New York, USA, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The word "cosmeceutical" was coined in 1984 by dermatologist Doctor Albert Kligman and is a blend of the words cosmetic & pharmaceutical. Cosmeceuticals are products with therapeutic (medical or drug-like) and cosmetic impact that are intended to enhance the well-being and appearance of the skin. They are applied directly as lotions or creams, similar to cosmetics, but constitute active ingredients that influence skin cells' function.
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Cosmeceuticals Market Insights:
- By product, the skin care segment ruled the overall cosmeceutical market with a revenue share of nearly 62.4% in 2021
- In 2021, the supermarket and specialty store segment accounted for the largest cosmeceutical market share of about 58% on the basis of distribution channels.
- The antioxidant segment ruled the overall cosmeceutical market with a consistent CAGR on the basis of ingredients.
- Regionally in 2021, Asia Pacific held a significant position in the market, with a revenue of USD 18.8 billion.
Factors accelerating the Cosmeceuticals Market growth:
The rising demands for organic products and increasing government initiatives to create awareness regarding available products are influencing the overall growth of the market.
- Growing global demand for organic products will motivate manufacturers to produce more products with active ingredients that are beneficial to the skin and hair. New products are being introduced into the market, driving the market growth. All of these products are remarkably beneficial for different types of hair and skin conditions. They aid in the withdrawal of the most severe disorders through the use of dermatologist-prescribed medications. Continuous development and research have contributed to the creation of innovative products that work like magic. These factors will stimulate market expansion in the coming years.
- The governments of various geographic areas are taking steps to raise awareness about the hair and skin care products that are available. These steps are being taken to raise awareness about the effects of various environmental factors. The market will grow in the coming years due to campaigns run by various organizations to raise awareness of the factors that contribute to skin cancer and the steps that can be taken to prevent it. Such campaigns will boost the growth of this market soon.
Cosmeceutical Market: A thorough Segmentation Analysis
The worldwide Cosmeceuticals Market segmentation has been done on the basis of product type, distribution channel, Ingredients, and region.
By Product Type:
- Skin Care
- Anti-Acne
- Moisturizers
- Anti-Aging
- Sun Protection
- Other Skin Care Products
- Lip Care
- Oral Care
- Hair Care
- Hair Colorants and Dyes
- Shampoos and Conditioners
- Other Hair Care Product Types
By Distribution Channel:
- Online Platforms
- Supermarkets and Speciality Stores
By Ingredients
- Retinoids
- Sunscreens
- Antioxidants
- Hydroxy Acids
- Botanicals
- Peptides and Proteins
- Skin Lightening Agents
By Region
North America
- Canada
- United States
- Mexico
- Rest of North America
Europe
- United Kingdom
- France
- Germany
- Spain
- Italy
- Rest of Europe
Asia Pacific
- India
- Australia
- Japan
- China
- South Korea
- Rest of Asia Pacific
LAMEA
- Argentina
- Uruguay
- Brazil
- Rest of LAMEA
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By product, the skin care segment ruled the overall cosmeceutical market, with a revenue share of nearly 62.4% in 2021. The rising incidence of skin-related problems has accelerated the growth of the cosmeceuticals market's skincare segment. Climate change and its effects on the skin have increased the use of skin care products. People are turning to more skin care products for protection due to the increased pollution levels in cities due to the increased number of industries. Furthermore, this segment will expand due to various campaigns run by organizations to raise awareness about the hazardous effects of ultraviolet rays and the use of sunscreens and other lotions that prevent skin damage.
In 2021, the supermarket and specialty store segment accounted for the largest cosmeceutical market share of about 58% on the basis of distribution channels. The demand for these products through supermarkets and specialty stores is anticipated to increase due to the various marketing strategies used by the producers and distributors. In the upcoming years, aggressive promotions will also be responsible for the market's expansion.
Regionally in 2021, Asia Pacific held a significant position in the market, with a revenue of USD 18.8 billion. This region's market grows due to the rising disposable income and consumer spending, boosting the demand for cosmetics in developed countries like China, Thailand, Indonesia, India, and South Korea. Additionally, the need to improve skin conditions in polluted cities in China and India is driven by declining environmental conditions.
Cosmeceuticals Market Report Coverage
| Report Attribute | Details |
| Forecast Period | 2021 - 2030 |
| The market size value in 2021 | USD 45.56 Billion |
| The revenue forecast in 2030 | USD 95.75 Billion |
| Growth rate | 8.6 percent |
| The base year for estimation | 2021 |
| Historical data | 2017 - 2020 |
| Unit | USD Billion, CAGR (2021 - 2030) |
| Segmentation | By Product Type, By Distribution channel, By ingredients, and By Region. |
| By Product Type | Skin Care, Hair Care, Lip Care, and Oral Care |
| By Distribution channel | Supermarkets Specialty Stores, and Online Platforms |
| By Ingredients | Sunscreens, Antioxidants, Hydroxy acids, Retinoids, Skin lightening agents, Botanicals, Peptides, and proteins |
| By Region | North America, Europe, Asia Pacific, and LAMEA |
| Country Scope | U.S., Canada, France, Germany, U.K., China, Japan, India, South Korea, Mexico, Brazil, U.A.E., etc. |
| Company Usability Profiles | Johnson & Johnson, Avon Products Inc, Croda International plc, Procter & Gamble, Estée Lauder Inc, Beiersdorf, L’Oréal Group, Shiseido, Allergan, and Unilever. |
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Key players in Cosmeceuticals Market:
- Allergen
- Johnson & Johnson
- Estee Lauder Inc
- Unilever
- Clarins
- ELEMENTIS PLC.
- Shiseido
- Beiersdorf
- Croda International Plc
- Avon Products Inc
- L'Oreal Group
- LVMH
- Coty Inc.
- Clarins
Recent Developments
- On 6 September 2022, Schwan Cosmetics and Sulapac launched its first colored lip liner and eye pencils with sustainable and biodegradable biomaterials named TheBetterBarrel. To meet the market demand for eco-friendly makeup products without sacrificing performance, quality, or style.
- On July 2022, BASF launched a new biopolymer, Verdessence RiceTouch, which is a plant-based sensory powder. It is created to absorb various oils from the skin, reducing skin greasiness and oily sensations.
- On June 2022, Sugar Cosmetics, India based beauty start-up, raised USD 50 million in Series D funding led by the Asia fund of L Catterton, partly owned by LVMH.
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