Pune, India, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The global cosmeceuticals market size is anticipated to reach USD 63.59 billion in 2023 and predicted to touch USD 114.32 billion by 2030, exhibiting a CAGR of 8.7% during the forecast period. Demand for cosmeceuticals is rising due to prevalence of skin disorders and dermatologists' preference for prescribing these medically beneficial cosmetic formulations.
Fortune Business Insights™ presents this information in its report titled “Cosmeceuticals Market, 2023-2030.”
Key Industry Development:
- September 2021: Croda International Plc. introduced Nutrinvent Balance, a new cosmeceutical ingredient designed to reduce sebum from hair and scalp. This innovative ingredient is intended for use in hair care formulations for users with excessive sebum production. The development aims to strengthen the company’s product offerings and enhance its market position.
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Key Takeaways:
- Key market players launching e-commerce platforms further contribute to the growth of the cosmeceuticals market.
- rising demand for skin and hair products, are anticipated to augment market growth.
- Anti-aging segment dominated the market due to the rise in the aging population and increasing awareness of anti-aging products.
- The online stores segment is anticipated to register a higher CAGR during the forecast period.
- Asia Pacific dominated the global market and was valued at USD 23.25 billion in 2022
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 | 2023 to 2030 |
| Forecast Period 2022 to 2029 CAGR | 8.7% |
| 2030 Value Projection | USD 114.32 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 63.59 billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 132 |
| Segments covered | By Product Type, Distribution Channel, and Region |
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Segmentation:
Skincare Segment Dominates Due to Growing Awareness Regarding Skin Disorders
Based on product type, the market is segmented into skin care, hair care, injectable, and others. The skin care segment is further sub-segmented into anti-ageing, skin whitening, sun protection, professional skincare, anti-acne and others. The skincare dominates the market, primarily due to the increasing awareness of skin disorders among the general population and the rising use of personal care products.
Pharmacy/Drug Stores Segment Steers Due to Their Vast Distribution Networks and Rising Customer Preference
Based on distribution channel, the global market is segmented into pharmacy/drug stores, online stores, and others. The pharmacy/drug stores segment held the largest share in the global market in 2022. These stores boast extensive and reliable distribution networks and offer innovative products at affordable prices, attracting a significant customer base.
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
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Drivers and Restraints:
Surging Awareness Regarding Cosmeceutical Products to Boost Market Growth
A strong emphasis on programs by government establishments, along with efforts by market players to increase awareness regarding skin and hair health among the general population, has resulted in a higher number of people utilizing these products across the globe. Additionally, the development of active ingredients by market players is a prime factor driving the adoption of these products in both developing and established countries.
However, the availability of low-quality alternatives due to the lack of strict regulations poses a significant constraint on the cosmeceuticals market growth.
Regional Insights:
Asia Pacific to Dominate Market Due to Surging Focus of Players on Strategic Investments
Asia Pacific emerged as the dominant region in the global market, contributing USD 23.25 billion in 2022 and holding a significant market share. The growth is attributed to the increasing focus of market players on strategic collaborations, product launches, and investment in digital infrastructure to enhance consumer appeal and product distribution.
North America held the second-largest cosmeceuticals market share globally, driven by the availability of a large patient pool undergoing dermatological ailments and the increasing adoption of advanced dermatology products in the region.
Competitive Landscape:
Novel Launches by Leading Companies to Create New Market Growth Prospects
Key players in the market often employ lucrative strategies to open up opportunities for their businesses. Among the prevalent strategies, acquiring various other firms to expand business activities is an efficient tactic. Another significant approach is the launch of fundamental products that can potentially benefit the cosmeceuticals industry and other players, aiding in overall growth.
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FAQ’s
How big is the cosmeceutical market?
Cosmeceutical market size was valued USD 56.78 billion in 2022 and it is expected to reach USD 114.32 billion in 2030.
What is the value of cosmeceuticals market?
The Cosmeceutical market will exhibit a CAGR of 8.7% during the forecast period, 2023-2030.
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