New York, US, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Cosmeceuticals Market overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Cosmeceuticals Market Research Report Information: by Product Type, Packaging Material, Distribution Channel, and Region - Forecast Till 2030, the market is expected to grow at a CAGR of 8.50% and reach USD 24.56 Billion by 2030.
Market Scope:
Cosmeceuticals, sometimes known as "cosmetic pharmaceuticals," are cosmetics that include biologically active ingredients that claim to have medical or pharmaceutical effects. Modern cosmetic dermatological products and the era of innovative skincare have given rise to cosmetic medications. These products nourish the skin, make it look better, and heal damaged skin cells caused by medical conditions. The cosmetics and personal care market has been reshaped by the introduction of cosmeceuticals, and it is anticipated to increase as people become more self-conscious about their looks.
Typically used in conjunction with other skincare products, otc cosmeceutical brands aim to improve pigmentation, skin tone, texture, and fine wrinkles. Ingredients like antioxidants, peptides/proteins, retinoids, exfoliants, and botanical extracts are common in such products.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 24.56 Billion |
| CAGR | 8.50% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Product Type, Packaging Material, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | rise in demand for the products to maintain a youthful appearance |
| growing consumer awareness |
Competitive Dynamics:
The Cosmeceuticals industry continues to thrive due to its major players. Tendencies that will raise the worth of the market worldwide. The Cosmeceuticals market players are listed below:
- L'Oréal S.A. (France)
- Allergan, Plc. (Ireland)
- Avon Products, Inc. (UK)
- Johnson & Johnson (US)
- Procter & Gamble Co. (US)
- The Estée Lauder Companies Inc. (US)
- Merck & Company, Inc. (US)
- Royal DSM NV (Netherlands)
- Unilever NV (Netherlands)
- Evonik Industries AG (Germany)
Market USP:
Market Drivers
Due to consumers' rising interest in looking young longer, the cosmeceuticals industry is flourishing. It is anticipated that the demand for cosmetics would increase due to the aging population, particularly in industrialized nations like the United States and Europe. Demand for cosmetics and pharmaceuticals is also projected to rise as a result of factors including a healthy lifestyle and the growing popularity of natural beauty products.
At a worldwide level, the industry's expansion is being fueled by key market drivers as well as other growth factors. One of the main factors is thought to be the aging of the current generation. The market is primarily being driven by the increase in consumer awareness and the people's rising need for products to keep a youthful appearance. A significant market demand for all-natural skincare products is now developing.
From a variety of sources, the market is receiving excellent opportunities. The growing desire for beautiful, healthy skin creates enormous market prospects. The value of the cosmetics market has increased as a result of people's increasing need for natural and healthy skincare products to protect their skin from various skin issues.
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Market Limitations
The market is dealing with difficult issues while continuing to compete on a global scale. One of the market's tough elements is the strong demand for non-comedogenic products, as it is challenging to manufacture a product with absolutely no dangerous components. But in order to provide products with a trace level of comedogenic chemicals, the major manufacturers are concentrating on the manufacturing and composition process.
The market for cosmetics is even observing some restraints that are slowing down its expansion. One of the main things preventing the Market's expansion has been the loose regulation. To keep the Market operating properly, the leading participants are concentrating on this constraining issue.
COVID-19 Analysis:
The COVID-19 pandemic has had a detrimental effect on a number of industrial sectors; each industrial and commercial sector saw a significant loss of revenue. Even during that time, the market's expansion was impeded. The import and export of skincare goods have decreased because to the government's rigorous shutdown regulations. Even in manufacturing facilities and production procedures, difficulties were seen. During the viral outbreak, it steadily delayed the delivery of goods to customers. The important players make every effort to bounce back from the defeat in order to rejoin the competition. The market value is anticipated to grow at a respectable CAGR over the course of the projected period despite the COVID-19 pandemic.
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Market Segmentation:
By Product Type
Due to the rising demand for skincare products with qualities that promote healthy skin, the skincare product category currently has the lion's share of the cosmeceuticals industry. During the predicted period, a good CAGR is even seen in the hair segment.
By Packaging Material
The plastic segment is expected to record notable market value over the review period.
By Distribution Channel
The non-store-based segments especially e-commerce is slated to grow at a substantial CAGR over the forecast period.
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Regional Analysis:
Because of rising demand for personal care items and apparel, analysts predict that Europe will become the largest market for Cosmeceuticals. The Market in this area is being fueled in part by the cosmeceutical industry's robust promotional operations.
The North American market is second, and it's growing at a respectable rate thanks to the presence of major competitors there. Regional cosmeceutical manufacturers focus on solutions for sun damage, dry skin, and thinning hair. The rising popularity of cutting-edge dermatology products in the area, in addition to the region's vast patient pool affected by conditions like melanoma and eczema, are driving this expansion. In addition, the rising popularity of dermatological procedures such non-invasive cosmetic treatments is expected to boost regional demand for cosmeceuticals and drive market expansion.
Since the introduction of healthcare items and the acceptance of other cultures, the Asia-Pacific market has experienced modest growth. A larger portion of the global Cosmeceuticals market will be created as a result of expansion in these areas. Market expansion can be attributed to companies' increasing emphasis on strategic alliances centered on new releases and investments in digital infrastructure aimed at broadening the market's appeal and facilitating the distribution of products. The expanding middle class in that region, as well as the increasing public's familiarity with these items, are also contributing to the expansion of the Asia Pacific market.
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Cruelty-Free Cosmetics Market Research Report: Information by Product Type (Skincare Products, Haircare Products, Makeup & Colour Cosmetics, Perfume & Fragrance, and Others), Form (Cream, Gel, Liquid, Powder, and Others), Distribution Channel [Store-Based (Hypermarkets and Supermarkets, Specialty Stores, Convenience Store, and Others) and Non-Store-Based], and Region (North America, Europe, Asia-Pacific, and the Rest of the World)- Forecast till 2030
Premium Cosmetics Market Research Report: Information by Product Type [Face Products (Foundation, Face Powder, Contouring Products, and Others), Eyes Products (Eyeshadow, Mascara, Eyeliners, and Others), and Lip Products (Lipsticks, Lip balm, and Others)], Distribution Channel [Store-Based (Hypermarkets and Supermarkets, Specialty Stores, and Others) and Non-Store-Based] and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030
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