Cosmeceuticals Market Size And Forecast
Cosmeceuticals Market size was valued at USD 41.5 Billion in 2020 and is projected to reach USD 80.67 Billion by 2028, growing at a CAGR of 8.64 % from 2021 to 2028.
The global Cosmeceuticals Market has witnessed strong growth owing to the increasing awareness of consumers about their physical appearance, the rising desire of people to maintain healthy skin without using chemicals, and the increasing urban population coupled with rising consumer awareness related to the benefits of cosmeceuticals. The Global Cosmeceuticals Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Cosmeceuticals Market Definition
Cosmeceuticals refer to cosmetic products with bioactive ingredients meant to have medicinal benefits. It could be a drug, a cosmetic, or both. Like cosmetics, they are applied topically as creams or lotions but hold active ingredients that affect skin cell function. In remarkable cases, their action is restricted to the skin surface, while others can stick to more profound levels, each enhancing or restricting normal skin functions. These are commercially available as either medicine products or over-the-counter products. Cosmeceutical active ingredients are continuously being improved by all types of companies involved in pharmaceuticals, biotechnology, natural products, and cosmetics, while advancements in the field and knowledge of skin biology and pharmacology have improved the cosmetic industry’s growth of novel active compounds more fastly.
Cosmeceuticals are in huge demand due to a shift from synthetic personal care products to natural products. Ideally, cosmeceuticals should be clinically tested to guarantee they have a determined benefit and can confirm their claims. However, the cosmeceutical industry is extensively unregulated and uncontrolled. Like medicines, cosmeceuticals are not compelled to evaluation by the Food and Drug Administration (FDA) in the United States and the Therapeutic Goods Administration (TGA) in Australia. Although they are normally tested for protection, they do not have to undergo testing to ensure the claims they make concerning efficacy (effectiveness) are correct.
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Global Cosmeceuticals Market Overview
The global Cosmeceuticals Market is principally driven by the increasing awareness of consumers about their physical appearance. The incipience of cosmeceuticals has revolutionized the cosmetic and personal care industry. These products, unlike makeup products, can determine the origin of the defects rather than just treating them. In addition, the rising desire of people to maintain healthy skin without using chemicals is adding fuel to the market growth. Moreover, the increasing urban population coupled with rising consumer awareness related to the benefits of cosmeceuticals is contributing to market growth. Besides, the application of advanced technologies such as plant stem cell technology, and nanotechnology for the advancement of new active ingredients also foster the growth of the global Cosmeceuticals Market.
Furthermore, it has been remarked that the demand is huge among the people of age group 30-45. Over the past few years, the decreasing mortality rate has given rise to the aging population across the globe. People living longer and requiring maintaining their young appearance is absolutely influencing market growth globally. The need for anti-aging products to limit hair damage, age spots, uneven skin tone, dry skin, and wrinkles is on the climb. This, in turn, has produced opportunities for new elements and variations in the cosmetic industry, thus addressing the manufacturer’s concentration on active anti-aging-based skin products.
However, the FDA does not mandate clinical trials for cosmetics that lead to safety and effectiveness issues related to these products, which is expected as a major factor restraining market growth. Moreover, the emergence of counterfeit and cheap cosmetics may also limit market growth. Nevertheless, the rising number of middle-aged people, a burgeoning urban population, and fast-paced life are predicted to offer lucrative opportunities for the targeted market.
Global Cosmeceuticals Market: Segmentation Analysis
The Global Cosmeceuticals Market is Segmented on the basis of Product, Distribution Channel, and Geography.
Cosmeceuticals Market, By Product
• Skincare
• Haircare
• Oral Care
Based on Product, the market is bifurcated into skincare, haircare, and oral care. The skincare segment dominated the global Cosmeceuticals Market in the year 2019 due to the increasing awareness of consumer’s focus on protecting their skin. For instance, BB creams can also work as sunblock cream, apart from a make-up serum and moisturizer. Products like these are growing widely popular owing to their convenience, thereby encouraging the skincare category in this segment. Haircare is also expected to witness considerable growth in the future owing to an escalation in the demand for products such as hair oil, hair color, shampoo, and conditioner.
Cosmeceuticals Market, By Distribution Channel
• Supermarkets and Specialty Stores
• Online Platform
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Based on Distribution Channel, the market is bifurcated into supermarkets and specialty stores, and online platform. The supermarkets and specialty stores segment dominated the global Cosmeceuticals Market share in 2019. This growth is attributed to aggressive promotions and several marketing strategies of the distributors and manufacturers in the specialty stores, such as offers on huge quantity purchases. The online distribution channel is also anticipated to witness significant growth over the forecast period owing to technological progressions and increasing adoption of the technology among consumers.
Cosmeceuticals Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the world
On the basis of regional analysis, the Global Cosmeceuticals Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Cosmeceuticals Market in the Asia Pacific is expected to observe the highest CAGR during the forecast period. The market in this region is growing traction due to extensively expanding emerging economies. This has fortunately paved the way for the companies to open their offices in the extremely populated nations in this region. The prevalence of e-commerce or e-tailing in the countries of this region has accommodated the people move out to more excellent quality brands of these products.
Key Players
The “Global Cosmeceuticals Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Johnson & Johnson, Procter & Gamble, Sabinsa Corporation, L’Oréal, Allergan, AVON, Estee Lauder, Unilever, Beiersdorf, and Croda International Plc.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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