The cosmeceutical market is estimated to be valued at US$ 76,875.0 Mn in 2023 and is expected to exhibit a CAGR of 9.02% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Cosmeceuticals are cosmetic products that contain biologically active ingredients and are intended to have medicinal or drug-like benefits. They include anti-aging creams and serums, acne creams and lotions, sun protection products, skin whitening products, hair loss treatments, and various skin and hair care products. Cosmeceuticals are used for both preventive and corrective skin and hair care products. Rising consumer spending power and increasing focus on appearance and physical beauty have raised the demand for cosmeceutical products worldwide.
Two major drivers fueling the growth of the global cosmeceutical market are rising consumer spending power and increasing beauty-conscious population. With rapid urbanization and growing economy, consumer spending on personal care and beauty products is increasing significantly worldwide. Consumers are willing to spend more on innovative skin and hair care products with medicinal benefits. Furthermore, growing consciousness regarding appearance and physical looks among both men and women is driving the demand for cosmeceutical anti-aging and skin rejuvenating products. Growing access to internet and social media has raised awareness about cosmeceutical products and their benefits. In addition, the COVID-19 pandemic has further boosted the sales of skincare and hair care products as people spend more time at home focusing on self-care regimens. All these factors are expected to contribute to the market growth during the forecast period. However, high costs of R&D in cosmeceutical products
The cosmeceutical market is dominated by the skin care segment, which accounts for over 60% of market share owing to rising consumer awareness regarding aging and skin related issues. The anti-aging sub-segment dominates the skin care segment due to increasing geriatric population globally and their growing consciousness towards age-defying solutions.
Political: Stringent regulations regarding product testing and labelling by regulatory bodies like FDA and EMA have ensured safety of consumers.
Economic: Rising disposable incomes in emerging economies have increased spending on premium personal care products.
Social: Growing social media influence and focus on physical appearance have boosted demand for cosmetic products with added health benefits.
Technological: Advancements in anti-aging ingredients and delivery systems have led to development of more effective cosmeceutical formulations.
The Global Cosmeceutical Market Growth is expected to witness high, exhibiting CAGR of 9.02% over the forecast period, due to increasing consumer awareness about benefits of incorporating cosmetic products with Medi-spa treatments.
Regionally, Asia Pacific region is expected to witness fastest growth in cosmeceutical market owing to rising elderly population in countries like Japan and China and growing middle class in India willing to spend on premium personal care products.
Key players operating in the cosmeceutical market are Bayer AG, Henkel AG & Co. KgaA, Avon Products Inc., Johnson & Johnson Inc., Kao Corporation, Beiersdorf AG, Groupe Clarins SA, Revlon Inc., Shiseido Co. Ltd., Unilever PLC, Procter & Gamble, L’Oréal SA, Lotus Herbals Pvt. Ltd., and The Estée Lauder Companies Inc., among others. Bayer AG, Johnson & Johnson Inc., L’Oréal SA, and Procter & Gamble occupy significant market share owing to their diverse and huge product portfolio.