Cosmeceuticals Market Global Industry Size, Share by Forecast 2020-2030
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 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 Key Cosmeceuticals Market Players 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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