Cosmeceuticals Market is Estimated to Witness High Growth Owing to Rising Skin and Beauty Consciousness among Consumers

 

Cosmeceuticals Market

Cosmeceuticals refer to cosmetic products that are infused with biologically active ingredients that can improve the health and appearance of the skin. They provide anti-ageing, anti-acne, anti-inflammatory, and skin-lightening benefits. The rising consumer health and beauty consciousness has boosted the demand for cosmeceuticals. The multi-functional attributes of cosmeceuticals that provide skincare and make-up benefits in a single product have further augmented their popularity.

The global cosmeceutical market was valued at US$ 76,875.0 Mn in 2022 and is forecast to reach a value of US$ 153,318.7 Mn by 2030 at a CAGR of 9.02% between 2023 and 2030. 

Key Takeaways

Key players operating in the Cosmeceuticals market are Bayer AG, Henkel AG and Co. KgaA, Avon Products Inc., Johnson and Johnson Inc., Kao Corporation, Beiersdorf AG, Groupe Clarins SA, Revlon Inc., Shiseido Co. Ltd., Unilever PLC, Procter and Gamble, L'Or;al SA, Lotus Herbals Pvt. Ltd., and The Est;e Lauder Companies Inc., among others. Key players are focusing on extensive R&D activities to develop innovative and multifunctional products.

Secondly, rising disposable incomes and growing beauty consciousness among millennials are providing numerous growth opportunities in the market. With increasing awareness, consumers are willing to pay premium prices for effective skincare products.

The global cosmeceuticals market is also witnessing rapid expansion due to the increasing export of these products. Leading manufacturers are establishing production and distribution facilities across different geographies to strengthen their global footprint.

Market drivers

Rising skin and beauty consciousness among consumers is one of the major drivers propelling the growth of the cosmeceuticals market. People are becoming increasingly aware about the importance of skincare and cosmetics. The growing geriatric population has further bolstered the demand for anti-ageing cosmeceuticals. Changing lifestyles and increasing pollution levels have led to various skin problems like acne, hyperpigmentation, psoriasis, etc. boosting the sales of specialty cosmeceuticals formulations.


PEST Analysis

Political: The Cosmeceuticals Market Demand  industry is regulated by multiple governmental agencies which sets quality and safety standards for products. Changes in regulations may impact the industry.

Economic: Rising disposable incomes and growing beauty consciousness is driving higher consumer spending on premium skin and hair care products. The strong economy is benefiting the cosmeceuticals sector.

Social: Increased social media influence and celebrity endorsements have made cosmeceutical products more mainstream and socially acceptable. Consumers are more willing to spend on products promising personal care and anti-aging benefits.

Technological: Manufacturers are investing heavily in R&D to develop innovative delivery systems and ingredients backed by clinical research. Products containing stem cells, peptides, probiotics are gaining popularity. Personalization through big data analytics and artificial intelligence is another upcoming trend.

Geographical concentration

North America accounts for the largest share of the global cosmeceuticals market in terms of value. Countries like United States and Canada have highly aware consumers willing to pay premium prices for effective skincare and haircare products. Rise of doctor dispensed skincare has boosted the market. High disposable incomes allow consumers to spend on high-end serum, creams and supplements without compromising.

Fastest growing region

The Asia Pacific region excluding Japan is expected to be the fastest growing market for cosmeceuticals during the forecast period. Rising wealth, growing middle class and changing lifestyles have increased the demand for personal care products in countries like China, India and South Korea. Local manufacturers are launching affordable yet results-oriented cosmetic items targeting consumers seeking beauty and anti-aging benefits. Increasing spends on health and wellness makes the region an attractive market.

Explore More Related Article on - Sterile Injectables Market

 For Deeper Insights, Find the Report in the Language that You want.

 

About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

Comments

Post a Comment

Popular posts from this blog

Cellulose Films is the largest segment driving the growth of Cellulose Plastics Market

Image
  Cellulose Plastics Market The global Cellulose Plastics Market is estimated to be valued at US$ 819.69 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: Cellulose plastics are bioplastics made from cellulose, one of the most abundant organic polymer on Earth. They are produced from plant materials like wood and agricultural residues. Cellulose plastics offer advantages like biodegradability, recyclability and sustainability. They are widely used in agriculture films, food packaging and textiles. Market key trends: One of the key trend in the cellulose plastics market is growing demand for biodegradable and sustainable packaging solutions. Rising environmental concerns regarding widespread use of conventional plastics is driving the demand for eco-friendly cellulose plastics. Strict government regulations prohibiting use of single use p...
Read more

Electronic Warfare Market Poised to Witness High Growth Owing to Increasing Usage of EW Systems Across Military and Defense Sectors

Image
Electronic Warfare Market Electronic warfare (EW) systems are used for detecting, deceiving or damaging enemy’s communication and radar systems. It involves deliberate emission or suppression of electromagnetic energy to maintain information dominance. EW systems find wide applications across military, including land, sea, air and space operations for counteracting threats from armed forces of other nations. The need for situational awareness and gaining tactical advantage over opponents has catalyzed demand from armed forces globally. The global electronic warfare market is estimated to be valued at US$ 18.45 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.  Key players operating in the electronic warfare market are BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo SpA, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Co...
Read more

Poultry Keeping Machinery connected with market drivers for automation

Image
  Poultry Keeping Machinery Market The global Poultry Keeping Machinery Market is estimated to be valued at US$ 4,866.90 Mn in 2022 and is expected to exhibit a 3.4% CAGR over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: Poultry keeping machinery are used for rearing poultry birds for commercial meat and egg production. Poultry keeping machinery includes equipment such as cage systems, feeders, waterers, egg collection systems, heating and cooling systems and ventilation systems. Poultry cages provide shelter to the birds and make the feeding and waste collection process efficient. Automatic feeders and waterers ensure the availability of nutritional feed and water to birds on a regular basis. Egg collection systems collect eggs from the cages to avoid breakage during collection. Heating, cooling and ventilation systems maintain optimum temperature and provide fresh air. The equipment allows large scale...
Read more