Cosmeceuticals Market Size, Share & Growth | Forecast [2031]

Report Description

The Global Cosmeceuticals Market size was valued at USD 55.01 Billion in 2022 and is expected to surpass USD 113.69 Billion by 2031, expanding at a CAGR of 8.4% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising awareness among consumers’ of its appearance, growing concern among people to maintain skin health without the use of chemicals.

Cosmeceuticals refer to cosmetics containing bioactive ingredients with medicinal properties, which can be drugs, cosmetics, or both, just like cosmetics, they are used locally in the form of creams or lotions, but contain substances that affect the function of skin cells. They are commercially available as drugs. Advances in pharmaceuticals, biotechnology, natural products, and cosmetics companies have promoted the development of new active ingredients in the cosmetics industry.

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Market Trends, Drivers, Restraints, and Opportunities

• Increasing ageing population and rising consumer awareness is expected to boost the market during the forecast period.

• Rapid growth of the cosmeceuticals industry due to rising demand of natural and herbal products for skin care is major factors fuelling the market.

• Rising disposable income and consumer awareness among women about beauty is anticipated to drive the market during the forecast period.

• High cost of natural and herbal cosmetic products and strict government regulation on raw materials are projected to restrict the market growth.

• Increasing awareness among consumers about harmful effects of ingredients used in cosmetics act as major factors that can hamper the market growth during the forecast period.

• R&D investment and technological advancement in cosmeceutical treatments and development of organic products are projected to offer significant opportunities for the market players.

Scope of Cosmeceuticals Market Report

The report on the global cosmeceuticals market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Cosmeceuticals Market Segment Insights

The anti-ageing segment is projected to hold a major market share

On the basis of product types, the cosmeceuticals market is divided into lip care, oral care, skin care, and hair care. The skin care segment is further segregated into anti-ageing, anti-acne, moisturizers, sun protection, and others. The anti-ageing segment is expected to represent a key share of the market during the forecast period. With growing awareness, it has become particularly important for consumers to use preventive skin care products to protect their skin.

For example, cream can be used as sunscreen, as well as makeup essence, and moisturizer. However, the skin care segment is expected to show market growth as other skin care products guards the skin from exposure to harmful ultraviolet radiation can cause premature skin ageing and even skin cancer. This consumer awareness is raising consumer focus on the necessity of using preventive skin care products to protect the skin. It is expected that the demand for multifunctional products is estimated to drive the market during the forecast period.

For example, in addition to makeup primer and moisturizer, BB cream can also be used as a cream blocker. Such products have become popular due to their convenience. On the other hand, the hair care segment is anticipated to expand at a rapid pace during the forecast period due to the increasing demand for products such as hair oils, hair dyes, shampoos, and conditioners. The benefits that shampoo provides, such as removing dandruff, dirt, and environmental pollutants, make it a popular everyday product.

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The supermarket segment is expected to grow at a significant pace

Based on distribution channels, the cosmeceuticals market is segmented into supermarket, convenience stores, specialty stores, online retail stores, and others. The supermarket segment is expected to hold a key share of the market during the forecast period owing to active promotions and various marketing strategies of specialty store retailers and manufacturers.

The online retail stores segment is anticipated to expand at a rapid pace during the forecast period owing to technological advancement and the popularity of technology among consumers, online sales channels are expected to grow significantly during the forecast period.

Popular e-commerce companies such as amazon, nykaa, and flipkart have gained attention by selling their beauty products in certain areas with few specialty stores. This indirectly increases product sales through online platforms. In addition, discounts on the Internet are also higher than physical stores, which attract consumers and increase product sales.

 Asia Pacific is expected to dominate the market

On the basis of regions, the cosmeceuticals market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The Asia Pacific is anticipated to dominate the market during the forecast period. The region’s most stressful lifestyles, as well as deteriorating environmental conditions, have caused concerns about the skin.

In addition, the Japanese people are among the most active consumers of cosmetics. Japan can be regarded as a gateway to other Asian markets not only in terms of scale, but also in terms of market trends and demand.

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