Demand for traditional Chinese medicine for skincare is increasing steadily owing to the rising popularity of Chinese herbal medicines and similar products. With growing application in eczema, psoriasis, acne, and others, manufacturers of traditional Chinese skincare medicine are expected to gain higher revenues over the coming years.
As per a new report by Fact.MR, North America, Europe, and Asia Pacific will hold major chunk of the industry value and volume, while the United States, Germany, China, and a few other countries will offer significant opportunities for stakeholders in this industry, across regions.
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Key Takeaways from Market Study
- High demand for Chinese herbal medicines for body care, face care, and others likely to be witnessed.
- Growing application in eczema and psoriasis to cater to industry growth.
- The United States to remain the epicenter of North America’s market for traditional Chinese medicine for skincare.
- Germany to lead in Europe as far as traditional Chinese medicine for skincare is concerned.
- Asia Pacific to exhibit the fastest growth in the market.
- China, Japan, India, Canada, the United Kingdom, and South Korea to maintain positive industry outlook throughout the forecast period.
“Advancements in manufacturing, growing investments in R&D activities, and prominent demand for acupuncture, diet therapy, and various Chinese herbal medicines are expected to boost the sales of manufacturers over the coming years,”
says a Fact.MR analyst.
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Rising Prevalence of Skin Diseases Bolstering Demand for Traditional Chinese Medicine
Various traditional medicines for face care, body care, and foot & hand care are extensively being used for a diverse range of skin diseases such as eczema, psoriasis, hyperpigmentation, and acne, to name a few. As a result, rising prevalence of such diseases and skin-related issues is augmenting demand for traditional Chinese medicines, especially for skincare purposes.
According to a report titled “Burden of Skin Disease”, published by the American Academy of Dermatology, approximately 84.5 million Americans, which means one in four Americans, are affected by some kind of skin disease. According to the National Center for Biotechnology Information (NCBI), in Europe, some of the most common skin diseases are warts (41.3%), followed by acne (19.2%), and contact dermatitis (15%), as of 2018. This, in turn, is fuelling the sales traditional Chinese skincare medicine across geographies.
Who is Winning in this Space?
With the competition getting stricter, manufacturers of traditional Chinese medicine for skincare are launching a wider variety of quality products.
For instance,
- Integrated Chinese Medicine Holdings Ltd. recently launched its new range of Qianding Yunzhi, Qianding Yunzhi Family Pack, and others.
- Solstice Medicine Company, Inc. launched its new range of Beanne Extra Pearl Cream, Sanjin Uroplex Tablets, and others, a couple of years back.
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More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the traditional Chinese medicine for skincare market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (Chinese herbal medicines [body care, face care, and foot & hand care], acupuncture, and diet therapy), and application (eczema, psoriasis, acne, hyperpigmentation, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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