According to the latest report by IMARC Group, titled "Cosmeceuticals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global cosmeceuticals market reached a value of US$
49.5 Billion in 2021. Cosmeceuticals are cosmetic products that are fortified with bioactive ingredients to have medicinal or drug-like benefits. Some of the most commonly used ingredients in their formulation include botanicals, peptides, antioxidants, proteins and moisturizers. They are widely used for nourishing the skin while treating certain conditions, including irritation and dryness. They are also utilized for teeth lightening and whitening purposes and hair care. Their use promotes healthy hair or skin growth while effectively repairing damaged cells. They are also widely utilized as they assist in beautifying the outer appearance and exhibiting anti-aging properties. Apart from this, they are essential for safeguarding the skin from numerous harsh external factors, such as pollution and solar and ultraviolet radiation (UV) exposure.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cosmeceuticals Market Trends:
The market is primarily driven by the growing preference for maintaining an aesthetically pleasing physical appearance among the masses. Inflating disposable incomes of the masses and the rising trend of social media, have also impelled individuals to maintain a regular skincare regime. With the increasingly fast-paced lifestyles led by the majority of the population, there has been a considerable rise in the adoption of various multi-purpose products in general. The use of cosmeceuticals not only enhances the physical appearance of users but also aids in treating the imperfections of the skin rather than just covering them up. This has, consequently, contributed to the widespread popularity of these products on the global level. Along with this, there has also been a rising preference for maintaining a youthful appearance among individuals, which has contributed to the escalating sales of premium cosmeceuticals with essential oils and superior quality ingredients. The market is further driven by the advent of organic and natural product variants in the market. The growing awareness regarding the adverse effects associated with the prolonged use of chemical products on skin and hair has led consumers to shift to products formulated with naturally-sourced ingredients. Some of the other factors contributing to the market growth include the increasing prevalence of skin-related conditions, the rapid expansion of online and offline organized retail and the extensive research and development (R&D) conducted by players to develop products with improved efficacy and long-lasting results. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 8.37% during 2022-2027.
- On the basis of the product type, the market has been divided into skin care (anti-aging, anti-acne, sun protection, moisturizers and others), hair care (shampoos and conditioners, hair colorants and dyes, and others), lip care and oral care.
- Based on the ingredient type, the market has been classified into antioxidants, sunscreens, botanicals, peptides and proteins, exfoliants, moisturizers, retinoids, and others.
- On the basis of the distribution channel, the market has been segmented into supermarkets and hypermarkets, convenience stores, Specialty stores, online stores and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Amway Corporation (Alticor), Avon Products, Inc. (Natura & Co.), Beiersdorf AG (Maxingvest ag), Croda International Plc, Estée Lauder Companies, Johnson & Johnson Services, Inc., L'Oréal S.A., Procter & Gamble Company, Shiseido Company Limited and Unilever PLC.
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