The global Cosmeceutical Market size is expected to reach USD 70.0 billion by 2025, expanding at a CAGR of 5.1%, according to a new report by Grand View Research, Inc. The onset of cosmeceuticals has reformed the cosmetic and personal care industry. These products, unlike the makeup products have the ability to resolve the origin of the imperfections rather than just covering them.
This quality has resulted into a tremendous rise in
the demand for the product and increased its share in the cosmetic and personal
care industry. Additionally, there has been a remarkable rise in the demand for
organic and natural commodities due to awareness regarding harmful side effects
of the synthetic elements in these cosmetic products. Manufacturers are seen
taking advantage of this trend.
Furthermore, it has been observed that the demand is
high among the people of age group 30-45. Over the past decades, decreasing
mortality rate has given rise to the aging population all over the globe.
People living longer and wanting to retain their youthful appearance is
positively impacting the market growth globally. Demand for anti-aging products
in order to prevent hair damage, age spots, uneven skin tone, dry skin, and
wrinkles is on the rise.
The skin care category dominated the cosmeceutical
market with a share of 43.3% in 2018. Exposure to harmful ultraviolet
radiations can cause premature skin-aging or can even result in skin cancer.
This awareness has increased consumer’s focus on protecting their skin by using
preventive skincare products. Moreover, demand for multifunctional product is
expected to fuel the growth of sun-care cosmetic products in the forecast
period. Hair Care is also expected to witness a considerable growth owing to an
increase in the demand for products such as hair oil, hair color, shampoo, and
conditioner.
Europe held the largest share of 32.2% in 2018.
Moreover, the major countries in this region have the largest population of
people suffering from dry skin, considering their weather conditions. This is
likely to spur the demand for beneficial and multifunctional skin care cosmetic
products. Asia Pacific is expected to witness the highest growth among other
regions. The market in this region is gaining traction due to widely expanding
developing economies.
Key players having a presence in the global market
include Johnson & Johnson, Procter & Gamble, Sabinsa Corporation,
L’Oréal, Allergan, AVON, Estee Lauder, Unilever, Beiersdorf, and Croda
International Plc.
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Cosmeceutical
Market Report Highlights
- By product type, the skin care category held the largest share of
43.3% over the forecast period
- By distribution channel, the supermarkets and specialty stores
segment is expected to generate a revenue of USD 54.0 billion by 2025
- Europe dominated the global cosmeceutical market in 2018 and
accounted for 32.2% share of the overall revenue. This trend is projected
to continue over the next few years
- Asia Pacific is expected to expand at a CAGR of 5.4% over the
forecast period
- Various manufacturers are concentrating on new product launches,
capacity expansion, and product portfolio extension to estimate existing
and future demand patterns from upcoming application segments.
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View Research, Inc. is a U.S. based market research and consulting company,
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company provides syndicated research reports, customized research reports, and
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company offers market intelligence studies ensuring relevant and fact-based
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