The Cosmeceuticals Market is projected to achieve a value of USD 64,568 Million in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 116,358 Million by 2033 with a CAGR of 7.6% during the forecast period 2023-2033.
Cosmeceuticals refer to a class of cosmetic items that incorporate biologically active components or pharmaceutical substances with the intention of delivering distinct advantages to the skin that go beyond what regular cosmetics offer. The formulation of cosmeceuticals is geared towards enhancing both the aesthetic appearance and overall well-being of the skin by delivering elements that possess therapeutic or medicinal properties. Such products can consist of substances like vitamins, antioxidants, peptides, hyaluronic acid, retinoids, and extracts from plants. They are often used to tackle issues such as signs of aging, hyperpigmentation, acne, dryness, or various other skin-related concerns.
Cosmeceuticals designed for everyday skincare encompass items such as sunscreens, moisturizers, and treatments for acne, and these are typically accessible for purchase without the need for a prescription. On the other hand, specialized products like moisturizers tailored for eczema or diabetic skin often necessitate a prescription from a healthcare professional. It's crucial for the legality of cosmeceuticals to be clearly established, as they must gain recognition from the U.S. Food and Drug Administration (FDA) in the United States. In the European Union (EU), regulations concerning cosmetics permit these products to serve a secondary preventive function but not a curative one. Any skincare product labeled as medicinal would require official authorization and undergo expensive testing procedures in order to be marketed globally.
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The worldwide cosmeceuticals market is expressing robust expansion, primarily driven by the increasing incidence of skin and hair disorders and the growing geriatric population across the globe. Furthermore, the market is poised for growth due to the rising consumer demand for cosmeceuticals and an increasing appetite for skin care, hair care, and oral care products. However, challenges such as the presence of counterfeit products and a lack of awareness among consumers about the benefits of cosmeceuticals are anticipated to impede the global cosmeceuticals industry progress.
The emergence of COVID-19 had a significant negative impact on the global demand for cosmeceuticals. A prominent reduction in the number of patient visits to leading dermatologists and the closure of stores that distributed these products during lockdown periods were among the primary factors that adversely affected the market. Additionally, to prevent the spread of COVID-19, elective procedures, including medical aesthetic treatments, were canceled, which led to a decrease in patient traffic at specialized clinics providing aesthetic therapy. This decline in procedures resulted in fewer patient prescriptions for cosmeceuticals, thereby negatively impacting the projected outlook for the cosmeceuticals market.
Market Dynamics
One of the prominent factors expected to fuel the growth of the global cosmeceuticals market in the near future is the increasing prevalence of skin and hair disorders on a worldwide basis. This heightened burden of skin and hair issues results in an increased demand for cosmeceutical products, which is expected to bolster market growth. According to the World Health Organization (WHO), skin diseases are among the most widespread human health conditions, affecting over 900 million individuals worldwide. Among older individuals, common skin ailments include eczema, skin infections, and severely dry and itchy skin, which are significant drivers of market growth.
Another factor contributing to the growth of the global cosmeceuticals market is the increasing aging population worldwide. The aging demographic is increasingly seeking products to maintain and enhance their appearance, with a growing awareness of anti-aging solutions. According to the United Nations Department of Economic and Social Affairs (UN DESA) Population Division, by 2050, one in six people globally will be over the age of 65, a notable increase from the ratio of one in eleven in 2019. In many regions, the population aged 65 and above is expected to double by 2050, and global life expectancy beyond the age of 65 will extend by 19 years. These demographic trends are, in turn, stimulating market growth.
The increase in income in emerging economies has empowered individuals to access and use a wide range of cosmetic products. Leading companies in countries such as India, China, Japan, Thailand, and others have generated this opportunity for market growth through the introduction of new products. There were approximately 680 million middle-class households in emerging markets, and this number is projected to increase by 2.7% by 2030. In contrast, the number of middle-class households in developed countries was around 176 million in 2018 and is expected to grow by 6.3% by 2030.
The factor impeding the growth of the cosmeceuticals market is the insufficient awareness among the public regarding cosmeceuticals and their associated benefits. Cosmeceuticals occupy a novel product category situated between pharmaceuticals and cosmetics, aiming to improve both skin health and beauty. While the introduction of new products is gradually increasing awareness among the populace, the lack of awareness about potential risks associated with cosmeceuticals can lead to severe and potentially fatal adverse effects.
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Competitive Analysis
The Cosmeceuticals Market is dominated by a few large companies, such as Beiersdorf, L’Oréal, Estée Lauder Companies Inc., Procter and Gamble, Allergan,Croda International Plc, Shiseido Company Limited, Johnson & Johnson Services, Inc.,Unilever, Elementis Plc,Coty Inc.,BASF SE,Avon and Other.
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