Market Overview:
Cosmeceuticals Market Size Was Valued at USD 59.01 Billion in 2022, and is Projected to Reach USD 100.63 Billion by 2030, Growing at a CAGR of 6.9% From 2023-2030.
Cosmeceuticals are products that offer both cosmetic and therapeutic benefits, targeting the improvement of skin, hair, and oral health. These products, such as creams and lotions, are applied topically like cosmetics, but they contain active ingredients that enhance the activity of skin cells. While some cosmeceuticals work on the surface of the skin, like exfoliants, others penetrate deeper to enhance or regulate natural skin processes. Cosmeceuticals are available without a prescription and are commonly used in regular skincare routines to improve skin tone, texture, and pigmentation, and reduce fine wrinkles. The cosmeceutical market is experiencing significant growth, being the fastest-growing segment in the personal care industry. Cosmeceuticals are also utilized in hair care and oral care, particularly for addressing issues like hair damage, hair loss, and premature greying. The broad range of applications and their organic nature contribute to the expanding market for cosmeceuticals.
Top Key Players Covered in The Cosmeceuticals Market:
- Johnson & Johnson (US)
- Procter & Gamble (US)
- Sabinsa Corporation (US)
- L'Or?al (France)
- Allergan (Ireland)
- AVON (UK)
- Estee Lauder (US)
- Unilever (UK)
- Beiersdorf (Germany)
- Croda International Plc. (UK)
- BASF SE (Germany)
- Bayer AG (Germany)
- Symrise AG (Germany) And Other Major Players.
Market Dynamics and Factors:
The use of cosmeceutical products has become popular as people seek to maintain a more youthful appearance, and these products are specifically designed to reduce visible signs of ageing, thereby driving the growth of the cosmeceutical market. Skincare products consist of various active ingredients that target different skin types. Depending on the active components present in cosmeceuticals, some products focus on restoring the skin to a more youthful state, while others go further by empowering the skin to rejuvenate itself. These active ingredients may include antioxidants, growth hormones, or vitamins.
Nano-cosmeceuticals enable precise control over the release of active substances by manipulating various factors such as physical and chemical interactions between components, drug composition, polymer and additives, ratio, and production processes. Nanotechnology finds applications in hair care products like Nirvel hair-loss control shampoo, Origem hair recycling shampoo, and Identik Masque Floral Repair, as well as in skincare and oral care products.
The Cosmeceuticals Market Report Highlight:
- By type, the antioxidant segment is anticipated to dominate the market. Antioxidants are the most widely used cosmeceutical ingredients in skincare. They prevent free radicals from damaging the skin, which helps reduce the visible signs of ageing. Free radicals are produced by external factors like pollution and UV radiation, as well as internal factors like metabolism.
- By product type, the skincare segment is anticipated to dominate the market. These products help treat wrinkles, prevent acne, and give the skin a youthful, radiant glow. Skincare products hold 42% of the market share and the use of plant extracts has increased the demand for herbal products, further driving the growth of the skincare industry.
- By distribution channel, the online segment is anticipated to dominate the market. Online shopping for cosmeceutical products offers a wide selection, cost-saving opportunities, access to ingredient information, and the ability to avoid crowds.
- The Asia-Pacific region dominates the cosmeceuticals market due to its significant millennial and Gen Z population, increasing disposable income, and growing awareness of cosmeceuticals' benefits. The rising number of women in the workforce has further fueled the market's growth in this region.
Key Industry Developments in the Cosmeceuticals Market:
In December 2023, Kaya Clinic, a pioneering force in advanced skin, hair and bodycare proudly announces a strategic collaboration with ThriveCo, a premier evidence-based cosmeceutical brand, to elevate and diversify its portfolio of hair care solutions. Renowned for its efficacy-driven cosmeceuticals addressing hair loss, greying, and damage, ThriveCo brings a new dimension to Kaya's commitment to holistic beauty.
In January 2023, Oriflame launched its first range of cosmeceutical products, NovAge Proceuticals, for the Indian market. These products are designed to address customers' specific skin challenges, providing concentrated, precision treatments for visible, proven results. The business operates through social selling and has gained recognition in cosmetics. Oriflame is now focused on expanding its skincare offerings to cater to the growing need for branded skincare in India, accelerated by the pandemic.
Cosmeceuticals Market Segmentation:
By Type
- Anti-Oxidants
- Botanicals
- Exfoliants
- Others
By Product Type
- Skincare
- Haircare
- Oral Care
- Others
By Distribution Channels
- Pharmacy & Drug Stores
- Supermarkets & Hypermarkets
- Online
- Others
For this report, Introspective Market Research has segmented the Cosmeceuticals Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
