Pune, India, May 02, 2022 (GLOBE NEWSWIRE) -- The global cosmeceuticals market size was at USD 50.75 billion in 2021. The market is projected to grow from USD 54.57 billion in 2022 to USD 96.23 billion by 2029, exhibiting a CAGR of 8.4% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Cosmeceuticals Market, 2022-2029.”
Cosmeceuticals refer to cosmetic products with bioactive ingredients meant to have medicinal benefits. It could be a drug, a cosmetic, or both. Like cosmetics, they are applied topically as creams or lotions but hold active ingredients that affect skin cell function. In remarkable cases, their action is restricted to the skin surface, while others can stick to more profound levels, each enhancing or restricting normal skin functions.
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COVID-19 Impacts:
Declined Dermatology-related Appointments to Reduce Demand amid COVID-19 Pandemic
The advent of COVID-19 noticeably obstructed the demand for cosmeceuticals across the globe. Moreover, a significant drop in the number of patient appointments recorded by pioneering dermatologists combined with closing down of shops involved in distribution of these products amid the lockdown announced by governments is among the few primary reasons for impacting the market unfavorably. Furthermore, there were termination of elective procedures comprising medical aesthetic processes to avoid the spread of COVID-19 and declined patient crowding at specialty clinics involved in the beautification treatment.
Segments:
Based on product type, the market is segmented into skin care, hair care, injectable, and others. The skin care segment is further segmented into anti-ageing, skin whitening, sun protection, professional skincare, anti-acne and others. The dominance of this segment resulted from the rising adoption of personal care products and the growing awareness of skin diseases in the general population.
The global market is segmented into pharmacy/drug stores, online stores, and others based on distribution channel.
In terms of region, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2021 to 2028 CAGR | 8.4% |
| 2029 Value Projection | USD 96.23 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 54.57 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 132 |
| Segments covered | By Product Type, Distribution Channel, and Region |
| Growth Drivers | Along with key market players launching e-commerce platforms to cater to the rising demand for these products, is anticipated to support the cosmeceuticals market growth. |
| The significant share of these prescriptions coupled with an increasing number of market players providing key products for these conditions is expected to drive the market growth. |
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Report Coverage:
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method, which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Drivers and Restraints:
Surging Consciousness Regarding Cosmeceutical Products to Boost the Market Growth
Strong focus on programs by government establishments pooled with market players toward surging the alertness concerning skin and hair health among the common population has resulted in a greater number of people utilizing these products across the globe. Additionally, the advancement of active constituents by market players is among the prime aspects fueling the implementation of these products in developing as well as established countries.
The obtainability of low quality alternatives, owing to the absence of strict guidelines is a chief constraining factor for the cosmeceuticals market growth. Moreover, the scarcity of insurance reimbursement for these products is hindering the demand for these products in emerging nations during the forecast period.
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Regional Insights: Cosmeceuticals Market Outlook
Asia Pacific to Dominate Backed by Surging Focus of Players on Strategic Investments
Asia Pacific dominated the global market with a contribution of USD 18.8 billion in the global market of cosmeceuticals in 2021. It also held a dominant cosmeceuticals market share. The growth of the market is accredited to the rising concentration of market players on tactical collaborations with an emphasis on product launches pooled with capitalizing in digital infrastructure to refine consumer appeal and product circulation.
North America held the second-largest market share in the global market. This is accredited to the accessibility of a huge patient pool undergoing dermatological ailments, such as melanoma and eczema, combined with surging implementation of progressive dermatology products in the region.
Europe held a substantial share in the market, owing to the rising implementation of novel cosmeceutical products and growing occurrence of skin ailments such as acne.
Competitive Landscape:
Novel Launches by Crucial Players to Create New Prospects in Market
Key players those operate in the market often apply lucrative strategies to open opportunities for their business. Moreover, among all the important tactics prevailing, one such efficient tactic is acquiring numerous other firms to expand business activities. Another strong notion is to launch fundamental product that may assist the market of cosmeceuticals and other players as well to grow.
Key Industry Development:
September 2021: Croda International Plc. unveiled Nutrinvent Balance, a new cosmeceutical ingredient to decrease sebum from hair and scalp. This new ingredient is planned to be utilized in hair care formulations for users over-secreting sebum. The development is focused at fortifying the company’s product offerings pooled with refining its market position.
List of Key Players Mentioned in the Report: Cosmeceuticals Brands
- L’Oréal (France)
- Estée Lauder Companies Inc. (U.S.)
- Beiersdorf (Germany)
- Shiseido Company Limited (Japan)
- Procter and Gamble (U.S.)
- Elementis Plc (U.S.)
- Avon (U.K.)
- Allergan (U.S.)
- BASF SE (Germany)
- Croda International Plc (U.K.)
- Unilever (U.K.)
- Coty Inc. (U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
- Clarins (France)
- LVMH (France)
Table Of Content: Cosmeceuticals Market Share
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview: Trends in Cosmeceuticals Market
- Snapshot of Active Ingredients Used in Cosmeceuticals
- New Product Launch
- Impact of COVID-19 on the Global Market
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
Toc Continue..
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