The global cosmeceuticals market grew at a CAGR of around 7% during 2014-2019. Cosmeceutical refers to topical cosmetic and pharmaceutical products enriched with biologically active ingredients to improve the quality of the skin. They are also highly effective in repairing damaged skin cells. Some of the commonly used cosmeceuticals include lip care, hair care, skincare and teeth whitening products, injectables and ointments. They are a rich source of antioxidants, retinol, vitamin B, C and E, alpha-lipoic acid, hyaluronic acid and polyphenols, which aid in cleansing, beautifying and cellular replenishment. These products also protect the skin from air pollution, exposure solar and ultraviolet radiation (UV) and reversing the signs of aging.
Global Cosmeceuticals Market Growth Drivers:
The increasing prevalence of skin-related complications, such as hyperpigmentation, cellulite development, acne and pore inflammation, is one of the key factors driving the growth of the cosmeceuticals market. Furthermore, rising health consciousness and consumer preference for topical skincare products to heal wounds and repair skin damage caused by prolonged exposure to the sun is providing a thrust to the market growth. There is a growing inclination among the masses to maintain a youthful appearance, thereby resulting in the widespread adoption of cosmeceutical products enriched with essential oils and extracts of superior quality. This, in turn, is creating a positive outlook for the market.
Various product innovations, such as the development of organic and natural cosmeceuticals, are acting as other growth-inducing factors. Manufacturers are also creating moisturizers, sunscreens, wrinkles and acne reducers and nail care products with bio-active ingredients that have higher efficacy and long-lasting results. Other factors, including rising expenditure capacities of the consumers, along with extensive research and development (R&D) to develop nanoparticles for skin treatment at a molecular level, are anticipated to drive the market further. Looking forward, IMARC Group expects the global cosmeceuticals market to continue its moderate growth during 2020-2025.
IMARC Group provides an analysis of the key trends in each sub-segment of the global cosmeceuticals market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, product type, ingredient type and distribution channel.
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The report has also analysed the competitive landscape of the market with some of the key players being Amway (Alticor), Avon Products Inc. (Natura & Co.), Beiersdorf AG (Maxingvest AG), Croda International Plc., Estée Lauder Inc. (The Estee Lauder Companies Inc.), Johnson & Johnson, L'Oréal S.A., Procter & Gamble, Shiseido Company Limited and Unilever.
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