According to the latest report by IMARC Group, titled “Cosmeceuticals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global cosmeceuticals market size reached US$ 54.0 Billion in 2022. Cosmeceuticals are cosmetic products that contain bioactive ingredients with potential therapeutic effects on the skin. They contain higher concentrations of active ingredients like vitamins, antioxidants, peptides, botanical extracts, and other bioactive compounds. They are designed to provide cosmetic benefits while also delivering specific active ingredients that can improve the health and appearance of the skin. They aid in offering hydration, reducing wrinkles, lightening pigmentation, and promoting collagen synthesis.
Global Cosmeceuticals Market Trends:
The increasing global geriatric population that is more prone to develop age related skin concerns, such as wrinkles, fine lines, and sagging skin, represents one of the key factors driving the demand for cosmeceuticals around the world. Moreover, the rising awareness among the masses about the importance of doing skincare on a regular basis is augmenting the market growth. In addition, the growing influence of social media platforms and the increasing focus of individuals on improving their physical appearance is influencing the market positively. Apart from this, the surging prevalence of skin-related conditions, such as acne vulgaris, on account of sedentary lifestyles, unhealthy dietary patterns, hormonal imbalance, and insomnia, is propelling the growth of the market. Looking forward, the market value is projected to reach US$ 85.2 Billion by 2028, expanding at a CAGR of 8.1% during 2023-2028.
- Based on the product type, the market has been segmented 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. Skin care currently represents one of the commonly used cosmeceuticals.
- On the basis of the ingredient type, the market has been classified into antioxidants, sunscreens, botanicals, peptides and proteins, exfoliants, moisturizers, retinoids, and others. At present, antioxidants exhibits a clear dominance in the market.
- Based on the distribution channel, the market has been divided into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being 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.
|Base Year of the Analysis
||Product Type, Ingredient Type, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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