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Global Cosmeceuticals Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product Type, Distribution Channel & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)- Industry Forecast (2023 to 2028)

Published: March, 2023
ID: 11599
Pages: 190
Formats: report pdf report excel report power bi report ppt

Global Cosmeceuticals Market Size (2023 to 2028)

The global cosmeceuticals market size is estimated to be worth USD 82.77 billion by  2028 from USD 61.79 Billion in 2023 and registers a CAGR of 6.02% between 2023 to 2028.

Global Cosmeceuticals Market Share Insights:

  • Based on product type, the Skincare segment held a significant market share in 2022 and is expected to lead during the forecast period.
  • Based on Distribution Channel, the supermarkets and specialty stores segment is anticipated to have the highest growth rate during the forecast period.

Cosmeceuticals are cosmetics that use bioactive ingredients that have medicinal properties. It may be a medicine, a cosmetic, or a combination of the two. They are spread topically as creams or lotions, just like cosmetics, but they contain active ingredients that impair skin cell function. Some cosmeceutical products have limited action (for example, exfoliants), while others can penetrate deeper levels, improving or reducing natural skin functions. Cosmeceutical products are used for various purposes, including skin irritation, tooth whitening, and skin lightening. The introduction and popularity of natural and organic goods is a major development in the global Cosmeceuticals market. Antioxidants, retinoids, exfoliants, peptides and proteins, and botanical extracts are only a few of the ingredients commonly found in cosmeceutical products.

The majority of dermatologists worldwide recommend cosmeceuticals because they can be used as cosmetic products while also having various therapeutic properties. The market for cosmeceuticals is increasing due to oral health problems such as poor breath, teeth whitening, and cavities. Acne, sunburn, and other skin issues have long been a source of discomfort for both men and women, and cosmeceuticals are commonly used to cure them. Dry scalp and greying hair are two common hair issues that cosmeceuticals can help with. Cosmeceuticals are cosmetics made of pharmaceutical-grade ingredients. To raise the attractiveness and demand for cosmeceutical products, manufacturers are infusing active chemical compounds with various aromas that have anti-inflammatory or antibacterial properties.

MARKET DRIVERS:

The global cosmeceuticals market growth is projected to be driven by rising demand from the middle age and an increasingly urban population.

Growing customer awareness of the benefits of cosmeceuticals and increasing the number of people living in cities are also factors driving the cosmeceuticals industry forward. In addition, consumer awareness of beauty, demand for natural/organic goods, disposable income in developing markets, and the availability of technologically advanced and user-friendly cosmeceutical products are all pushing the industry forward. The primary factors for the cosmeceuticals industry are effective therapy, healing properties in beauty products, and customers' need to preserve a youthful look.

The global cosmeceuticals market is set for significant growth in the coming years as people worldwide become more aware of their appearance. The market's availability of a variety of high-quality, high-priced cosmeceutical products has also fueled development. Companies in the cosmeceuticals industry are pursuing a heavy investing policy and development (R&D) policy to launch new drugs and expand into new markets. For cosmeceuticals drugs, companies are discovering new ingredients such as peptides and stem cells. The launch of new drugs containing bioactive ingredients is critical in boosting the global demand for cosmeceutical products.

The several advantages of cosmeceuticals encourage the growth of the market. First, cosmeceuticals are highly advantageous for having over-the-counter drugs for aesthetic skin problems which aren't severe enough to require a prescription but need attention. Second, cosmeceuticals can also help improve your treatment by working alongside your prescribed Skincare to enhance your results. Additionally, launching new enterprises, especially in the Asian regions, drives the market. For example, An Indian skincare company, Lisén, is a cosmeceutical skincare brand that has just launched and is looking for prospects in the cosmeceuticals market, which has seen a rise since the COVID-19 epidemic. 

MARKET RESTRAINTS:

Increasing consumer awareness of the harmful effects of ingredients used in cosmetics is a major factor limiting the expansion of the global cosmeceuticals market. Furthermore, the rapid emergence of different treatment solutions from different market players poses an obstacle to the global demand for cosmeceuticals' development direction.

These new treatments are expected to increase the cosmeceuticals market's competition and, to some extent, a key challenge to the companies operating in the global cosmeceuticals market.

COVID-19 Impact on the global Cosmeceuticals Market:

The disease has spread to almost every nation globally since the COVID-19 virus epidemic in December 2019, prompting the World Health Organization to declare it a public health emergency. While the healthcare sector is growing, some sectors of the industry are growing at a slower pace. 

Cosmeceuticals enhance beauty by supplying essential foods for healthy skin and treating damaged skin cells medically. As a result of the worldwide lockdown, cosmetic factories were forced to close down their manufacturing units due to a labor shortage. Because of this, the growth rate of the global cosmeceuticals industry has been slowing. Retail stores are expected to see fewer customer visits until the pandemic ends, so leading firms target e-commerce as an opportunistic part of the industry. However, as the global condition improves, the economy is poised to rebound, and sales are projected to recover in the coming years.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

Segments Covered

By Product Type, Distribution Channel, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global cosmeceuticals market has been segmented and sub-segmented based on the product, distribution channel, and region.

