Cosmeceuticals Market Outlook
The cosmeceuticals market is expected to grow at an 8.50% CAGR by 2030, reaching USD 24.56 billion.
The growing middle-aged population, burgeoning urban population, and fast-paced lifestyle are expected to provide lucrative opportunities for the targeted market. The introduction of COVID-19 significantly hampered global demand for cosmeceuticals. Furthermore, the market had a significant drop in the number of patient appointments recorded by pioneering dermatologists. Combined, the closure of shops involved in distributing these products during the lockdown is one of the few primary reasons for the negative impact on the market. Furthermore, elective procedures involving medical aesthetic processes were discontinued to prevent the spread of COVID-19, and patient crowding at specialty clinics involved in beautification treatment decreased.
The global Cosmeceuticals Market size is driven primarily by consumers' growing concern about physical appearance. The growing urban population and increased consumer awareness of the benefits of cosmeceuticals fuel market growth. Furthermore, the use of advanced technologies such as plant stem cell technology and nanotechnology to advance new active ingredients contributes to the growth of the global Cosmeceuticals Market. It has also been noted that the demand is high among people aged 30-45. In recent years, the decreasing mortality rate has resulted in an aging population worldwide. The demand for anti-aging products to prevent hair loss, age spots, uneven skin tone, dry skin, and wrinkles is growing. As a result, new elements and variations in the cosmetic industry have emerged, addressing the manufacturer's focus on active anti-aging-based skin products.
Market segmentation:
The cosmeceuticals market is divided into segments based on factors such as product type, packaging material, and distribution channel.
Based on product type:
- Haircare
- Skincare
- Oral Care
Based on packaging material:
- Metal
- Plastic
- Glass
- Other
Based on distribution channel:
- Online Platform
- Supermarkets and Specialty Stores
Regional analysis:
According to geographical reports, the Cosmeceuticals Market Overview’s is rapidly expanding in various developing countries, including Asia-Pacific, Europe, North America, and the rest of the world.
Asia-Pacific dominated the global market in cosmeceuticals in 2021, contributing USD 18.8 billion. This region's market is gaining traction due to rapidly expanding emerging economies. This has fortunately allowed companies to open offices in the region's densely populated countries. The prevalence of e-commerce or e-tailing in these countries has allowed people to shift to higher quality brands of these products.
North America had the world's second-largest market share. This is due to the availability of a large patient pool suffering from dermatological ailments such as eczema and melanoma. Further, the region's rapid adoption of progressive dermatology products is another factor propelling this region's market share.
Europe dominated the market, owing to the increasing use of novel cosmeceutical products and the increasing prevalence of skin ailments such as acne.
Recent developments:
· In July 2021, scientists in Chennai discovered a key ingredient with UV protection and anti-aging properties for luxury cosmetic and skincare products in a novel strain of bacteria found on seabed sediment in the Andaman Sea. They extracted the gene code responsible for this ingredient and placed it in common bacteria for culturing and large-scale production.
· In June 2021, Procter & Gamble launched GoodSkin MD, a new sensitive skincare brand. The brand soft-launched on its D2C site and is now available on CVS.com and physical shelves. The brand is intended to be gender-neutral and aimed at the millennial market.
Frequently Asked Questions (FAQ):
What is Cosmeceuticals Market Top Market Key Vendors?
L'Oréal S.A. (France), Allergan Plc. (Ireland), Avon Products Inc. (UK), Johnson & Johnson (US), Procter & Gamble Co. (US), The Estée Lauder Companies Inc. (US), Merck & Company Inc. (US), Royal DSM NV (Netherlands), Unilever NV (Netherlands), Evonik Industries AG (Germany)
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