The Cosmeceuticals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cosmeceuticals Global Market Report 2024, The cosmeceuticals market size has grown strongly in recent years. It will grow from $56.91 billion in 2023 to $61.36 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to aging population, scientific research, increasing disposable income, health and wellness trends, regulatory changes.
The cosmeceuticals market size is expected to see strong growth in the next few years. It will grow to $84.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to rise of non-invasive beauty treatments, men’s grooming and skincare, digitalization in skincare, rise in personalized skincare, clean beauty movement. Major trends in the forecast period include cannabis-derived ingredients, transparency and traceability, rise of nutricosmetics, hybrid skincare-beauty products, microbiome-friendly products.
The increase in the prevalence of skin disorders is expected to propel the growth of the cosmeceuticals market going forward. Skin disorders refer to the conditions that affect the skin’s appearance, structure, texture, or overall health. Cosmeceuticals are skincare products with bioactive ingredients that offer therapeutic benefits and can be used to complement the treatment of various skin disorders such as photo-melanosis, photo-tanning, and pigmentation disorders such as melasma or freckles. For instance, in January 2023, according to a report published by the American Cancer Society, a US-based voluntary health organization for cancer, melanoma constitutes only about 1% of skin cancers but causes most skin cancer deaths. In 2023, approximately 97,610 new melanomas will be diagnosed (58,120 in men and 39,490 in women), and approximately 7,990 people are expected to die of melanoma. Furthermore, in December 2022, according to the National Psoriasis Foundation, a US-based non-profit organization serving people with psoriasis and psoriatic arthritis, Psoriasis affects 125 million people globally, accounting for 2 to 3 percent of the overall population. Therefore, the increase in the prevalence of skin disorders is expected to propel the growth of the cosmeceuticals market.
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The cosmeceuticals market covered in this report is segmented –
1) By Product Type: Skincare, Haircare, Injectable, Oral Care, Other Product Types
2) By Ingredients: Proteins, Antioxidants, Vitamins, Metals, Ceramides, Peptides, Amines, Acids, Exfoliants, Other Ingredients
3) By Distribution Channel: Supermarket, Pharmacy, Drug Stores, Beauty Salon, Online Retailing Store, Other Distribution Channels
Technological advancements are a key trend gaining popularity in the cosmeceuticals market. Companies operating in the cosmeceuticals market are adopting new technologies to sustain their position in the market. In September 2021, Croda International Plc., a specialty chemicals company located in the United Kingdom, launched Nutrinvent Balance, a unique encapsulation technology designed to provide rapid sebum reduction advantages on the scalp, as the latest innovation in their hair care ingredient line. The new component is suited for use in a wide range of hair care formulations, providing immediate sebum reduction on the scalp from the first application, and is aimed at customers who experience scalp oiliness.
The cosmeceuticals market report table of contents includes:
1. Executive Summary
2. Cosmeceuticals Market Characteristics
3.Cosmeceuticals Market Trends And Strategies
4.Cosmeceuticals market analysis
5. Cosmeceuticals Market Size And Growth
6. Cosmeceuticals Segmentation
7.Cosmeceuticals Regional And Country Analysis
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27.Cosmeceuticals Competitive Landscape And Company Profiles
28.Cosmeceuticals Key Mergers And Acquisitions
29.Cosmeceuticals Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- BASF SE, Johnson & Johnson
- LVMH (Moët Hennessy Louis Vuitton)
- Givenchy
- The Procter & Gamble Company
- Unilever PLC
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