According to The Insight Partners’ Latest Study on “Cosmeceuticals Market Forecast to 2028″ Includes COVID-19 Impact and Global and India Analysis By Application (Skin Care, Hair Care, Oral Care, and Others), Distribution Channel (Supermarkets/Hypermarkets. Online Retail Stores, Convenience Stores, Specialist Stores, and Other Distribution Channel) and Age (Paediatrics, Teens, Adults, and Oldage)
“Cosmeceuticals market is expected to grow US$ 81,773.26 million by 2028 from US$ 45,916.66 million in 2021. It is estimated to grow at a CAGR of 8.7% from 2022 to 2028. The increasing demand for anti-aging products is driving the market. Moreover, a shift in the male grooming products and the introduction of innovative cosmeceutical products in the market are expected to boost the growth rate in the coming years. However, the stringent regulatory approvals and effect of the COVID-19 pandemic are hindering the cosmeceuticals market.
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Cosmeceuticals are products that have both cosmetic and therapeutic (medical or drug-like) effects and are intended to have a beneficial effect on skin health and beauty. Like cosmetics, they are applied topically as creams or lotions but contain applications that have an effect on skin cell function. In some cases, their action is limited to the skin surface (such as exfoliants), while others can penetrate to deeper levels, either enhancing or limiting normal skin functions. Cosmeceuticals are available “over-the-counter” (without prescription) and are generally used as part of a regular skin care regime to help improve skin tone and texture, pigmentation and fine lines.
Key factors that are driving growth of the market are increasing adoption of grooming and hygiene amongst aging population, and high demand during COVID-19 pandemic. However, security and privacy issues are expected to restrict the market growth during the forecast period.
Industry Players Analysis:
L’Oréal S.A., Beiersdorf Global, Croda International, Amway Corp., Allergan, Unilever PLC, Johnson & Johnson, Procter & Gamble, Avon Products Inc., Estée Lauder Inc., Shiseido Company Limited, and BASF E. are a few leading companies operating in the cosmeceuticals market.
The companies listed above are implementing various strategies such as product launches, acquisitions, mergers, and partnerships, which have resulted in the company’s growth and, in turn, have brought about various changes in the worldwide market. Additionally, the companies have adopted several inorganic and organic strategies for accelerating their growth and improving their market position.
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Below is the list of the growth strategies done by the players operating in cosmeceuticals market:
Apr-2022: In collaboration with Walmart, OLAY North America and Pantene North America have launched new Boosters for skin and hair to meet consumers’ evolving personal care needs
Apr-2022: Neutrogena has launched its new range, Neutrogena Bright Boost for Indian consumers to address the increasing problem of skin dullness
Feb-2022: Skin care company Beiersdorf has opened a new chapter in the North American market with two inaugurals. As part of its global R&D strategy, the company opened the doors of an all-new Innovation Center in Florham Park, New Jersey. Additionally, it inaugurated its new North American headquarters in Stamford, Connecticut
The report segments the cosmeceuticals market as follows:
Based on Application, the cosmeceuticals market is segmented into skin care, hair care, oral care, and others. In 2022, the skin care segment is estimated to hold the largest market share and is anticipated to register the highest CAGR from 2022 to 2028.
Based on distribution channel, the market is segmented into supermarkets/hypermarkets, online retail stores, convenience stores, specialist stores, and other distribution channels. The supermarkets/hypermarkets segment is estimated to hold the largest market share in 2022, while the specialist store segment is anticipated to register the highest CAGR from 2022 to 2028.
Based on age, the market is segmented into pediatrics, teens, adults, and old age consumers. The adults segment is estimated to hold the largest share of the market in 2022, while the pediatrics segment is anticipated to register the highest CAGR during the forecast period.
Based on geography, the cosmeceuticals market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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