Cosmeceuticals Market is Estimated to Witness High Growth Owing to Rising Skin and Beauty Consciousness among Consumers
Cosmeceuticals Market is Estimated to Witness High Growth Owing to Rising Skin and Beauty Consciousness among Consumers
Blog Article
Cosmeceuticals refer to cosmetic products that are infused with biologically active ingredients that can improve the health and appearance of the skin. They provide anti-ageing, anti-acne, anti-inflammatory, and skin-lightening benefits. The rising consumer health and beauty consciousness has boosted the demand for cosmeceuticals. The multi-functional attributes of cosmeceuticals that provide skincare and make-up benefits in a single product have further augmented their popularity.
The global cosmeceutical market was valued at US$ 76,875.0 Mn in 2022 and is forecast to reach a value of US$ 153,318.7 Mn by 2030 at a CAGR of 9.02% between 2023 and 2030.
Key Takeaways
Key players operating in the Cosmeceuticals market are Bayer AG, Henkel AG and Co. KgaA, Avon Products Inc., Johnson and Johnson Inc., Kao Corporation, Beiersdorf AG, Groupe Clarins SA, Revlon Inc., Shiseido Co. Ltd., Unilever PLC, Procter and Gamble, L'Or;al SA, Lotus Herbals Pvt. Ltd., and The Est;e Lauder Companies Inc., among others. Key players are focusing on extensive R&D activities to develop innovative and multifunctional products.
Secondly, rising disposable incomes and growing beauty consciousness among millennials are providing numerous growth opportunities in the market. With increasing awareness, consumers are willing to pay premium prices for effective skincare products.
The global cosmeceuticals market is also witnessing rapid expansion due to the increasing export of these products. Leading manufacturers are establishing production and distribution facilities across different geographies to strengthen their global footprint.
Market drivers
Rising skin and beauty consciousness among consumers is one of the major drivers propelling the growth of the cosmeceuticals market. People are becoming increasingly aware about the importance of skincare and cosmetics. The growing geriatric population has further bolstered the demand for anti-ageing cosmeceuticals. Changing lifestyles and increasing pollution levels have led to various skin problems like acne, hyperpigmentation, psoriasis, etc. boosting the sales of specialty cosmeceuticals formulations.
PEST Analysis
Political: The Cosmeceuticals Market Demand industry is regulated by multiple governmental agencies which sets quality and safety standards for products. Changes in regulations may impact the industry.
Economic: Rising disposable incomes and growing beauty consciousness is driving higher consumer spending on premium skin and hair care products. The strong economy is benefiting the cosmeceuticals sector.
Social: Increased social media influence and celebrity endorsements have made cosmeceutical products more mainstream and socially acceptable. Consumers are more willing to spend on products promising personal care and anti-aging benefits.
Technological: Manufacturers are investing heavily in R&D to develop innovative delivery systems and ingredients backed by clinical research. Products containing stem cells, peptides, probiotics are gaining popularity. Personalization through big data analytics and artificial intelligence is another upcoming trend.
Geographical concentration
North America accounts for the largest share of the global cosmeceuticals market in terms of value. Countries like United States and copyright have highly aware consumers willing to pay premium prices for effective skincare and haircare products. Rise of doctor dispensed skincare has boosted the market. High disposable incomes allow consumers to spend on high-end serum, creams and supplements without compromising.
Fastest growing region
The Asia Pacific region excluding Japan is expected to be the fastest growing market for cosmeceuticals during the forecast period. Rising wealth, growing middle class and changing lifestyles have increased the demand for personal care products in countries like China, India and South Korea. Local manufacturers are launching affordable yet results-oriented cosmetic items targeting consumers seeking beauty and anti-aging benefits. Increasing spends on health and wellness makes the region an attractive market.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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