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DNA-based Skin Care Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global DNA-based skin care products market was valued at USD 1.1 billion in 2022 and is projected to expand at a CAGR of 19.2% from 2023 to 2030. The rising awareness among consumers regarding their genetic makeup is anticipated to drive the market growth. DNA-based skincare is a personalized approach to skincare, which takes into consideration the genetic makeup of an individual. The trend of personalizing skin care products is gaining traction in the market, as people are becoming increasingly aware of their genetic makeup and its impact on their skin.
Furthermore, the increasing disposable income of consumers is driving demand for premium skin care products, which is further fueling the market growth. Companies are launching customized skin care lines that are DNA-based and designed to fit the needs of an individual consumer. For instance, in October 2021, GeneU launched its personalized skin care range, which is based on the consumer’s DNA. The range includes products such as cleansers, creams, and serums.
The growing trend of personalized skin care and the rising awareness of consumer genetics are driving the demand for DNA-based skin care products. Companies are entering into strategic partnerships to develop personalized skin care products. For instance, in October 2021, Procter & Gamble and Genomics plc collaborated to develop personalized skin care products using the latest advances in genomics and artificial intelligence.
The growing prevalence of skin disorders and the rising demand for organic and natural skin care products are expected to create lucrative opportunities for the market. Companies are launching products that are clinically tested and contain natural ingredients, such as vitamins, minerals, and plant extracts, which are safe for the skin. For instance, in April 2021, AmorePacific Group launched its ‘DNA Skin Care’ range of products for skincare that is tailored to each individual’s skin type.
The growing popularity of online retail channels is expected to create potential opportunities for the market in the coming years. Consumers are increasingly shifting from brick-and-mortar stores to online stores due to the convenience and availability of a wide range of products. Furthermore, the availability of discounts and offers on products is driving consumers to purchase products through online channels. This is expected to benefit the market in the long run.
Product Insights
The DNA-based skin care segment led the market and accounted for a share of around 30.0% in 2021. Increasing awareness among consumers regarding personal hygiene and grooming is driving the demand for DNA-based skin care products over the years. According to an article published by DNA Skin Care, in March 2021, 80% of consumers are aware of the benefits that DNA-based skin care products offer. Furthermore, macro-level factors such as rising disposable income among consumers and mushrooming growth of distribution channels are bolstering the demand for DNA-based skin care brands worldwide.
The DNA-based anti-aging segment is anticipated to expand at the fastest CAGR of 10.1% over the forecast period. Growing adoption of organic anti-aging products, rising trends for grooming and styling, and the emergence of various DNA-based anti-aging brands are some of the key factors driving the anti-aging market growth revenue. According to an article published by DNA Skin Care, in November 2021, 50% of consumers believe that DNA-based anti-aging products are the best way to fight the signs of aging. In addition, increasing fashion trends and beauty awareness among individuals is another factor driving the growth of the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 34.2% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase beauty and personal care products. According to a study by Research and Markets in 2020, consumers prefer to purchase skin care products through physical stores due to the availability of a large variety of products and easy access. Moreover, the rising trend of experiential shopping in physical stores is expected to drive the segment growth.
The online segment is anticipated to expand at the highest CAGR of 13.1% over the forecast period. E-commerce development in the personal care and skincare industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in August 2022, SkinDNA launched its new website, offering a wide range of personalized skin care products tailored to the consumer’s DNA profile. The website also provides customers with expert advice and opinions on choosing the best skin care regime. Additionally, the availability of discounts and offers on online platforms is expected to further drive the segment growth.
Type Insights
The products segment is anticipated to hold the largest market size in 2022. DNA-based skincare products come in the form of serums, creams, lotions, and others. These products help maintain the health of the skin, prevent premature aging, and reduce wrinkles. The increasing awareness about the effectiveness of DNA-based skincare products has boosted the demand for these products. The serums segment is expected to account for the highest revenue share in the market, as they contain high concentrations of the active ingredients and can penetrate deeply to repair the skin.
