Cosmeceuticals Market Size, Share, Industry, Forecast and outlook (2023-2030)
Cosmeceuticals are a class of cosmetic formulations that are enriched with bioactive compounds purported to have therapeutic benefits. Cosmeceuticals formed the bridge between pharmaceutical and cosmetic grade bioactive compounds to have a beneficial effect on skin health and beauty. Vitamins, polyphenols, hydroxyl acids, and melatonin are some of the widely used active ingredients in cosmeceutical formulations. These are designed for topical use as cosmetics and are proven to pose a higher impact on human skin than cosmetic products. When applied to the skin, the active ingredients reach deep dermal layers of the skin and add nutritional benefits to the tissue. Also, hair cosmeceuticals are developed for improving hair growth and scalp control.
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Market Dynamics
The aging population and growing consumer awareness are driving the market growthThe growth of the cosmeceuticals market can be majorly attributable to the rising consumer interest in natural and nutrition-rich products both for health and beauty concerns. An aging population, increasing consumer spending and beauty consciousness are other factors supporting the sales. It has been observed that the demand is high among the people of the age group 30-45. Over the past decades, the decreasing mortality rate has given rise to the aging population all over the globe. People living longer and wanting to retain their youthful appearance are positively affecting market growth globally. Demand for anti-aging products to prevent hair damage, age spots, uneven skin tone, dry skin, and wrinkles is on the rise.
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Segment Analysis
Skincare is by far the largest segment and contributed significantly to global dollar sales in 2020 The global cosmeceuticals market is segmented by product type into skincare, hair care, and other categories. The wide range of skincare applications from moisturizing to anti-aging, scar and wrinkle removal, and acne control to hyperpigmentation are driving the growth of this segment. Moreover, the demand for multifunctional products is expected to fuel the growth of sun-care cosmetic products in the forecast period. For instance, BB creams can also function as sunblock creams, apart from a make-up serum and moisturizer. Products like these are becoming widely popular owing to their convenience, thereby driving the skincare category in this segment.
Competitive Landscape
The global cosmeceuticals market is fragmented with the presence of a large number of companies. The high product differentiation is resulting in the entry of new companies into the market with novel skincare and haircare formulations. The market is turning competitive with business development strategies followed by global cosmetic giants. The companies are focusing on acquisitions to increase their distribution network and expand their product portfolio. Phytochemical-based natural skincare cosmeceuticals have been the key focus of most of the existing players owing to the large market potential across the globe. In June 2022, Sabinsa announced that the company had got the approval certification for Cococin, Saberry, and Nigellin Amer from Ecocert Greenlife.
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