Cosmeceutical Market - Forecasts from 2023 to 2028

The global cosmeceutical market is expected to grow at a CAGR of 9.25% from US$49.283 billion in 2021 to US$91.557 billion in 2028.

The cosmetics industry uses the word "cosmeceutical" to describe cosmetic products that have therapeutic or drug-like benefits, even though the Federal Food, Drug, and Cosmetic Act does not recognize it. Products might include both cosmetics and drugs. Cosmetics are not intended to alter how the body appears or functions, and the FDA has not authorized them for sale. Rather, they are supposed to improve beauty, stimulate attractiveness, modify the appearance, or cleanse.

The arrival of cosmeceuticals completely altered the beauty and personal care sectors. Unlike cosmetics, these items go beyond mere concealment and can address the underlying issue. Due to this quality, the cosmetic and personal care sectors saw a large growth in market share and product demand. The market for cosmeceutical goods is growing globally due to the rising incidence of skin and hair problems, the aging population, and the greater knowledge of dermatological therapy. In addition, the rising demand for natural goods among the general public globally is anticipated to continue to be advantageous for cosmetics. The top businesses are also looking at e-commerce as a lucrative market niche because consumers prefer to buy these items through online channels owing to convenience and simplicity of purchase.

Manufacturers are placing more emphasis on packaging since it is essential for maintaining the product's quality, color, texture, therapeutic advantages, and shelf life. To increase their market share and lower operating costs, they are concentrating on extending their geographic reach by partnering with other businesses in mergers and acquisitions. 

Increasing demand for organic goods will augment market growth. 

Producing more products with active substances that are good for the skin and hair will be encouraged by the rising worldwide demand for organic goods. These products are all amazingly helpful for various skin and hair issues. Through the use of drugs that a dermatologist has recommended, they assist in the withdrawal of the most severe illnesses. Research and development that never stops have helped to create groundbreaking items that function miraculously. These elements will impact the growth of the cosmeceutical market.

A rapid upsurge in the aging population is boosting the cosmeceuticals demand over the forecast period. 

Customers, particularly the aging population, seek ways and goods to preserve and enhance their looks to remain young and attractive, especially with the growing knowledge of anti-aging solutions. The increased incidence of aging indicators is also contributing to an increase in aging concerns among middle-aged persons. Cosmeceuticals, which blur the line between cosmetics and medicines, include anti-aging skin care products. Especially in China and Japan, the aging population has steadily increased over the past 20 years due to the region's dropping birth and death rates. Men and women in the region greatly desire to maintain their youthful appearances, which has cultivated and maintained the cosmetic sector.

Asia Pacific is projected to remain the prominent market for cosmeceutical products throughout the projected period. 

Accelerated urbanization, growth in the number of urban residents, and shifting lifestyle preferences are all considered to be contributing factors to Asia Pacific's rising demand for cosmetic skin care, mouth care, and hair care products. The rising disposable income in emerging nations like China, India, Vietnam, etc., is fueling the demand for cosmeceuticals. In China, the phrase "cosmeceuticals" started to gain popularity recently and is now one of the most popular product categories there. Customers looking for skin rejuvenation goods were increasingly concerned about skin issues due to the busier and more stressful lifestyles of consumers in the area and the worsening environmental conditions.

Additionally, Japan is one of the top five national markets for personal care goods due to its population's prodigious use of cosmetics. Japan may be seen as a doorway to other Asian markets based on its size, trends, and market demand. The prominence and exposure of a product or brand can increase with success in the Japanese market, particularly in other Asian regions. In addition, the region's growing millennial population is spending more on cosmetics to keep up their beauty.

Market Developments:

• In July 2022,the "Curl Expression" line was introduced in Nigeria by L'Oréal Professionnel Paris, the company's professional product division. It features ten items made especially for hair textures that are natural and kinky.
• In May 2022,the company announced the debut of Ulé, a new mindful luxury skincare line developed by Shiseido in France. The brand's e-commerce website offers eight goods in its maiden launch, and a boutique will soon be established in Paris.

Market Segmentation:

By Product Type

• Skin Care
• Anti-aging
• Anti-acne
• Sun Protection
• Moisturizers
• Others
• Hair Care
• Shampoos and Conditioners
• Hair Colorants and Dyes
• Others
• Lip Care
• Oral Care

By Distribution Channel

• Supermarkets/Hypermarkets
• Online Retail Stores
• Convenience Stores
• Specialist Stores
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others