by The cosmeceutical market is estimated to be valued at US$ 76,875.0 Mn in 2023 and is expected to exhibit a CAGR of 9.02% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmeceuticals refer to cosmetic products that have medicinal or drug-like benefits. They can range from anti-aging creams, sunscreens, hair loss treatments to acne treatments. The active ingredients in cosmeceuticals help improve the skin appearance and conditions. Increasing awareness among consumers about the benefits of cosmeceuticals such as reduction in fine lines and wrinkles is driving the market growth.
Market Dynamics:
Evolving beauty standards and growing influence of social media on consumer purchasing decisions have increased the spending on personal care products globally (150 words). Consumers are more conscious about their appearance and the effects of aging. They are willing to pay premium prices for effective anti-aging products. This has boosted the demand for cosmeceuticals containing specialized active ingredients that deliver medicinal benefits. Furthermore, increasing consumer disposable income in developing nations is allowing consumers to spend more on high-end cosmetic products. This growing spending power is expected to fuel the cosmeceutical market growth over the forecast period.
SWOT Analysis
Strength: The cosmeceutical market is witnessing high demand for multi-functional and result-oriented products. Growing popularity of herbal and natural ingredients is further boosting the market growth. Rising awareness about the benefits of cosmeceuticals is positively impacting the market sales.
Weakness: High costs associated with R&D activities and product development pose challenges for new market players. Stringent regulatory frameworks further limit product launches.
Opportunity: Growing aging population and rising expenditure on personal care present lucrative opportunities. Expanding e-commerce platforms will help reach untapped regional markets.
Threats: Intense competition among existing players and easy availability of substitute products can hamper the growth. Changing consumer preferences also pose threats.
Key Takeaways
The Global Cosmeceutical Market Demand is expected to witness high growth, exhibiting CAGR of 9.02% over the forecast period, due to increasing awareness about anti-aging products and growing geriatric population. The market size for 2023 was valued at US$ 76,875.0 Mn.
Regional analysis:
North America dominates the global cosmeceutical market and is expected to continue its dominance over the forecast period. This is attributed to the growing aging population and higher spending on personal care in the region. Asia Pacific exhibits the fastest growth led by China, India, and Japan on account of rising income levels, growing middle class, and increasing awareness.
Key players:
Key players operating in the cosmeceutical market are Bayer AG, Henkel AG & Co. KgaA, Avon Products Inc., Johnson & Johnson Inc., Kao Corporation, Beiersdorf AG, Groupe Clarins SA, Revlon Inc., Shiseido Co. Ltd., Unilever PLC, Procter & Gamble, L’Oréal SA, Lotus Herbals Pvt. Ltd., and The Estée Lauder Companies Inc., among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