Global Cosmeceuticals Market – By Product Type:

  • Skin Care
  • Hair Care
  • Oral Care

Based on the product, Skincare is predicted to be the most popular segment. The anti-aging sub-segment of Skincare is predicted to produce the most income throughout the forecasted period. Harmful UV light can cause premature aging of the skin and even lead to skin cancer. As a result of this increased awareness, consumers are more concerned about protecting their skin by utilizing preventative skincare products. BB creams, for instance, can be used as sunscreen as well as a make-up serum and moisturizer. Because of their convenience, products like these are becoming increasingly popular, propelling the skincare segment.

Haircare is expected to grow significantly in the future as demand for items such as hair oil, hair color, shampoo, and conditioner increases. Shampoos are a popular daily use product because of the benefits they provide, such as the removal of dandruff, dirt, and pollutants. However, due to several benefits, such as weight loss and wrinkle reduction, the injectable category is predicted to develop quickly in the next five years.

Global Cosmeceuticals Market – By Distribution Channel:

  • Supermarkets & Specialty Stores
  • Online Platform

Based on the Distribution Channel, the market share of supermarkets and specialty stores was the highest. This is due to wholesalers' and manufacturers' active promotions and various marketing methods at specialized stores, such as bulk purchase offers.

Due to technological advancements and increased consumer acceptance of technology, the online distribution channel is expected to develop significantly throughout the forecast period. Moreover, online discounts are higher than those offered in stores, attracting customers and increasing product sales.

Global Cosmeceuticals Market – By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Based on region, the Asia Pacific cosmeceuticals market is the world's largest regional market and is projected to expand faster. Rising disposable income and rising awareness of cosmeceutical and beauty items such as anti-aging, sun care, and hair care products are expected to fuel demand development. Aside from that, technological advances and the introduction of new ingredients have aided in the global commercialization of cosmeceutical products. Japan's population is one of the most prominent cosmetics consumers, with the country ranking in the top five national markets for personal care goods. Success in the Japanese cosmeceuticals market may help increase the profile and popularity of a product or brand, particularly in other Asian markets. Given that the term "cosmeceuticals" only recently gained popularity in China, it has quickly become one of the most popular product categories in the world. In addition, consumers' busier and more stressful lives and changing environmental factors have increased awareness about skin conditions for those looking for skin rejuvenation items. As a result, sales have increased in this region.

Due to the fast adoption of consumer goods such as cosmetics and clothes, The European cosmeceuticals market is expected to register a healthy CAGR during the forecast period. The increased awareness of cosmeceutical goods in this area is due to solid promotional efforts by cosmeceutical manufacturers. In addition, growing geriatric populations and disposable incomes are promoting the demand for the market. Furthermore, efforts from social media marketing and beauty influencers, along with the adoption of several new marketing strategies, further expand the market. Additionally, the availability of a wide range of products available across various selling points like retail and online drive the demand for the market. The growth of the market in countries like the U.K., France, Germany, Italy, etc., supports market expansion.

KEY MARKET PARTICIPANTS:

Notable players operating in the global cosmeceuticals market profiled in this report are L'Oreal SA, Procter & Gamble, Unilever PLC, Shiseido Co. Ltd, Revlon Inc., Groupe Clarins SA, Beiersdorf AG, Johnson & Johnson Inc.

Recent Developments

  • In January 2023, In order to grow both businesses, Silverwood Brands PLC announced on Monday that it has signed an agreement to acquire holdings in two skin care companies, Lush and Sonatas, for a total of £232 million ($281 million) in cash and shares.
  • In January  2023, A renowned manufacturer of nutraceutical and cosmeceutical goods, Deccan Healthcare Ltd., introduced QuitPain's immediate pain-relieving ayurvedic gel in Hyderabad. It is a simple-to-use ayurvedic gel that relieves pain and discomfort.
  • In December 2022, A recombinant protein modeled after Collagen type III from yeast has been created by US biofabrication expert Modern Meadow, providing the cosmetics sector with a more environmentally friendly substitute for conventional collagens derived from animals.
  • In December 2022, With the success of its flagship shop and distinctive product line, Canadian beauty services company Fancy Face is now concentrating on growing its customer base and identifying specialized retail partners. Brittany Gray, the creator of Fancy Face, chose an atypical road to the world of business in the beauty industry.

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FAQ's

What was the size of the cosmeceuticals market worldwide in 2022?

The global cosmeceuticals market size was valued at USD 58.29 billion in 2022 

Which region is growing the fastest in the global cosmeceuticals market ?

Geographically, the North American cosmeceuticals market accounted for the largest share of the global market in 2022. 

At What CAGR, the global cosmeceuticals market is expected to grow from 2023 to 2028?

The global cosmeceuticals market is estimated to grow at a CAGR of 6.02% from 2023 to 2028. 

Which are the significant players operating in the cosmeceuticals market ?

Unilever PLC, Shiseido Co. Ltd, Revlon Inc., Groupe Clarins SA, Beiersdorf AG, Johnson & Johnson Inc. are some of the significant players operating in the cosmeceuticals market.

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