South Korea Anti-acne Dermal Patch market to Eyewitness Huge Marginal Growth by 2030
Posted by Mrudula Karmarkar on August 12th, 2022
The South Korea anti-acne dermal patch market size is expected to reach USD 101.8 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 7.1% from 2022 to 2030. The Anti-acne dermal patch is a skin-care product that is used to reduce acne and pimples and restore clean and clear facial skin. It is applied on the facial skin surface specifically on the acne area and it works by absorbing any drainage from the pimple and covering the wound to prevent further trauma to the site. Some commonly used Anti Acne patches include the COSRX Acne pimple master patch, Klearme acne patch, and Quench Botanics acne patch.
The growing incidence of acne across the country is one of the major factors supporting the growth of anti-acne dermal patch market during the forecast period. According to a survey conducted in 2022 on skin problems of South Korean men, around 43.8% of respondents stated that they were concerned about skin problems such as acne & pimples
In South Korea, the market is expected to serve as a key revenue-generating center. As the Korean skincare movement is booming and can see growth at a significant rate attributed to changing lifestyles, an upsurge in cosmetic expenditure, and rising awareness of diseases, the focus on physical appearance is expected to create a lucrative opportunity for the market.
The global beauty & personal care industry has been hit hard due to the outbreak of coronavirus. The economic magnitude of the COVID-19 virus on retailers and brands was high, although this industry has gained normalcy and will prove resilient soon.
The anti-acne dermal patch is a medicated pimple patch filled with active ingredients that helps to eliminate the acne-causing bacteria and reduce inflammation. These patches improve the absorption of the active ingredients into the skin thus reducing pain, bumps, and redness, and are effective in curing inflamed acne, such as papules. The rising incidence of skin conditions such as severe acne and pimples is anticipated to drive the market for anti-acne dermal patches. Increasing demand for instant acne treatment and medication is one of the major factors supporting the growth of the market. Furthermore, the growing demand for anti-acne dermal patches among the population especially among the teenage group and young adults owing to its mass marketing across the social media platforms has also boosted its adoption over the past few years.
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However, the advent of the COVID-19 pandemic has hugely affected the overall market for anti-acne dermal patches. The given COVID-19 restrictions have significantly impacted the beauty and personal care industry. Owing the initial lockdown imposed across the world has led to a decline in sales of beauty products including acne patches, especially across the brick-and-mortar stores. Disruption in the supply chain and closure of cosmetic manufacturing plants across the globe are a few of the factors that have led to the significant decline in the growth rate of the anti-acne dermal patch industry in 2020. For instance, as per an article published by the Baird Investment Advisor Co., Ltd., the parent beauty, and personal care industry has witnessed a decline of 2-3% in 2020.
South Korea Anti-acne Dermal Patch Market Report Highlights
New product developments, collaborations, regional expansion, and mergers are key strategic initiatives undertaken. For instance, In September 2021, COSRX leading as skincare brand and known as the best in all Anti-acne dermal patch market product launched the upgraded COSRX master patch intensive, an upgraded version of the hydrocolloid patches that form a protective, air-tight, healing seal around the blemishes.
In January 2021, Hero Cosmetics, Inc., an award-winning leader in next-generation functional skincare, announced that it received a significant minority growth investment from Aria Growth Partners, a leading consumer-focused private equity firm. The investment will enable Hero to fuel continued growth, product innovation, and expanded distribution of its innovative, highly effective, and accessibly priced skincare products.
Some of the prominent players in the South Korea anti-acne dermal patch market include:
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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