The services segment is anticipated to expand at the highest CAGR of 11.1% over the forecast period. The rising demand for personalized skincare products is driving the growth of the segment. DNA-based skincare services include skin analysis, genetic testing, and personalized skincare advice. These services help diagnose skin problems and provide the user with the most suitable skincare products that are tailored to their skin type. Professional services are more expensive than products and require a large capital investment. However, the increasing demand for personalized skincare products is likely to drive the segment in the forecast period.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 38.6% in 2022. The presence of prominent players such as L’Oréal, Beiersdorf, and Unilever is a key factor driving the growth of the market in the region. The rising demand for personalized skin care products is further aiding the growth of the market. For instance, in March 2021, L’Oréal launched its personalized skin care product SkinCeuticals Custom D.O.S.E in the European market.
North America is expected to witness the second-fastest growth in the coming years. The increasing acceptance of DNA-based skin care products among consumers in the region is driving the growth of the market. Increasing awareness about the benefits of personalized skin care products is further expected to fuel the growth of the market. For instance, in April 2021, Curology launched its personalized skin care products in the U.S. market.
Financial Projections
In this part of the skin care products business plan, we will provide a detailed breakdown of the income and expenses associated with the business. This includes a projected cash flow statement and capital requirements. Generally, these financial projections are made for a 5-year period.
Revenue Assumptions
The primary source of income for a DNA-based skin care products business comes from the sale of the products themselves, as well as any other related services. Additionally, income can come from advertising, sponsorship, and other promotional activities.
Projecting Expenses
In this section, all the regular expenses related to keeping the skin care products business running will be outlined. These can include expenses such as personnel costs, research and development costs, marketing and advertising costs, insurance, utilities, shipping and handling costs, and any other miscellaneous costs.
Key companies & market share insights
Some of the key companies operating in the DNA-based skin care products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Olay launched a DNA-based skin care line, which includes a face wash, serum, and moisturizer.
– In August 2022, L’Oréal launched its first DNA-based skin care range featuring a cleanser, moisturizer, and serum.
– In September 2022, Neutrogena launched its own line of DNA-based skin care products, including a cleanser, moisturizer, and serum.
Some of the prominent players in the DNA-based skin care products market include:
– Olay
– L’Oréal
– Neutrogena
– Garnier
– Aveeno
– RoC
– P&G
– Unilever
– Estee Lauder
– Shiseido
Global DNA-based Skin Care Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global DNA-based skin care products market based on product, application, distribution channel, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Serums
– Creams
– Lotions
– Facial Masks
– Others
2. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Age-related Skin Care
– Acne Treatment
– Hyperpigmentation
– Others
3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: The increasing demand for personalized skin care products is driving the growth of the DNA-based skin care products market. The increased availability of personalized skin care products has resulted in the emergence of innovative products and services such as DNA-based skin care products. These products are designed to meet the specific needs of customers based on their genetic makeup, lifestyle, and environmental conditions. The rapid growth of the personalized skin care products market is also attributed to the growing awareness about personalized skin care products and the increasing demand for skin health maintenance.
[Q]: Who are the Key Players in the DNA-based Skin Care Products Market?
[A]: Some of the key players in the global DNA-based skin care products market are Olay, Beiersdorf AG, L’Oréal S.A., The Estée Lauder Companies Inc., Unilever PLC, The Procter & Gamble Company, Johnson & Johnson Consumer Inc., and Avon Products Inc.
[Q]: Which Region Offers the Largest Opportunity for Sales of DNA-based Skin Care Products?
[A]: North America is expected to be the largest market for DNA-based skin care products, accounting for more than 32% of the global market share in 2020. This is due to the increasing demand for personalized skin care products in the region and the presence of leading players in the region.
[Q]: What are the factors driving the DNA-based skin care products market?
[A]: The key factors driving the market growth include the increasing demand for personalized skin care products, the growing awareness about the benefits of DNA-based skin care products, the growing prevalence of skin diseases, the rising number of beauty salons, and the increasing disposable incomes.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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