Market Research Report
Cosmeceuticals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Cosmeceuticals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 130 Pages
Delivery time: 2-3 business days
The global cosmeceuticals market is projected to grow at a CAGR of 8.81% during the forecast period (2020 - 2025).
IMPACT OF COVID-19 ON THE MARKET
Consumers, especially the ageing population, are increasingly looking for methods and products to maintain and improve their appearance to look youthful and beautiful, more so with the rising awareness about anti-ageing products. Middle-aged people are increasingly witnessing ageing anxiety, due to the high prevalence of extrinsic signs of ageing.
Anti-ageing skin products are known as cosmeceuticals, as they overlap the distinction between cosmetics and pharmaceuticals. Over the past two decades, the declining fertility and mortality rate has resulted in a sustained rise in ageing population across the region, especially in China and Japan. The strong desire among men and women to retain youthful appearances has groomed and nurtured the cosmetic industry across the region.
Though the term 'cosmeceuticals' started gaining momentum in China recently, it has now become one of the most preferred product categories in the country. Busier and stressful lifestyles of consumers in the country, as well as worsening environmental conditions, created more concern around skin conditions amid consumers who seek products for skin rejuvenation. This has led to an increase in sales of cosmeceuticals.
Moreover, the population of Japan is among the most prolific consumers of cosmetics, placing it among the top five national markets for personal care products. From the viewpoint of not only size but also the trends and market demand, Japan can be regarded as a gateway to other Asian markets. Success in the Japanese market can raise product/brand profile and visibility, particularly in other Asian markets.
The most active companies in the market include key players, such as Procter & Gamble, Unilever, L'Oreal SA, Shiseido Co. Ltd, and The Estee Lauder Companies Inc. L'Oreal SA is one of the most active companies, with numerous brands offering a broad range of cosmeceuticals, across the world. The company has spent considerably on improving quality, product innovation in terms of ingredients, functionality, and packaging. Moreover, these active companies have adopted strategic acquisition as their key strategy, to increase their geographical presence and customer base.