Pune, India, July 11, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Cosmeceuticals Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Active Ingredient, Distribution Channel, and Product”, the global market size is expected to grow from $45.91 billion in 2021 to $81.75 billion by 2028; it is estimated to record a CAGR of 8.6% from 2021 to 2028.
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Global Cosmeceuticals Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 45.91 Billion in 2021 |
| Market Size Value by | USD 81.75 Billion by 2028 |
| Growth rate | CAGR of 8.6% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 232 |
| No. of Tables | 29 |
| No. of Charts & Figures | 123 |
| Historical data available | Yes |
| Segments covered | Active Ingredient, Distribution Channel, and Product |
Browse key market insights spread across 232 pages with 29 list of tables & 123 list of figures from the report, "Cosmeceuticals Market Forecast to 2028 - Global Analysis by Active Ingredient (Antioxidants, Peptides and Proteins, Exfoliants, Retinoids, Botanicals, and Others), Distribution Channel (Supermarkets/Hypermarkets, Online Retail Stores, Convenience Stores, Specialist Stores, and Other Distribution Channels), and Product (Skin Care, Hair Care, Oral Care, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/cosmeceutical-market
Global Cosmeceuticals Market: Competitive Landscape and Key Developments
L'Oreal S.A., Beiersdorf Global, Croda International, Amway Corp., Allergan, Unilever PLC, Johnson & Johnson, Procter & Gamble, Avon Products Inc., and BASF SE., among others are a few of the key companies operating in the cosmeceuticals market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name in cosmeceuticals market. A few of the recent developments in the global cosmeceuticals market are mentioned below:
In July 2021, Bloomers has come up with an indie brand, Colours Cosmetics that serves the customers through local pharmacies and marts. The brand aims to offer a wide range of products encompassing everything from foundations to lipsticks and to bust the misconception that drug store makeup is low in price and inferior in quality.
In Feb 2021, G&M Cosmetics from Australia planned to launch more vegan beauty and baby care products. The company moved into the vegan beauty space with the acquisition of P'URE Papayacare skincare in 2019. Since then, it has extended the brand to 15 vegan-approved and certified products.
In November 2020, Beiersdorf had launched its first brand of face care range called Chaul, which is exclusively launched in South Korea and other Asian countries.
Paradigm Shift to Male Grooming Products to Drive Global Cosmeceuticals Market Growth During 2021-2028:
The rising male grooming industry is another key growth promoter in the global cosmeceuticals market. There has been a pivotal shift in male pampering culture during the last decade. The share of male consumers in the dollar sales is likely to increase with growing demand for anti-aging and acne control cosmeceuticals among male population. The combined efforts from influencers and brands are dismantling the archaic notion that men shouldn’t indulge in self-care. The industry should expect to see a further segmentation of men’s grooming, particularly in the developed markets where there are opportunities for a stronger development. In skin care, there will be growth in products designed not only for different skin types but also for different degrees of stubble. The number of product launches for men will still be low in comparison with products for women, of course, but the gap will narrow over time.
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As the global supply chain has been disrupted during Covid -19, suppliers from other countries have experienced delays or cancellations in supplying raw materials for the manufacture of personal care products, cosmetics, and other beauty items. As a result, large corporations' production and sales operations have suffered. For example, L'Oréal SA, a worldwide beauty products behemoth, had a 4.8% drop in sales in North America as per the company. Because the public is more aware of how to protect oneself from the virus, personal care products have seen a surge in demand. Soaps, sanitizers, and disinfectants are among the items that have seen significant sales rise. The demand for hand washes and soaps has surged as frequent hand washing has been proposed as a critical preventive step, boosting the cosmeceuticals industry in the US.
Consumers may acquire beauty items with ease using the e-commerce mode of purchasing, which includes simple online payment choices. Other elements projected to contribute favorably to the US cosmeceuticals market outlook in the years ahead include easy returns and replacements, a broad product selection, special discounts on newly introduced items, and incentives for online payments.
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