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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