The cosmeceuticals market size in Europe is predicted to be growing at a CAGR of 5.21% from 2023 to 2028 and be worth USD 23.96 billion by 2028 from USD 18.59 billion in 2023.
The growing patient population suffering from skin disorders and the increasing geriatric population in Europe majorly drive the cosmeceuticals market growth in Europe. Almost half of the European population suffers from one form of skin issue or the other and this trend is mainly attributed to lifestyle changes, including unhealthy diets, reduced exercise, work-related stress, alcohol and tobacco consumption and hormonal fluctuations. Skin diseases such as skin cancer, vitiligo, rosacea, alopecia areata, eczema, wrinkles and blackheads are common. Moreover, the skin may lose elasticity and brightness with growing age due to inadequate nutrition and increased medication use. Consequently, cosmeceutical products are being used to address these issues effectively. Cosmeceuticals combine cosmetic and medical ingredients to offer supplementary health benefits to the skin. These products are also effective in treating conditions such as large pores, hyperpigmentation, cellulite, sun damage, and acne.
The rising awareness among the European population regarding the importance of maintaining a youthful appearance fuels the European cosmeceuticals market growth. The demand for products that offer a combination of cosmetic and medical benefits for the permanent treatment of skin issues is on the rise due to the growing number of individuals focused on their appearance while attending college or the workplace. The growing usage of cosmeceutical products by individuals in Europe who are active on social media supports the European market growth.
The growing awareness and adoption of organic cosmeceutical products in Europe accelerate the growth rate of the European market. Researchers have been increasingly focussing on the development of skincare products that use natural and medical ingredients which are more effective and have fewer side effects than conventional cosmetic products due to the rising demand for organic products. Moreover, there is increasing investment in research and development and expanding pharmaceutical support that is driving the growth of the Europe cosmeceuticals market.
The high cost of cosmeceutical products primarily hampers the growth of the European cosmeceuticals market. The lack of skilled professionals, low availability of cosmeceutical products and limited awareness of the benefits of these products restrain the growth of the European market. Moreover, rising awareness among the European population regarding the side effects associated with using cosmeceutical products such as skin irritation and redness further hinder the market growth in Europe.
The research report on the European cosmeceuticals market has been segmented and sub-segmented into the following categories.
By Product Type:
By Distribution Channel:
By Country:
The European region held the second biggest share of the global market in 2022 and is estimated to grow at a healthy CAGR during the forecast period owing to the growing adoption of improved cosmeceutical products for skin care and the rising healthcare expenditure by the European population. Governments of European countries have been taking several measures to approve cosmeceutical products by conducting clinical trials in clinical centers that help to mitigate any potential negative effects associated with their use.
Germany had the major share of the European market in 2022 and is estimated to grow at a healthy CAGR during the forecast period owing to the growing number of manufacturing facilities in Germany. Precision cosmeceutical products are particularly popular in Germany, as they offer better results for skin disorders compared to traditional products. The rising availability of cosmeceutical products in both offline and online pharmacies and the growing investments by key market participants in Germany further boost the growth rate of the German market.
The UK cosmeceuticals market accounted for a substantial share of the European market in 2022 and is estimated to grow at a promising CAGR during the forecast period due to the increasing number of websites providing information on cosmeceutical products and the growing number of awareness programs by key players and manufacturing facilities.
KEY MARKET PLAYERS:
L'Oreal SA, Procter & Gamble, Unilever PLC, Shiseido Co. Ltd, Revlon Inc., Groupe Clarins SA, Beiersdorf AG, and Johnson & Johnson Inc. are some of the notable companies in the European cosmeceuticals market.
Frequently Asked Questions
Factors driving the growth of the Europe cosmeceuticals market include the increasing prevalence of skin disorders, the growing geriatric population, rising consumer awareness of skin health, and the development of organic cosmeceutical products.
Challenges facing the Europe cosmeceuticals market include the high cost of products, lack of skilled professionals, low availability of products, lack of awareness about the benefits of cosmeceuticals, and some side effects such as skin irritation and redness.
Germany has a large share of the Europe cosmeceuticals market due to the increasing number of manufacturing facilities in the region, while the United Kingdom is also a significant player due to increasing consumer awareness.
The Europe cosmeceuticals market is regulated by government agencies such as the European Medicines Agency (EMA) and the European Cosmetics Regulation (ECR), which ensure that cosmeceutical products are safe for use and meet regulatory standards.
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