Global Cosmeceuticals Market Outlook Report 2023-2028: APAC Dominates the Market with Beauty Trends and Innovation

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Dec 07, 2023, 06:00 ET

DUBLIN, Dec. 7, 2023 /PRNewswire/ -- The "Global Cosmeceuticals Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global cosmeceuticals market is expected reach a value of $120.31 billion by 2028 from $72.81 billion in 2022, growing at a CAGR of 8.73%

The cosmeceuticals market is experiencing growth driven by several key factors. Natural ingredients are being increasingly incorporated into cosmeceutical products to meet the rising demand for organic and clean beauty solutions.

The digitalization of marketing and distribution channels, thanks to the widespread use of the internet, smartphones, and social media, has expanded the consumer reach for cosmeceutical companies. Changing consumer behavior and preferences continue to influence product development and marketing strategies within the industry.

The global cosmeceuticals market is highly competitive due to the presence of domestic, national, regional, and international industry players. The cosmeceuticals industry is part of the cosmetic industry. Several cosmetic, personal care, and beauty product manufacturing companies are in the global market, challenging the growth of cosmeceuticals.

Cosmetic and beauty products give instant results; conversely, cosmeceutical products take time to heal and result in delivery. L'Oreal Group is one of the leading players in the global cosmeceuticals market. The company increasing competitiveness across the industry by offering higher-quality products. Also, with the increasing competition across the industry, the company shifted towards using natural ingredients that reduced the side effects and delivered higher results.

Specialty active ingredients are gaining prominence, enhancing the efficacy of cosmeceutical formulations. Premium cosmeceutical products are becoming more popular, particularly in the skincare segment, offering advanced anti-aging solutions. The industry is also shifting towards sustainable and eco-friendly packaging options to address environmental concerns. Anti-aging products, particularly in skincare, are expected to be significant profit drivers as the demand for age-defying solutions grows.

APAC is one of the leading geographies for the cosmeceuticals market, with beauty influencers, rising expenditure on personal care, social media, and fashion trends. In 2022, APAC accounted for over 41% market share in the global cosmeceuticals market and dominated the other regions during the forecast period.

APAC is the most rapidly growing and opportunity-delivering market landscape for cosmeceuticals. The constantly evolving cosmetic and beauty trends and constant innovation and products launched by minor and major industry players propel the high industry growth in the region. Skincare is the most demanding factor across the region. In addition, haircare is set to be a new trend in the regional industry. Furthermore, online haircare searches witness an increment in 2022.

Overall, the cosmeceuticals sector is poised for continued growth and innovation, driven by evolving consumer preferences, technological advancements, and a focus on sustainability and natural ingredients.

INSIGHTS BY APPLICATION

The global cosmeceuticals market by application is segmented into skin care, hair care, injectables, and others. The skin care segment accounted for the highest demand in 2022.

The haircare segment is a rapidly growing application segment across all regions and is expected to achieve colossal market growth. The skin care segment growth is highly driven by the women population, which spends highly on skincare solutions. Compared to men, the women population followed a daily skin routine. In developed markets, women use more than five cosmetic and personal care solutions.

In addition, women are spending on skincare cosmeceuticals. Sunscreen is one of the cosmeceutical products used by almost 50% of women worldwide. Currently, the majority of potential consumers are shifting towards natural ingredient-based products; vendors have the opportunity to offer natural cosmeceutical products.

INSIGHTS BY DISTRIBUTION CHANNELS

The drug store/ pharmacies distribution channel segment is the leading segment in the global cosmeceuticals market, accounting for over 40% in 2022. Cosmeutical products are developed with biologically active ingredients that deliver medicinal effects for hair, skin, and other cosmetic issues. Cosmeceuticals contain the same ingredients as drugstores.

This major factor accelerates the demand for cosmeceuticals from pharmacies and other drug stores. The increasing aging population and a significant patient population visit dermatologists where the prescriptions generated for cosmeceuticals accelerate the segmental growth. Conversely, the e-commerce distribution channel is a rapidly growing segment during the forecast period.

INSIGHTS BY AGE GROUP

The global cosmeceuticals market by age group is segmented into middle-aged, pediatric & young adults, and older adults. The middle-aged adults segment accounted for the highest share in the global industry. The middle-aged population worldwide suffers from skin and hair issues due to the higher burden of work, physical activities, higher time spent on digital screens, and reduced collagen production.

These factors negatively impact skin and hair health, personal life, and confidence. This is one of the major concerns among people, resulting in increasing demand for cosmeceutical solutions. Moreover, the middle-aged population is highly conscious about skin and hair appearance and spends more on personal care solutions. It is one of the leading factors that accelerates the segmental growth.

Market Opportunities & Trends

Nano-Cosmeceuticals an Emerging Trend in Market
Industry Shifting Toward Natural Cosmeceuticals
AI & Ar Deliver Personalized Beauty Experiences

Market Growth Enablers

Brand & Consumer Engagement Through Social Media Applications
Growth in Concerns for Skin & Hair Issues
Increase in Awareness & Expenditure for Personal Care

Market Restraints

Available Alternative Solutions to Cosmeceuticals Restrain Market Growth
E-Commerce Channels Create Price Dropping & Other Challenges
Side Effects & Severe Complications of Cosmeceuticals

Key Company Profiles

Estee Lauder Companies
Kao Corporation
L'oreal Group
Procter & Gamble
Unilever

Other Prominent Vendors

Amka Products
Avon
Anveya
Amorepacific Corporation
AWAKE ORGANICS
Beiersdorf AG
Bajaj Consumer Care
CREYAN SKIN SYSTEM
Coty
Clinically
Croda International
Henkel AG & Co. KGaA
Formel Skin
GIOVANNI COSMETICS
Galderma
Glossier
Guerlain
GROUP MARCELLE COSMETICS
Group Clarins
GRUPO BOTICARIO
Kaya
Johnson & Johnson
Jstor House of Cosmetics
LVMH
Lass Naturals
LG H&H
LOTUS HERBALS
Miracle 10 Cosmetics
Merz Pharma
Medytox
Make-up Art Cosmetics
Marico Limited
Mamaearth
Membox
Natura & Co
Olaplex
PURA D'OR
Pink Root
Redken
Revlon
Sinclair
Suneva Medical
Salvia Cosmeceuticals
Shiseido Company
SkinCeuticals
RAMICOS COSMETICS
TONYMOLY
Wella Operations US LLC

For more information about this report visit https://www.researchandmarkets.com/r/e467k3

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