The Worldwide Cosmeceuticals Industry is Expected to Reach $81 Billion by 2028 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Cosmeceuticals Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Active Ingredient, Distribution Channel, and Product" report has been added to ResearchAndMarkets.com's offering.
The cosmeceuticals market size is projected to reach US$ 81.75 billion by 2028 from US$ 45.91 billion in 2021; it is estimated to grow at a CAGR of 8.6% from 2021 to 2028.
Cosmeceuticals are cosmetic formulations enriched with bioactive compounds purported to have therapeutic benefits. They form a bridge between pharmaceutical- and cosmetic-grade bioactive compounds. The aging population and growing consumer awareness are driving the market growth.
The market growth is driven by the rising consumer interest in natural and nutrient-rich products for health and beauty concerns. The aging population, increasing consumer spending, and rising beauty consciousness are driving the demand for antiaging products. It has been observed that the demand is high among the people from the age group 30-45. Longer lives of people due to advancements in healthcare across the world are driving a will among them to retain a youthful appearance for long period. Thus, antiaging products are high in demand to prevent hair damage, age spots, uneven skin tone, dry skin, and wrinkles. The rise in the consumer demand for antiaging solutions, with the increase in lifestyle standards and income levels, is the major factor driving the growth of the cosmeceuticals market.
The rising male grooming industry is another key growth promoter in the cosmeceuticals market. The demand for antiaging and acne-control cosmeceuticals is growing among males. However, the lack of proper regulatory frameworks and health claim specifications hinder the reach of these products to health-savvy populations.
For instance, the Federal Food, Drug, and Cosmetic Act (FD&C Act) in the US does not recognize the term cosmeceutical, and these products are included under the cosmetics category. The regulatory system for cosmeceuticals products is complex and not stringent as compared to drugs. Most of the time, newly launched products are susceptible to the uncertainty of regulatory review, which leads to the introduction of counterfeit goods, which hampers the credibility of legit cosmeceuticals. Moreover, the evolution of nutricosmetics and the rising popularity of the beauty-from-within categories may limit the cosmeceuticals market growth.
The ongoing COVID-19 pandemic has contributed significantly to the surge of online retail worldwide, thereby propelling the demand of the cosmeceutical products.
The cosmeceuticals market has a highly fragmented vendor landscape due to the presence of large, medium, and small-scale players in the market. Out of the various strategic alliances formed by players in the cosmeceuticals market to hold sizeable stakes, capitalizing on the emerging opportunities and acquiring latest technologies as well as patents have gained maximum popularity. The rising focus on R&D is intensifying the level of competition among leading vendors. The cosmeceuticals market is expected to grow steadily due to the presence of highly established players that are concentrating on improving their product quality, facilitating product differentiation, and enhancing geographic reach.
By active ingredient, the cosmeceuticals market is segmented into antioxidants, peptides and proteins, exfoliants, retinoids, botanicals, and others. The antioxidants segment held the largest market share in 2021 and is anticipated to register the highest CAGR in the market during the forecast period.
By product, the cosmeceuticals market is segmented into skin care, hair care, oral care, and others. The skin care segment held the largest share of the market in 2021. Moreover, it is anticipated to register the highest CAGR in the market during the forecast period.
- Increasing Demand of Anti-ageing Products
- Paradigm Shift to Male Grooming Products
- Effect of COVID-19 Pandemic
- Stringent Regulatory Approvals
- Development Opportunities in Emerging Countries
- Enhanced Blue Light Protection
- Beiersdorf Global
- Croda International
- Amway Corp.
- Unilever plc
- Johnson & Johnson
- Procter & Gamble
- Avon Products Inc.
- BASF SE
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