Pune, Aug. 28, 2024 (GLOBE NEWSWIRE) -- “According to SNS Insider, The Cosmeceuticals Market Size was valued at USD 63.63 Billion in 2023 and is projected to reach USD 142.52 Billion by 2032 and grow at a CAGR of 9.84% over the forecast period 2024-2032.”
The Cosmeceuticals market has been skyrocketing over the past few years as people become increasingly rife with tracking their physical appearance. These kinds of products are different from traditional makeup as they can only mask the surface of the skin. Instead, they deal with some root issues related to the skin or hair and have a healing effect in combination with the visual one. The rising demand for these products was caused by the aging population who needs effective solutions for the skin aging problems escalating daily as well as the rising maturity of various skin and hair disorders and the awareness of many people about dermatological treatments. The common trend for natural ingredients also played a significant role. More and more people prefer products that contain bio-active, organic elements that are considered safe and effective as a way to avoid the side effects of the products such as skin irritations and eczema. The introduction of natural cosmeceuticals is the key study that still takes place in the form of the product launch and causes the market to rise day by day.
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Major Players Analysis Listed in this Report are:
- Beiersdorf
- L’Oréal
- Unilever
- Estée Lauder Companies Inc.
- Shiseido Company Limited
- Elementis Plc
- Procter and Gamble
- Allergan
- BASF SE
- Johnson & Johnson
- Amorepacific Corporation
- Revlon Inc.
- Croda International Plc
- Valeant Pharmaceuticals International (Bausch Health Companies Inc.)
- Othe Players
(To View Full List of Players, Please Read Sample Report)
Cosmeceuticals Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 63.63 Billion |
| Market Size by 2032 | US$ 142.52 Billion |
| CAGR | CAGR of 9.84% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmentation Dynamics
Pharmacy and drug stores were the leading distribution channels. In 2023, they covered 68% share of the market and were highly important for multiple reasons. Firstly, as a new kind of product blending cosmetics with pharmaceutical efficacy, people formed a habit of buying them at places they associate with medicines and professionalism. These establishments also tend to have workers who can guide the selection of the creams or products that are either a composition of a certain treatment complex or are salient for conditions such as acne, severe aging, hyperpigmentation, etc. The popularity was also because these stores can offer a wide variety of products to consumers making them more competitive than other channels that sell either established or only new-niche products. Finally, many companies prefer to start selling in these stores as they are more available and offer a higher degree of credibility thereby having a better potential to penetrate the market.
Cosmeceuticals Market Key Segmentation:
By Product Type
- Skin Care
- Hair Care
- Injectables
- Others
By Distribution Channel
- Pharmacy/Drug Stores
- Online Stores
- Others
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Regional Insights
In 2023, Asia Pacific dominated the world market, seizing a 41% share. The market is booming as product manufacturers are focusing on strategic partnerships, premium product launches, and investments in digital infrastructure to enhance the product appeal and reach. The rising general population and growing awareness of cosmeceuticals among people are some of the key factors fostering the APAC market growth. For example, in January 2021, L’Oréal announced the acquisition of Takami Co., Ltd., a Japanese brand and creator of skin brands, including Takami. The purchase also included the Takami dermatology clinics under a long-term brand license. The acquisition has expanded both companies’ regional excursions and marketplace. Asia Pacific’s cosmeceutical consumers are projected to grow steadily as consumers grow more conscious and aware of improving skin and hair health, in addition to facial aesthetics. Moreover, the prevalence of dermatological diseases is a potential reason for the growing demand for cosmeceuticals.
Recent Developments
- In July 2022, L’Oréal Professionnel Paris, the global beauty brand’s professional product subsidiary, launched its ‘Curl Expression’ collection in Nigeria. The range comprises ten products specifically designed for natural and kinky hair types.
- In May 2022, Shiseido unveiled Ulé, a new conscious premium skincare brand made in France, by Shiseido. According to the company, the brand’s inaugural release has so far offered eight items available to purchase on their website, with a retail store opening in Paris.
Key Takeaways
- Pharmacy and Drug Stores In 2023, Pharmacy and Drug Stores captured a 68% market share, driven by consumer trust, expert advice, and the convenience of buying cosmeceuticals with other health products.
- Asia Pacific held a 41% market share, due to strategic partnerships, new product launches, digital investments, and growing consumer awareness.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Adoption Rates, 2023
5.2 User Demographics, By User Analysis and Roles, 2023
5.3 Feature Analysis, by Product Feature
5.4 Cost Analysis, by Product
5.5 Regulatory Compliance, by Region
6. Competitive Landscape
7. Cosmeceuticals Market Segmentation, by Product Type
8. Cosmeceuticals Market Segmentation, by Distribution Channel
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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