Pune, Aug. 19, 2020 (GLOBE NEWSWIRE) -- According to a report published by Fortune Business Insights, titled “Cosmeceuticals Market Size, Share & Industry Analysis, By Product (Skin Care, Hair Care, Injectables and Others), By Distribution Channels (Pharmacy/Drug Stores, Online Stores, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 37.41 billion in 2018 and will exhibit a CAGR of 8.9% during the forecast period, 2019-2026.
The global cosmeceuticals market size is projected to reach USD 73.73 billion by the end of 2026. Increasing awareness among consumers regarding the advantages of cosmeceuticals over ordinary cosmetics will lead to a wider product adoption.
The Report Answers the Following Questions:
- What is the nature of the market for revenue cycle management?
- Who are the key players of this market?
- What are the key strategies adopted by the players?
- Which is the leading segment of this market and why?
- What are the recent industry developments of the market?
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Market Driver
The factor that separates cosmeceuticals from ordinary cosmetics is that the former are used to enhance the health of the skin. Unlike cosmetics, these products enter the deeper layers and pass through the epidermis. Increasing awareness among people about the use of chemical ingredients through cosmetics is a primary reason why there is an increasing demand for cosmeceuticals.
The global economy is in absolute turmoil because of the COVID-19 pandemic outbreak. Some industries remain largely unaffected by the outbreak, some are thriving, but most are in doldrums. Although the healthcare industry is flourishing, certain markets within the industry are experiencing staggered growth. Wading through these troubled times is a difficult task and Fortune Business Insights™ aims at equipping your business with the most comprehensive market insights, collated and analyzed by our expert and experienced research team.
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Product Overview:
Cosmeceuticals are a combination of cosmetic product and pharmaceuticals. They are mainly used in enhancing the physical appearance of the body and enhance skin health. Cosmeceuticals are inclusive of several antioxidants that are responsible for enhancing the surface on which they are applied.
The demand for visually appealing lifestyle and changing habits will lead to a wider adoption of cosmeceuticals across the world. The presence of several large scale vendors will emerge in favor of the growth of the overall cosmeceuticals market. The growing demand for natural products with minimum side effects will open up a huge potential for the companies operating in the market.
Coronavirus Brings Mixed Fortunes for the Cosmeceuticals Industry
The recent coronavirus outbreak has forced governments across the world to take strict measures in order to ensure the spread of the disease is limited. As more people are advised to stay indoors, people are looking to run businesses from indoors. “Despite the slowdown in manufacturing processes, the demand for cosmeceuticals among a few categories of people continues to rise.
Beauty endorsements, indoor marketing of products, and adoption of beauty products by online influencers have all opened up a huge potential for growth. The only real dilemma is the supply-demand gap,” said a lead analyst at Fortune Business Insights. It is likely that the restrictions in manufacturing will ease off and chances are companies will look to capitalize on the situation with support from e-commerce websites.
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Little Optimism for SMEs; Extended Lockdowns Doing More Damage than Earlier Predictions
As Covid-19 cases continue to rise, businesses are doing their best to adopt strategies that will help them run through online platforms, be it marketing or even distribution of the product. It is evident that large scale firms can shake off the impact of the pandemic. The negativities of the coronavirus will prove a bit much for the small and medium enterprises and it is likely that most of the small enterprises may not even be able to recover from this.
Although this is bad for SMEs, the coast will be clear for large scale businesses as well as manufacturers as less competition will bring more opportunities. Although e-commerce trading is active in most of the countries, there is hesitancy among people to buy cosmetic products; let alone using them on sensitive body parts such as skin.
Efficient Measures taken by Densely Populated Countries in Asia Pacific Will Aid Regional Markets
The report will include a detailed analysis of major strategies adopted by companies across several regions. It will discuss the impact of the companies on specific regions and highlight the region that is likely to emerge leading. Although the coronavirus originated in China, the country has taken substantial measures to curb the disease and recoveries have gone up in the past month. Even though economies such as India are dependent on its tremendous population, the country has done well in limiting the spread of the disease.
Accounting to the early prevention methods integrated and adopted by countries in Asia Pacific, the cosmeceutical companies are likely to target these regions, once the pandemic is over. Driven by exceptional strategies implemented by governments across Asia Pacific, the market in this region will rise at a considerably high CAGR from its 2018 value of USD 18.32 billion.
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List of Companies Profiled in the Report:
- L’Oréal
- Beiersdorf Global
- Croda International Plc
- Allergan
- Avon
- BASF SE
- Estée Lauder Companies Inc.
- Shiseido Company, Limited
- Procter and Gamble
- Elementis
- Others
Cosmeceuticals Market Segmentation:
By Product Type
· Skin Care
Anti Ageing
Skin Whitening
Sun Protection
Professional Skincare
Anti-Acne
Others
· Hair Care
Hair Growth
Anti Dandruff
Others
· Injectables
Botox Cosmetics
Dermal Fillers
Other Injectables
· Others
Lip Care
Tooth Whitening
Anti Cellulite/body Slimming Preparations
Others
By Distribution Channel
· Pharmacy/Drug Stores
· Online stores
· Others
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