Technavio Announces the Publication of its Research Report Global Cosmeceuticals Market 2017-2021
Technavio recognizes the following companies as the key players in the global cosmeceuticals market: Beiersdorf, L’Oréal, P&G, Shiseido, and Unilever.
Other prominent vendors in the market are: Amway, AVON Beauty Products, Burberry, INVERSIONES AVI AMERICA, Chanel, Chatters Canada, Clarins, Combe, Conair, Coty, Edgewell Personal Care, Henkel, Helen of Troy, Johnson & Johnson, Kao, LVMH, Mary Kay, O Boticário, Revlon, Tom’s of Maine, and World Hair Cosmetics (Asia).
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Commenting on the report, an analyst from Technavios team said: One of latest trends in the market is rising preference for physician-recommended products over non-prescription products. With the growing demand for skincare products from the aging population, the sales of physician-recommended (i.e., recommended by dermatologists, skin care specialists, and trichologists) cosmeceutical products is expected to increase in the coming years. The physician-recommended cosmeceuticals segment features well-known brand names, especially in the skincare products space. In line with the growing demand for physician-recommended products, vendors are focusing more on product differentiation to enhance the marketability of their products. Not only the global players, but even local and small- and mid-size vendors have started focusing on the development of advanced cosmeceutical products.
According to the report, one of the primary drivers in the market is growing premium BPC products industry. The global BPC products market is set to almost double in size in the next 10-15 years, with the US, China, Brazil, Japan, and India expected to become the top markets. Most consumers now prefer high-end cosmeceutical products, and are more open to new technology and new retail distribution models. Therefore, global BPC product manufacturers are finding greater opportunities to innovate and launch premium products under the skincare, haircare, fragrances, make-up, bath, male grooming, and sun care categories. Most of the premium and niche categories of these products have some sort of health and medicinal benefits and these products are considered as cosmeceuticals. During the review period (2011-2016), face serums, face oils, hair serums, hair spray, hair and body mist, anti-aging skincare products, and hair styling products under the premium skincare and haircare product categories have grown significantly.
Further, the report states that one major challenge in the market is challenges in the use of certain ingredients. The chances that consumers might notice the physical state of functional ingredients in dietary supplements are highly unlikely, mostly attributable to these products delivery systems. For example, the unpleasant taste of a product can be masked by adding sweetening agents to it. However, the odor and appearance of a product that has topical applications, like skincare cosmeceutical products, play a pivotal role in the purchase decision of consumers. Since it is quite difficult to mask physical attributes of active ingredients in skincare products, like color or odor, it limits the usage of some of the most effective ingredients in these products. For example, certain antioxidants might render unpleasant characteristics to a topical lotion or cream, which then makes it non-usable in such products.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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The word cosmeceuticals are a combination of cosmetics and pharmaceuticals. Cosmeceuticals are cosmetic products that have similar benefits as pharmaceutical products. Cosmeceuticals can be purchased over the counter (OTC) without a prescription from a healthcare professional. The cosmeceuticals sector was formed by converging personal care and pharmaceuticals sectors.
Technavios analysts forecast the global cosmeceuticals market to grow at a CAGR of 5.95% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global cosmeceuticals market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of cosmeceutical products through retail and salon outlets to individual consumers in the global market.
The market is divided into the following segments based on geography:
Technavio’s report, Global Cosmeceuticals Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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