Global Cosmeceuticals Market:

Cosmeceuticals Market - By Product Type, Distribution Channel and Region.

Market Synopsis:

The Global Cosmeceuticals Market is valued at USD 49.1 Billion in the year 2021 and is forecasted to reach a value of USD 77.4 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 10.00% over the forecast period.

Cosmeceuticals are materials that comprise beauty and medicinal properties as well and have a beneficial effect on beauty and health as well. These products are very similar to cosmetic products but just have an additional active ingredient that promotes health. Some of the very popular types of Cosmeceuticals are exfoliators. Increased awareness among the general population for skincare is anticipated to have a positive impact on Cosmeceuticals Market growth over the forecast period. The rising prevalence of skin disorders is also anticipated to increase the use of Cosmeceuticals among the general population.

Increasing focus on personal care, rising availability of cosmetic products, increasing awareness about physical appearance via social platforms, and increasing disposable income are some of the other factors that will guide the Cosmeceuticals Market potential in years to come. However, high costs of branded products are expected to have a restraining effect on the Global Cosmeceuticals Market potential throughout the forecast period. The COVID-19 pandemic hurt the Global Cosmeceuticals Market growth as sales plummeted owing to lockdown restrictions in the countries across the world. The Cosmeceuticals Market is anticipated to make a steady recovery in the post-pandemic era as most of the restrictions have been lifted and the world is back to pre-pandemic levels.

Market Segmentation:

The Cosmeceuticals Market is segmented based on Product Type and Distribution Channel. Based on Product Type, the market is segmented as Skin Care, Hair Care, and Oral Care. Based on Distribution Channels the market is segmented as Supermarkets & Specialty Stores, and Online Platforms.

Based on Product Type:

Based on Product Type, the market is segmented as Skin Care, Hair Care, and Oral Care. The Skin Care segment is anticipated to exhibit highly lucrative growth opportunities owing to increasing awareness of skin health and the rising prevalence of skin disorders on a global scale. The increasing popularity of anti-aging products is also predicted to drive demand for Cosmeceuticals in skin care applications. Similarly raising awareness for hair care and Oral Care is expected to bolster growth in those segments across the forecast period. Rising product launches for skin care and hair care are expected to further bolster the growth of the overall Cosmeceuticals Market through 2028.

Based on Distribution Channel:

Based on Distribution Channels the market is segmented into Supermarkets & Specialty Stores, and Online Platforms. The Supermarkets & Specialty Stores segment is anticipated to account for a major market share. The high availability of Cosmeceuticals at affordable pricing in these establishments is expected to drive the growth of this segment across the forecast period. Online Platforms are anticipated to witness growth at a higher Compound Annual Growth Rate (CAGR) over the coming years owing to increasing consumer preference for online shopping and the rising penetration of e-commerce platforms.

North America Accounts for a Dominant Market Share

Increasing per capita disposable income in the Asia Pacific region is anticipated to prominently drive the Cosmeceuticals Market potential through 2028. India and China are expected to lead the Cosmeceuticals Market potential. Increasing awareness about skincare, rising prevalence of skin disorders, increasing per capita disposable income, rising standards of living, increasing product launches, and growing population in this region are expected to develop new opportunities for the Cosmeceuticals Market over the years to come. Rising awareness of dermatological disorders and increased aesthetic awareness in the population of this region will further bolster the Cosmeceuticals Market growth in the years to come. This region accounted for a dominant market share of 37.9% in 2021 and held a net revenue total of USD 18.6 billion. The demand for Cosmeceuticals is anticipated to rise at the fastest Compound Annual Growth Rate (CAGR) in this region. Increasing efforts to improve consumer appeal will also influence sales of Cosmeceuticals.

Competitive Landscape:

The key players in the Global Cosmeceuticals Market include- Johnson & Johnson and others.

Segmentation of the Global Cosmeceuticals Market: