Market Research Report
Global Cosmeceuticals Market - 2020-2027
|Published by||DataM Intelligence||Product code||959519|
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|Global Cosmeceuticals Market - 2020-2027|
|Published: September 8, 2020||Content info:||
Cosmeceuticals is a class of cosmetic formulations that are enriched with bioactive compounds purported to have therapeutic benefits. Cosmeceuticals formed the bridge between pharmaceutical and cosmetic grade of bioactive compounds to have beneficial effect on skin health and beauty. Vitamins, polyphenols, hydroxyl acids, and melatonin are some of the widely used active ingredients in cosmeceutical formulations. These are designed for topical use as cosmetics and are proven to pose higher impact on human skin over cosmetic products. When applied to the skin, the active ingredients reach deep dermal layers of skin and add nutritional benefits to the tissue. Also, hair cosmeceuticals are developed for improving hair growth and scalp control. The global cosmeceuticals market valued USD 48 billion in 2019 and is estimated to reach USD XX billion by 2027, at a CAGR of XX% during the forecast period.
The growth of the cosmeceutical market can be majorly attributable to the rising consumer interest towards natural and nutrition rich products both for health and beauty concerns. Aging population, increasing consumer spending and beauty consciousness are other factors supporting the sales. Companies are focusing towards widening their product offerings for various skin problems to cater this growing interest from consumers. The rising Rise in male grooming industry is another key growth promoter in the global cosmeceuticals market. The share of male consumers in the dollar sales is likely to increase with growing demand for anti-aging and acne control cosmeceuticals among male population.
However, lack of proper regulatory approvals and health claims is hindering the penetration of these products in health savvy population. For instance, the Federal Food, Drug, and Cosmetic Act (FD&C Act) in the U.S. does not recognized the term cosmeceutical and included these under cosmetics. Moreover, the evolution of nutricosmetics and rising popularity for this beauty-from-within categories may affect the growth of cosmeceuticals in future
The global cosmeceuticals market is segmented by product type into skin care, hair care and other categories. Skin care is by far the largest segment accounting for nearly 70% of the global dollar sales in 2019. The wide range of skin care applications from moisturizing to anti-aging, scar and wrinkle removal, acne control to hyperpigmentation are driving the growth of this segment. However, hair care cosmeceuticals segment is estimated to grow at faster rate owing to rising demand for anti-hair fall and hair growth stimulation products, and male grooming industry
By Geography, Europe is leading the global cosmeceuticals market owing to high beauty interest in countries such as France, Italy, U.K. and Germany. Also, factors such as aging population, high incidence of dry skin, people interest to look young have constituted for a significant potential for cosmeceutical products in Europe. However, the market growth over the forecast period will be majorly driven by Asia Pacific region with countries such as India, Thailand and Malaysia witnessing double-digit growth rates.
The global cosmeceuticals market is fragmented with the presence of large number of companies. The high product differentiation is resulting in entry of new companies into the market with novel skincare and haircare formulations. The market is turning competitive with business development strategies followed by global cosmetic giants. The companies are focusing towards acquisitions to increase their distribution network and expand product portfolio. Phytochemical based natural skincare cosmeceuticals has been the key focus of most of the existing players owing to large market potential across the globe.