NEW YORK, May 11, 2021 /PRNewswire/ -- As per a study by Fact MR, the global traditional Chinese medicine for skincare market is forecast to exceed the valuation of US$ 7 Bn over the duration of 2021 to 2031. According to the study, growing demand for acupuncture and various Chinese herbal medicines from developing countries is boosting sales. Engagement of modern manufacturing methods and traditional medicines along with flooding investment towards developing better medicines will drive the market sales for the forecast period.
According to a report published by the American Academy of Dermatology titled "Skin Conditions by the Numbers", annually around 50 million Americans suffers from acne skin condition. Soaring number of skin acne patients is propelling the global market demand. COVID-19 pandemic did slow the traditional Chinese medicine for skincare market but with relaxation in trading, a steady recovery is on the card.
"Traditional Chinese medicine is gaining popularity among emerging economies for its low cost and high effectiveness. Lack of safety regulation for manufacturing and approval of such medicines is slowing the traditional Chinese medicine for skincare market growth", said a lead analyst at Fact.MR.
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Key Takeaways
- North America is the epicenter for traditional Chinese medicine for skincare market demand. Application of traditional Chinese medicine in wide range of skin diseases will aggravate the market sales.
- Growing cases of eczema and hyper-pigmentation in Europe and increasing investment from customers towards treatment will bolster the market growth.
- China dominates the traditional Chinese medicine for skincare market owing to presence of advanced manufacturing units and growing awareness campaigns for skin diseases.
- India remains a lucrative market for traditional Chinese medicine for skincare. Abundance of resources and booming pharmaceutical sector elevates the market demand.
- Consistent research and development towards developing multi application skincare products will boost the market growth.
Prominent Drivers
- Rising prevalence of skin diseases accelerates the traditional Chinese medicine for skincare market demand.
- Adoption of traditional Chinese medicine for manufacturing body care and face care products heightens the market growth.
- Incorporation of traditional Chinese medicine in treatment of psoriasis and eczema will positively affect the market growth.
Key Restraints
- Complex processing method of traditional Chinese medicine for skincare restraints the market growth.
- High cost of manufacturing traditional Chinese medicine for skincare is also restricting the market growth.
- Lack of awareness among people towards acupuncture and diet therapy slows the market demand.
Discover more about the traditional Chinese medicine for skincare market with 85 figures and 48 data tables, along with the table of contents.
https://www.factmr.com/report/traditional-chinese-medicine-for-skincare-market
Competitive Landscape
Leading players operating in traditional Chinese medicine for skincare market profiled by Fact.MR include Integrated Chinese Medicine Holdings Ltd., Solstice Medicine Company, Inc., The Mentholatum Company, Yuannan Baiyao, Shanghai Jahwa United Co., Ltd., Eu Yan Sang.
Manufacturing and diversify the range of products is the main area of focus among the key market players. High competition is pushing leading players to develop innovative products for strengthen their market hold.
For instance new range of Qianding Yunzhi, Qianding Yunzhi Family Pack was launched by Integrated Chinese Medicine Holdings Ltd.
New range of Beanne Extra Pearl Cream, Sanjin Uroplex Tablets was launched by Solstice Medicine Company, Inc.in 2019.
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More Valuable Insights on traditional Chinese medicine for skincare market
Fact.MR, in its new report, offers an unbiased analysis of the global in traditional Chinese medicine for skincare market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on in traditional Chinese medicine for skincare market on the basis of Product type (Traditional Chinese Herbal Medicines, Traditional Chinese Herbal Medicines for Acupuncture, Diet Therapy), Application (Traditional Chinese Herbal Medicines for Eczema, Traditional Chinese Herbal Medicines for Psoriasis, Traditional Chinese Herbal Medicines for Acne, Traditional Chinese Herbal Medicines for Hyperpigmentation) across regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
Key Questions Covered in the Report
- Which factor will be the most crucial for traditional Chinese medicine for skincare market?
- What is likely to be the future outlook of traditional Chinese medicine for skincare market?
- What are the key drivers and restraints for traditional Chinese medicine for skincare market?
- Which region has the highest growth rate in traditional Chinese medicine for skincare market?
- Which are the leading players operating in traditional Chinese medicine for skincare market?
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