Cosmeceuticals refer to cosmetic products that exhibit medicinal or drug-like benefits. They contain ingredients that are more commonly used in drugs than traditional skin care products. Some of the key ingredients include antioxidants, peptides, growth factors, and sunscreen agents. Cosmeceuticals offer anti-aging benefits and help improve skin conditions like acne, pigmentation, uneven skin tone, etc. The surge in demand for multifunctional cosmetic products that exhibit pharmaceutical benefits has been a major driver for this industry. The global cosmeceuticals market is estimated to be valued at US$ 83.95 billion in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the cosmeceuticals market are Bayer AG, Henkel AG & Co. KgaA, Avon Products Inc., Johnson & Johnson Inc., Kao Corporation, Beiersdorf AG, Groupe Clarins SA, Revlon Inc., Shiseido Co. Ltd., Unilever PLC, Procter & Gamble, L'Oréal SA, Lotus Herbals Pvt. Ltd., and The Estée Lauder Companies Inc. These players have been focusing on new product launches and expanding their geographical footprint through organic and inorganic strategies.
The rising demand for anti-aging skin care products presents significant opportunities in the market. Leading cosmeceutical companies are launching innovative anti-aging product ranges infused with clinically tested ingredients to cater to this demand. Increasing consumer willingness to pay premium prices for high-efficacy anti-aging solutions further aids market growth.
Asia Pacific is expected to witness lucrative growth opportunities over the forecast period owing to changing lifestyles, increasing disposable incomes, and growing participation of women in the workforce in emerging countries. Domestic cosmeceutical companies are also exploring opportunities in international markets through partnerships and acquisitions to expand their global footprint.
Market Drivers
The increasing awareness among consumers about the anti-aging benefits of cosmeceuticals is one of the major drivers of this market. There is a significant demand for multifunctional products that can protect the skin from premature signs of aging caused by environmental stressors as well as improve skin conditions. Rising consumer willingness to spend more on high-efficacy anti-aging solutions further aids the market growth.
PEST Analysis
Political: The cosmeceuticals market is regulated by multiple regulatory bodies and agencies like FDA and EMA. As regulations hold manufacturers responsible for proving the efficacy and safety of cosmeceuticals, it affects product development strategies.
Economic: Rising disposable incomes fuel demand for premium beauty and personal care products. However, economic slowdowns can affect consumers’ spending adversely.
Social: An emphasis on youthful appearance and health consciousness has led to greater acceptance of active ingredients in skincare and haircare. Social media exposure influences trends in self-care and beauty routines.
Technological: Advancements in active delivery systems, stem cell technologies, and novel extraction techniques allow for more potent yet safe formulations. eCommerce expansion and digitization of retail bring convenience.
The United States accounted for the largest share of the global cosmeceuticals market in terms of value in the historical period due to high per capita income, consumer awareness, and presence of most key players in the region. However, Asia Pacific is expected to surpass North America and become the largest as well as fastest growing regional market during the forecast period due to growing middle-class population, increasing penetration of personalized skincare and haircare products, and rising urban beauty consciousness across countries like China, India and South Korea.
China holds immense growth potential and is poised to lead the Asia Pacific cosmeceuticals market in the coming years. Factors such as massive Gen-Z population, expanding online retail landscape, growing fame of influential beauty bloggers and focus on natural solutions are stimulating experimentation among Chinese consumers and propelling the cosmeceuticals segment. Rising living standards coupled with greater disposable incomes are making premium products more accessible in the region. Local players are also leveraging this opportunity through effective marketing strategies and innovative formulations suiting the Chinese complexion preferences.
The new research report titled "Cosmeceutical Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
Cosmeceutical is getting more ordinary in the realm of the everyday, natural skincare.
The market is blasting internationally for everyday skincare.
Rising awareness of the shoppers about their physical appearance and developing disposable income is foreseen to grow the market.
