Westford, USA,, March 01, 2023 (GLOBE NEWSWIRE) -- North America to take a leading position in the neurocosmetics market with close competition from the Europe region, driven by several key factors. Another key driver is the increasing demand for personalized skincare solutions. Consumers prefer products tailored to their individual needs and preferences, and neurocosmetics offer a unique approach to personalization. Additionally, the rise of e-commerce and social media has played a significant role in the market's growth. Consumers spending more time online are exposed to a wider range of products and are more likely to try new and innovative skincare solutions. Finally, the aging population and growing focus on anti-aging skincare has led to a surge in demand for neurocosmetics.
The premium cosmetics market is set to garner significant growth, with a projected value of USD 24.96 billion by 2028, as reported by SkyQuest. This growth prospect bodes well for the neurocosmetics market, which is predicted to benefit from the overall expansion of the cosmetics industry. Moreover, as the demand for premium cosmetics grows, consumers will likely be willing to pay a premium for neurocosmetic products that offer additional benefits beyond traditional cosmetics.
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Browse in-depth TOC on "Neurocosmetics Market"
- Pages - 278
- Tables - 69
- Figures - 59
Neurocosmetics are skincare products with unique ingredients designed to work on a neurological level. These products are non-toxic and bio-active, meaning they are designed to work with the body's natural functions. In addition, they are formulated to provide benefits that go beyond the skin's surface, targeting the neural pathways to enhance the individual's overall well-being.
Prominent Players in Neurocosmetics Market
- Arkana Cosmetics
- Amway Corp.
- Greentech (ExpoZen)
- GliSODin Skin Nutrients
- Blackmores Limited
- PROSPERA biotech
- Swanrose Inc.
- Lukso NeuroCosmetics
- Omya Kinetik
- BASF SE
- Herbalife Nutrition Ltd.
Anti-Aging Segment to Offer Tremendous Growth Potential Thanks to Advance Neurocosmetic Products Providing Anti-Aging Solutions
The neurocosmetics market is experiencing significant growth, with the anti-aging segment capturing the largest revenue share in 2022. As we move into the future, this segment is predicted to continue exhibiting strong growth from 2023 to 2030. The global population is aging, with every country experiencing growth in both the size and proportion of older persons, according to SkyQuest. By 2030, it is projected that one in six people worldwide will be aged 60 years or over. This demographic shift presents challenges and opportunities, with the market likely benefitting from this trend.
The neurocosmetics market has seen significant growth in recent years, and the North American region has emerged as the most dominant player in this market. The region held the most substantial market share in 2022, thanks to various factors contributing to its growth. One of the primary reasons for the positive growth of the regional market in North America is the increasing buying power of the population. Moreover, the rising demand for luxury and premium products has further pushed the market dynamics positively.
Niacinamide and Antioxidants Adaptogens Segment to Retain Dominance owing to Its Increasing Usage in Skin Care Products
The neurocosmetics market is witnessing significant growth due to the rising demand for products that promote skin health and combat various neurological conditions. Among the different segments, the niacinamide and antioxidants adaptogens segment held a substantial market share in 2022 and is expected to grow even further in the coming years. Niacinamide, a derivative of vitamin B3, is beneficial for skin health in many ways. Moreover, it has anti-inflammatory properties, effectively treating various skin conditions, including acne, rosacea, and eczema.
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The neurocosmetics market in the European region is on a fast-paced growth trajectory, with a projected high CAGR for 2023 to 2030 that closely matches North America's. This growth is largely driven by leading players in the industry who are making significant contributions to the sector. As a result, the future looks bright for Europe's beauty and personal care industry, with a strong growth trajectory expected to continue into the foreseeable future. This presents a range of opportunities for companies looking to expand into this region and consumers who are increasingly invested in looking and feeling their best.
SkyQuest's analysis of the neurocosmetics market utilizing Porter's Five Forces model has revealed valuable insights into the industry's competitive landscape. According to the analysis, the market is highly competitive due to numerous suppliers vying for business. This finding warns companies that they must differentiate themselves through various means, such as product innovation, pricing, and other factors. In addition, the insights gained from industry analysis can be particularly beneficial for companies seeking to enhance their market position and expand their businesses.
Key Developments in Neurocosmetics Market
- Vytrus Biotech, a company specializing in plant stem cell culture for the cosmetic industry, has recently launched an innovative new ingredient that represents a significant step forward in neuro-cosmetics. Known as Kannabia Sense, this ingredient is the first derived from Cannabis sativa plant stem cells. As a result, Kannabia Sense is a breakthrough ingredient that has the potential to revolutionize the neuro-cosmetics industry.
- BASF, a global leader in the chemical industry, has recently presented new research findings and innovative technologies at the IFSCC Congress. The company's research initiatives have been aimed at advancing the field of cosmetics and skincare by developing new methods and technologies that can help to improve skin health and well-being. For example, one of BASF's latest research projects involves a groundbreaking new neuro skin-on-chip method developed by NETRI. This innovative approach has the high potential to revolutionize the field of neuro-cosmetics.
- NETRI, a French startup specializing in neuro-organs-on-chip technology, has partnered with Cambridge biotech company Axol Bioscience to commercialize novel kits in this highly specialized field. The kits will feature NETRI's organs-on-chip devices and Axol's hiPSC (human induced pluripotent stem cell)-derived cells. NETRI is a leader in developing neuro-organs-on-chip technology, which involves creating miniature models of the nervous system on microfluidic devices. The partnership between NETRI and Axol Bioscience is expected to result in the development of novel kits that will help advance the neuro-organs-on-chip technology field.
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Key Questions Answered in Neurocosmetics Market Report
- What are the primary factors that have positively impacted market growth in different regions, and how have they contributed to the overall expansion of the target market?
- In what ways have recent technological advancements and significant events influenced the target market, and how can businesses capitalize on these changes to foster future growth?
- Who are the major players driving innovation and adoption of new technologies in the target market, and what are the key competitive advantages that set them apart from their rivals?
- How have various regions adapted to regulatory shifts within the target market, and what successful strategies have organizations employed to navigate these changes and remain competitive?
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