Pune, India, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The global cosmeceuticals market size was at USD 50.75 billion in 2021 and the market is projected to grow USD 96.23 billion by 2029, exhibiting a CAGR of 8.4% during the forecast period.
The growing prevalence of skin disorders, along with dermatologists' preference for prescribing these products over other forms of treatment, increasing demand for these products. This information is provided by Fortune Business Insights, in its report titled, “Cosmeceuticals Market, 2022-2029.”
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.
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Key Takeaways:
- Rising demand for cosmeceuticals, is anticipated to support the cosmeceuticals market growth.
- Organic products for skin and hair care are expected to augment the growth of the market.
- Product type segment registered the highest CAGR throughout the forecast period
- Asia Pacific held a prominent position in market, making a substantial contribution of USD 18.80 billion.
Discover the Leading Players Featured in the Report:
“Companies leading the global cosmeceuticals Market are 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)”
Report Scope & Segmentation
| 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 |
| Segments covered | By Product Type, Distribution Channel, and Region |
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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.
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
- Lip Care
- Tooth Whitening
- Anti-Cellulite/Body Slimming Preparations
- Oral Care
By Distribution Channel
- Pharmacy/Drug Stores
- Online Stores
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
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Drivers and Restraints:
Surging Consciousness Regarding Cosmeceutical Products to Boost 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.
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.
FAQ’s
How big is the cosmeceutical market?
The cosmeceutical market size was valued at USD 50.75 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.4% during the forecast period, 2021-2029
What is the current size of cosmeceuticals market?
Global cosmeceuticals market size was estimated at USD 54.57 billion in 2022 and is expected to reach USD 96.23 billion by 2029.
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U.S. Acne Treatment Market Size, Share, Revenue Forecast and Opportunities
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