Cosmeceuticals Market Overview
The global cosmeceuticals market is projected to showcase a strong growth during the forecast period (2021–2030), on account of increasing consumer awareness about cosmetics, and ageing population creating high demand for anti-ageing products. Additionally, the growing adoption for cosmetics with natural ingredients and rising consumer spending in developing economies, such as China, India, and Brazil, are expected to augment the growth of the market in future.
The cosmeceuticals market is categorized into skin care, hair care, oral care, and others, on the basis of product type. Among these, the skin care category is expected to account for a significant market share in coming years. This can be ascribed to the maximum exposure of the skin to harmful ultraviolet radiation. This may lead to premature ageing, owing to which the adoption of skin care products has been witnessing a high demand. Moreover, the demand for cosmetics, such as sun blockers, moisturizers, and creams, for sun protection has been at a rise.
The cosmeceuticals market is classified, on the basis of distribution channel, into supermarkets & specialty stores, online platforms, and others. Of these, the supermarkets & specialty stores category accounts for a significant share in the market. This is primary attributed to the surge in opening up of supermarkets and increase in coverage of such outlets in new vicinities, wherein there has been low access to supermarkets. Additionally, the supermarkets offer high discounts, and also they serve as a one-stop destination for consumers.
Geographically, the Asia-Pacific (APAC) cosmeceuticals market is expected to hold the largest share in coming years. This can be ascribed to the increasing consumer spending and rising disposable income, which are creating a high-volume demand for cosmetics in countries such as China, India, Thailand, Indonesia, and South Korea. Additionally, deteriorating environmental condition is leading the concerns to improve skin conditions in polluted cities of China and India. Owing to such factors, the demand for cosmeceuticals is projected to increase in the region, which, in turn, boosting the market growth during the forecast period.
Cosmeceuticals Market Dynamics
Drivers
The adoption of cosmetic products has witnessed a rapid surge on account of increasing consumer spending and rising concerns for premature ageing. Moreover, the shift of cosmetic manufacturers to India, Thailand, and Vietnam is creating numerous growth opportunities, with an access to a large chunk of population. Additionally, the increasing awareness on natural and organic cosmetics is further expected to drive the cosmeceuticals market during the forecast period.
Restraints
In recent years, the evolution of counterfeit products as an alternative to high cost branded products has created a huge hindrance for product manufacturers. The replicated products in the cosmeceuticals market deteriorate the image for original brands, owing to the usage of low-quality raw materials. This results in loss of market coverage by the original brands. Therefore, such factors are likely to curtail the market growth to a certain extent during the forecast period.
Cosmeceuticals Market Competitive Landscape
Some of the companies operating in the global cosmeceuticals market are Johnson & Johnson Inc., The Procter & Gamble Company, Shiseido Company Limited, L'oréal Group, Unilever, Croda International Plc., and Beiersdorf AG.
The study provides the historical as well as the forecast size of the cosmeceuticals market.
Cosmeceuticals Market Size Breakdown by Segments
The cosmeceuticals market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Product Type
- Skin Care
- Hair Care
- Oral Care
Based on Distribution Channel
- Supermarkets & Specialty Stores
- Online Platforms
Based on Material
Based on Ingredient
- Anti-Oxidants
- Sunscreens
- Botanicals
- Peptides & Proteins
- Exfoliants
- Moisturizers
- Retinoids
Geographical Analysis
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific (APAC)
- China
- India
- Japan
- South Korea
- Latin America (LATAM)
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
