The global Cosmeceuticals market is estimated to reach USD 87.02 Billion by 2028, at a CAGR of 8.8% during the forecast period from 2021 to 2028. The increasing aging population across America and Europe is the major driving factor that promotes the growth of the market. In addition, rising disposal income across the world also assists in driving the growth of the market. Environmental pollution is the major cause of skin problems. Rising pollution in the atmosphere is also considered as one of the most important factors which promote the growth of the market. However, the high cost of the product coupled with lack of awareness is the major factor that restrains the growth of the market. Nonetheless, ongoing development and increasing awareness in developing countries like India, Indonesia, china will bring huge growth opportunities during the forecasted year.
Cosmeceuticals are cosmetic products that provide both cosmetic and therapeutic effects. These products are designed to provide beneficial effects on skin health and other body-related problems. In some cases, their action is limited to the skin surface while others can penetrate to deeper levels, either enhancing or limiting normal skin functions. Cosmeceuticals are available “over-the-counter” and are generally used as part of a regular skincare regime to help improve skin tone and texture, pigmentation, and fine lines. The majority of cosmeceuticals ingredients include antioxidant Alpha-lipoic acid, Vitamin C, Nicotinamide, Vitamin E, and Ubiquinone. Cosmeceuticals should ideally deliver the active ingredient in a biologically effective form to the skin and reach the target site in sufficient quantity to have an effect. The biologically active ingredients purporting to have medical or drug-like benefits. The FD&C Act does not recognize any such category as "cosmeceuticals." A product can be a drug, a cosmetic, or a combination of both, but the term "cosmeceutical" has no meaning under the law.
An unexpected problem hit the ground in a form of the COVID 19 pandemic. The virus was first discovered in 2019 in China, and later it spread across the whole world. The demand for healthcare products rises rapidly. The whole world looking after the manufacturing of vaccines. Furthermore, all the employees are forced to do work at home for safety purposes. There is increased demand for food and food-related products. The countries have seen the disturbance in the supply chain and affect the distribution of the products. Decrease in demand of the cosmetics have seen during the pandemic. The COVID 19 pandemic has shown major impact on the Cosmeceuticals market.
Based on the type, the cosmeceuticals market has been segmented into skin care, hair care, lip care, and oral care. The skincare segment holds the largest market share in terms of revenue generation. The same segment is expected to grow during the forecasted year from 2021 to 2028. The increasing aging population across the world is the major driving factor for the growth of the market. As per the United Nations, There were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050.
Based on the Distribution channel, the cosmeceuticals market has been segmented into supermarket/hypermarkets, online retail stores, convenience stores, specialist stores, and other distribution channels. Supermarket/hypermarkets dominate the global cosmeceuticals market. The average person attending the supermarket is larger compared to another distribution channel. The supermarket is the self-services shop offering the wide variety of organized products in one place
Adroit Market Research report on global Cosmeceuticals market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 to 2019, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global cosmeceuticals market have been studied in detail.
The global Cosmeceuticals market report is classified into five major regions North America, Europe, Asia Pacific, Latin America & Middle East, and Africa. In terms of revenue, North America holds the largest market share in the year 2020 followed by Europe. There is a continuous rise in the aging population in Europe and North America. The aging population is the major driving factor for promoting the growth of the market. In the United States, more than 40% of the population cross the age of 40. This can be considered the most assisting factor for the market. The Asia-Pacific region is expected to witness the highest growth during the forecast period. China, India, Australia, South Korea, Singapore, and Japan are generating significant demand for new cosmeceuticals products. The high demand from India and China which hold the world's largest population is the major driving factor that promotes the growth of the Asia Pacific market. In Latin America, Brazil is the most dominating region. The country saw major futuristic growth in the coming year.
Major current market players include L'Oreal SA, Procter & Gamble, Unilever PLC, Shiseido Co. Ltd, Revlon Inc., Groupe Clarins SA, Beiersdorf AG, Johnson & Johnson Inc. and Others
Segment Overview of Global Cosmeceuticals Market
Type Overview, 2019-2028 (USD Billion)
- Skin Care
- Sun Protection
- Other Skin Care Product Types
- Hair Care
- Shampoos and Conditioners
- Hair Colorants and Dyes
- Other Hair Care Product Types
- Lip Care
- Oral Care
Distribution Channel Overview, 2019-2028 (USD Billion)
- Online Retail Stores
- Convenience Stores
- Specialist Stores
- Other Distribution Channels
Regional Overview, 2019-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America