Pune, India, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The global Cosmeceuticals Market size was valued at USD 50.75 billion in 2021 and 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. Fortune Business Insights, present this information in its report titled, “Cosmeceuticals Market Forecast, 2023-2029.”
Key Industry Development:
L’Oreal announced the filing of a patent for a novel digital biomarker detection system that detects clinical signs of aging. This improves awareness of skin aging among the general population along with recommending customized formulations and product recommendations. This may increase the consumer base, thereby improving the company's product portfolio adoption.
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.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 8.4% |
| 2029 Value Projection | USD 96.23 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 54.57 Billion |
| Historical Data | 2018 to 2020 |
| No. of Pages | 132 |
Key Takeaways:
- The increasing prevalence of skin disorders among adults and children alike is responsible for the increased demand for skincare products.
- The segment registering the fastest growth rate over the forecast period.
- Asia Pacific dominated the market with a contribution of USD 18.80 billion in the global market in 2021.
- Rising demand for skin and hair products are anticipated to augment the market growth.
Drivers and Restraints:
Surging Consciousness Regarding Cosmeceutical Products to Boost the Market Growth
The government and market players have placed a strong emphasis on promoting awareness about skin and hair health, leading to increased global usage of these products. Market players' development of advanced ingredients is also driving the adoption of these products in both developing and established countries. However, the lack of strict guidelines results in the availability of low-quality alternatives, which is a major constraint for the growth of the cosmeceuticals market. Additionally, the absence of insurance reimbursement in emerging nations is hindering the demand for these products during the forecast period.
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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.
Regional Insights:
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.
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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.
List of Key Players Mentioned in the Report:
- 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)
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FAQs
How big is the cosmeceutical industry?
The cosmeceuticals market is projected to grow from USD 54.57 billion in 2022 to USD 96.23 billion by 2029 during the forecast period.
What is the market share of cosmeceuticals?
The market is anticipated to expand at a CAGR of 8.4% from 2022 to 2029.
Major Table of Contents:
- Global Cosmeceuticals Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Skin Care
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- Anti-Ageing
- Skin Whitening
- Sun Protection
- Professional Skincare
- Anti-Acne
- Others
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- Hair Care
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- Hair Growth
- Anti-Dandruff
- Others
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- Injectable
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- Botulinum Toxin
- Dermal fillers
- Others
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- Others
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- Lip Care
- Tooth Whitening
- Anti-Cellulite/Body Slimming Preparations
- Other
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- North America Cosmeceuticals Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Skin Care
-
- Market Analysis, Insights and Forecast – By Distribution Channel
- Pharmacy/Drug Stores
- Online stores
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Distribution Channel
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-
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- Anti-Ageing
- Skin Whitening
- Sun Protection
- Professional Skincare
- Anti-Acne
- Others
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-
-
-
- Hair Care
-
-
-
-
- Hair Growth
- Anti-Dandruff
- Others
-
-
-
-
- Injectable
-
-
-
-
- Botulinum Toxin
- Dermal fillers
- Others
-
-
-
-
- Others
-
-
-
-
- Lip Care
- Tooth Whitening
- Anti-Cellulite/Body Slimming Preparations
- Other
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- Market Analysis, Insights and Forecast – By Distribution Channel
- Pharmacy/Drug Stores
- Online stores
- Others
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- U.S.
- Market Analysis, Insights and Forecast – By Distribution Channel
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- Product type
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- Canada
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- Product type
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- Europe Cosmeceuticals Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Skin Care
-
-
-
- Anti-Ageing
- Skin Whitening
- Sun Protection
- Professional Skincare
- Anti-Acne
- Others
-
-
-
-
- Hair Care
-
-
-
-
- Hair Growth
- Anti-Dandruff
- Others
-
-
-
-
- Injectable
-
-
-
-
- Botulinum Toxin
- Dermal fillers
- Others
-
-
-
-
- Others
-
-
-
-
- Lip Care
- Tooth Whitening
- Anti-Cellulite/Body Slimming Preparations
- Other
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-
-
- Market Analysis, Insights and Forecast – By Distribution Channel
- Pharmacy/Drug Stores
- Online stores
- Others
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- U.K.
- Market Analysis, Insights and Forecast – By Distribution Channel
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- Product Type
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- Germany
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- Product Type
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- France
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- Product Type
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- Italy
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- Product Type
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- Spain
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- Product Type
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- Rest of Europe
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- Product Type
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TOC Continued……
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