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.
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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.
Global Traditional Chinese Medicine for Skincare
Market: Segmentation
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