The global cosmeceutical market is estimated to be valued at US$ 76,875.0 Mn in 2023 and is expected to exhibit a CAGR of 9.02% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmeceutical refers to cosmetic products that have drug-like benefits for the skin beyond moisturizing or cleaning. These products contain ingredients that are known for their medicinal or drug-like benefits in topical applications. Cosmeceuticals target specific skin conditions like hyperpigmentation, acne, skin brightening, anti-aging etc. They comprise anti-aging products, skin brightening products, acne-targeted products and sun protection products. Cosmeceuticals provide multiple skin benefits such as reducing dark spots and pigmentation, fading blemishes, brightening skin tone, slowing skin aging and reducing inflammation. Their topical application helps nourish and rejuvenate the skin without any side-effects, increasing their demand among all age groups.
Market key trends:
The global cosmeceutical market is witnessing a rise in adoption of anti-aging product range owing to increasing aging population worldwide. With the rapid growth in life expectancy coupled with rising disposable income, customers are seeking innovative anti-aging products aimed at combating signs of aging like fine lines and wrinkles. Key players are focusing on product innovations and incorporating new technologies to produce more effective anti-aging solutions for the maturing skin. For instance, introduction of products with ingredients like stem cells, ceramides and peptides that provide deep hydration and firming for the skin. Moreover, growing awareness regarding sun damage and its role in premature skin aging has also spurred the demand for effective sun protection cosmeceuticals in the market. Customers now recognize sun protection as an essential part of their skincare regime in any season.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the cosmeceutical market requires significant investments in R&D for product development. Also, established brands have strong brand loyalty.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of a wide range of product options at different price points in the market. Buyers can easily switch to substitutes based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials used in cosmeceuticals such as vitamins, minerals, and antioxidants have many suppliers globally.
Threat of new substitutes: The threat of new substitutes is high as the wellness and skincare industries continuously introduce innovative products.
Competitive rivalry: The competitive rivalry is high due to the presence of many global and regional players competing on the basis of product innovation, quality, and marketing.
Key Takeaways
The Global Cosmeceutical Market Demand is expected to witness high growth, exhibiting CAGR of 9.02% over the forecast period, due to increasing awareness about product ingredients and their benefits. The market size for 2023 was US$ 76,875.0 Mn.
North America dominates the cosmeceutical market, with the United States being the major market due to high consumer spending on personal care products and presence of major players. Asia Pacific is expected to grow at the fastest rate during the forecast period due to increasing disposable income, rising middle-class population, and growing awareness.
Key players operating in the cosmeceutical 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., among others. These players are focusing on new product development and expansion in growing markets.
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