Cosmeceuticals Market Overview

Cosmeceuticals Market Size was valued at USD 14.5 billion in 2022. The Cosmeceuticals market industry is projected to grow from USD 15.64 Billion in 2023 to USD 24.67 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.89% during the forecast period (2023 - 2030). Increasing demand for anti-aging products, growing consumer awareness, rising disposable incomes, technological advancements, increasing demand for natural and organic products, expansion of e-commerce, and celebrity endorsements are the key market drivers enhancing the market growth.

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.

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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.

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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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