The Africa cosmeceutical market size was USD 3.32 Billion in 2022 and is likely to reach USD 6.03 Billion by 2031, expanding at a CAGR of 6.86% during 2023–2031. The growth of the market is attributed to rising disposable income and increasing spending on beauty products among women.
Cosmeceuticals contain bioactive components with medical properties. They are applied locally in the form of creams or lotions, and contain chemicals that can impact skin cell activity. The creation of novel active ingredients in the cosmetics sector has been aided by advancements in pharmaceutical and biotechnology industries.
Africa Cosmeceutical Market Trends, Drivers, Restraints and Opportunities
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Rising aging population and increasing consumer awareness about benefits of beauty products are anticipated to propel the market growth during the projected period.
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Increasing demand for natural and herbal skin care products is estimated to fuel the market growth.
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High cost of natural and herbal cosmetics as well as rigorous government regulations on raw ingredients can hamper the growth of the market.
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Growing consumer awareness about the adverse consequences of cosmetic components can hinder the market expansion during the forecast period.
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Increasing utilization of home remedy solution is estimated to inhibit the market growth.
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Rising spending on research and development and technological advancements regarding cosmeceutical treatments and organic product development are expected to provide considerable opportunities for market participants in the projected timeline.
Scope of Africa Cosmeceutical Market Report
The report on the Africa cosmeceutical market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Africa Cosmeceutical Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Types (Skin Care [Anti-acne, Anti-Aging, Sun Protection, Moisturizers], Hair Care [Shampoos & Conditioners, Hair Colorants, and Dyes) Lip Care, and Oral Care) Distribution Channels (Supermarket/Hypermarkets, Online Retail, Convenience Stores, Specialist Stores, and Others),
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Country
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South Africa, Egypt, and Rest of Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Procter & Gamble; Unilever PLC; L'Oréal SA; Shiseido Co. Ltd; and Bayer AG
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Africa Cosmeceutical Market Segment Insights
Skin care segment is expected to grow at a rapid pace
Based on product types, the market is divided into skin care, hair care, lip care, and oral care. The skin care segment is further categorized as anti-acne, anti-aging, sun protection, and moisturizers. On the other hand, the hair care segment is divided into shampoos & conditioners, hair colorants, and dyes. The skin care segment is expected to grow at a rapid pace during the forecast period owing to increasing awareness of skin care among consumers.
Specialist stores segment is projected to expand at a considerable CAGR
On the basis of distribution channels, the Africa cosmeceutical market is segregated into supermarket/hypermarkets, online retail, convenience stores, specialist stores, and others. The specialist stores segment is projected to expand at a considerable CAGR during the forecast period due to convenience in shopping and assistance of sales personnel. On the other hand, the online retail segment is anticipated to account for a major market share during the forecast period due to increasing number of online sales channels, rising technical advancements, and presence of variety of discounts. Most of companies are expanding their online presence owing to increasing penetration of Internet across the globe.
South Africa is anticipated to constitute a key market share
In terms of regions, the market is classified as south Africa, Egypt, and Rest of Africa. South Africa is expected to constitute a key share of the market during the projected period. The prevalence of hectic lifestyles and growing awareness about hair and beauty products are major factors driving the country’s market growth.
Segments
The Africa cosmeceutical market has been segmented on the basis of
Product Types
- Skin Care
- Anti-acne
- Anti-Aging
- Sun Protection
- Moisturizers
- Hair Care
- Shampoos & Conditioners
- Hair Colorants
- Dyes
- Lip Care
- Oral Care
Distribution Channels
- Supermarket/Hypermarkets
- Online Retail
- Convenience Stores
- Specialist Stores
- Others
Country
- South Africa
- Egypt
- Rest of Africa
Key Players
- Procter & Gamble
- Unilever PLC
- L'Oréal SA
- Shiseido Co. Ltd
- Bayer AG
Competitive Landscape
Key players competing in the Africa cosmeceutical market are Procter & Gamble; Unilever PLC; L'Oréal SA; Shiseido Co. Ltd; and Bayer AG.
Companies are engaging in partnerships with various distribution partners to expand their market share.
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