New York, July 25, 2022 (GLOBE NEWSWIRE) -- As per a cosmetic survey, around 80% of American women are considered to use cosmetics daily, which translates to 161 million people spending USD 15,000 on them over the course of a lifetime. The average woman spends between USD 200,000 and USD 300,000 (or approximately USD 250 per month) on skincare and cosmetics throughout the course of her lifetime, using at least 16 different facial care or cosmetic items each day.
Research Nester has published a detailed market report on ‘Global Cosmetic Bioactive Ingredients Market’ for the forecast period i.e. 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
For instance, women between the ages of 16 and 75, spend hundreds of thousands of dollars on skincare and cosmetics over the course of their lifetime, paying USD 8 each day on average. The global cosmetic bioactive ingredients market is estimated to gain a significant amount of revenue by growing at a CAGR of ~5% over the forecast period. The market expansion can be ascribed to growing awareness regarding the importance of having healthy skin and hair as well as rising consumption of cosmetic goods in daily life by both men and women. In addition to this, the rising prevalence of skin diseases and the high cost of treating skin diseases across the globe are predicted to drive market growth. It was found that one in four Americans, or 84.5 million people, were affected by skin disease. The US healthcare system incurred medical, preventative, and medication costs related to skin disease totalling USD 75 billion.
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In addition to these, cosmetic bioactive ingredients perform a number of other tasks, including whitening, tanning, UV protection, anti-wrinkling, and anti-aging. The market for anti-aging goods has shown a large increase in demand over the past 20 years, and this trend is anticipated to drive the market growth during the forecast period. It was observed that the primary motive for 71% of sunscreen users is to avoid skin cancer, followed by sun spots and the appearance of aged skin (46% & 43% each), compared to June 2019, around 43% of Americans say that they are motivated by the need to avoid sun spots. Furthermore, the influence of social media among the various age groups and influencers’ repeated preaching to focus on self-care routines backed by the availability of smartphones and access to the number of e-commerce websites at a fingertip for quick shopping are estimated to accelerate the market growth over the forecast period. As per one of the studies, by 2024, e-commerce channels are expected to account for more than half of retail sales of cosmetics. Additionally, it was also noticed that, when a social media influencer with 10 million-plus followers recommends a skincare or hair care product, a brand sees a 30~40% click-through rate on their site.
On the basis of geographical analysis, the global cosmetic bioactive ingredients market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, the Asia Pacific region is estimated to hold notable market share over the forecast period owing to the quickly expanding urbanization, which is believed to enhance demand in the area for high-end cosmetics. The World Bank estimates that the Asia Pacific region's overall urban population percentage increased to 61% in 2020 from 60% in 2019 and 59% in 2018, respectively. In addition to this, the presence of strong key market players and rising start-ups in the region’s fast-developing countries mainly India, South Korea, and China are predicted to propel the market growth in the region over the forecast period.
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Furthermore, the North America region is estimated to hold the largest market share over the forecast period on the back of the region's substantial concentration of leading market competitors, increasing fashion trends on account of which cosmetic has become a daily necessity, and rising expenditure on cosmetics. It was observed that every year, Americans spend USD 322.88 on average on cosmetic products. The average American is estimated to spend USD 15k on skincare over the course of their lifetime, with purchases starting as early as their teenage years. Additionally, the growing investment by leading social media influencers and film celebrities into cosmetic start-ups is estimated to give a significant boost to market growth over the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global cosmetic bioactive ingredients market is segmented by ingredients into peptides, polysaccharides, phytochemicals, vitamins, antioxidants, essential oils, and others. Out of these, the peptides segment is estimated to gain a substantial market share over the forecast period on the back of the fact that peptides considerably assist in eliminating breakouts, lowering inflammation, impaired wound healing, and encouraging healthier skin. In addition to these, the increasing cases of foot ulcers on account of diabetes are estimated to boost the segment growth over the forecast period. As per one of the medical research reports, a diabetic patient's lifetime risk of having a diabetic foot ulcer is 15–25%, and 40–80% of these ulcers become so seriously infected that they result in osteomyelitis, impaired wound. For this, impaired wound healing poses a serious healthcare problem and a large financial burden. In addition to this, the usage of peptides in various face creams and antiseptic creams to give relief from prolonged skin infections and diseases is predicted to drive the segment growth over the forecast period.
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Further, the global cosmetic bioactive ingredients market is segmented by category into skin care, hair care, makeup, and others. Out of these, the skin care segment is assessed to have notable market share over the forecast period owing to the increasing use of skin care products, particularly among millennials, and the global rise in concern over skin-related issues. As one of the skin care studies revealed that up to 50 million Americans have acne each year, making it the most prevalent skin ailment in the country. Between the ages of 12 and 24, 85% of individuals have at least mild acne. There are 16 million Americans who suffer from the prevalent skin condition rosacea. In addition to this, shifting perspectives toward skincare, greater awareness of natural ingredients and chemical-free products, and direct-to-consumer (D2C) companies making waves in the online retail market are some of the biggest reasons for the segment growth over the forecast period.
The global cosmetic bioactive ingredients market is also segmented on the basis of application.
Global Cosmetic Bioactive Ingredients Market, Segmentation by Application
- Cleansing
- Beautifying
- Others
Some of the prominent key players and their company profiling mentioned in the global cosmetic bioactive ingredients market research report include Symrise AG, Solvay S.A., The DOW Chemical Company, Evonik Industries AG, Lonza AG, Givaudan SA, Clariant AG, Croda International plc, Ashland Global Speciality Chemicals Inc., Koninklijke DSM N.V., and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent for the growth of the market during the forecast period.
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