February 25, 2024
Cosmeceuticals Market

Cosmeceuticals Market is Expected to be Flourished by Increasing Consumer Awareness About Beauty Products Offering Health Benefits

Cosmeceuticals are topical cosmetic products that are claimed to have medicinal or drug-like benefits. Cosmeceuticals include antioxidants, peptides, growth factors, vitamins, and other ingredients. The most common active ingredients in cosmeceuticals include hyaluronic acid, retinol, peptides, ceramides, and antioxidants. These products are used for various skin conditions including pigmentation, acne, aging, and inflammation. The global cosmeceuticals market includes products such as anti-ageing creams, haircare serums, sunscreen lotions, and skincare serums. Growing consumer awareness about the health and beauty benefits of these products is expected to drive the market. Consumers are increasingly opting for cosmeceutical products over conventional beauty products to address specific skin problems. Furthermore, increasing penetration of e-commerce is making these products easily available to consumers.

The global Cosmeceuticals Market is estimated to be valued at US$ 8180.03 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Consumer preference for multifunctional cosmetic products infused with active ingredients is a major driver for the cosmeceuticals market. Additionally, increasing availability of these products through e-commerce platforms is facilitating their adoption. Online platforms provide easy access and exposure to a wide range of innovative products. However, lack of supporting clinical data and stringent regulatory framework remains a challenge for some small players. Moreover, high costs associated with research and development may restrain the market growth.

Segment Analysis
The global cosmeceuticals market can be segmented into skin care, hair care, injectables and others. The skin care segment is dominating the market and held around 55% market share in 2024. Growing demand for anti-aging products to reduce signs of aging like fine lines, wrinkles and dark spots is the key factor driving growth of this segment.

PEST Analysis
Political: The regulations about manufacturing and marketing of cosmeceutical products are quite stringent. Various regulatory bodies like FDA approve new products and ingredients. This affects the launch of new products.
Economic: Rising disposable incomes and growing beauty consciousness is positively impacting the cosmeceuticals market. People are willing to spend more on high-end cosmetic products promising skin and hair care benefits.
Social: Changing lifestyles, increased media influence and rising popularity of celebrities promoting cosmeceutical brands are some key social factors boosting the market growth. Consumers prefer anti-aging products to look younger and beautiful.
Technological: Continuous R&D is helping manufacturers launch innovative products with novel delivery systems and active ingredients. Formulations combining cosmetic and pharmaceutical actives maximizes efficacy.

Key Takeaways
The Global Cosmeceuticals Market Demand is expected to witness high growth in the forecast period of 2023 to 2030 supported by rising aging population globally.

Regional analysis: Asia Pacific is projected to be the fastest growing region during the forecast period. Growing middle class population, increasing disposable incomes and rising awareness about cosmeceutical products in countries like China, India and South Korea will drive high demand.

Key players operating in the cosmeceuticals market are ACOME, Allied Wire & Cable Inc., Coficab Tunisie SA, Coroplast Fritz Muller GmbH & Co. KG, Coroplast Fritz Muller GmbH & Co. KG, Delphi Automotive PLC, Draka Holdings B.V. Lear Corporation, Leoni AG, Sumitomo Electric Industries, Ltd, and Yazaki Corporation.

Source: Coherent Market Insights, Public sources, Desk research
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