Cosmeceuticals Market Size
|Market Size (2023)||USD 169.48 Billion|
|Market Size (2028)||USD 233.30 Billion|
|CAGR (2023 - 2028)||6.60 %|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cosmeceuticals Market Analysis
The Cosmeceuticals Market size is expected to grow from USD 169.48 billion in 2023 to USD 233.30 billion by 2028, at a CAGR of 6.60% during the forecast period (2023-2028).
The market is expected to grow as consumers become more conscious of their physical appearance. The introduction of cosmeceuticals transformed the cosmetic and personal care industries. Unlike makeup products, these products can resolve the imperfections' origin rather than just covering them. This quality significantly increased product demand and market share in the cosmetic and personal care industries.
Due to the increasing prevalence of skin and hair disorders, the aging population, and the increased awareness of dermatological treatment, the demand for cosmeceutical products is rising globally. Furthermore, Cosmeceuticals are expected to continue to benefit from the increased preference for natural products among the general population worldwide. Natural ingredients are becoming more popular than traditional ingredients, including those with lesser side effects like skin cracking and hair thinning. Introducing new products with bio-active ingredients is crucial in driving the demand for cosmeceutical products worldwide.
Countries such as the United States, Canada, United Kingdom, Germany, and other European countries held a prominent share in the global cosmeceuticals market. China, India, and Vietnam present considerable growth opportunities for the market players, primarily due to the growing millennial population. Moreover, the leading companies are eyeing e-commerce as an opportunistic market segment as consumers are preferring online channels to purchase these products due to convenience and ease of purchase.
Cosmeceuticals Market Trends
This section covers the major market trends shaping the Cosmeceuticals Market according to our research experts:
Growing Ageing Population
Consumers, especially the aging population, are increasingly looking for methods and products to maintain and improve their appearance to look youthful and beautiful, especially with the rising awareness about anti-aging products. According to World Bank data, in Japan, the population of 65 years old accounted for 26.59% in 2016, which increased to 28.7% in 2021. Additionally, middle-aged people are increasingly witnessing aging anxiety due to the high prevalence of aging signs. Anti-aging skin products are cosmeceuticals, as they overlap the distinction between cosmetics and pharmaceuticals. Over the past two decades, the declining fertility and mortality rates resulted in a sustained rise in the aging population across the region, especially in China and Japan. The strong desire among men and women to retain youthful appearances groomed and nurtured the cosmetic industry across the region.
To understand key trends, Download Sample Report
Asia-Pacific Fastest Growing Region in the Market
The region's increasing demand for cosmetic skin care, oral care, and hair care products is attributed to accelerated urbanization, an increase in urban populations, and changing lifestyle demands. Additionally, the growing disposable income in emerging economies such as China, India, Vietnam, etc., is fueling the demand for cosmeceuticals. Recently, the term 'cosmeceuticals' started gaining momentum in China, becoming one of the country's most preferred product categories. The busier and more stressful lifestyles of consumers in the region and worsening environmental conditions created more concern around skin conditions among consumers seeking products for skin rejuvenation. It led to an increase in sales of cosmeceuticals.
Moreover, the population of Japan is among the most prolific consumers of cosmetics, placing it among the top five national markets for personal care products. From both size, trends, and market demand, Japan can be regarded as a gateway to other Asian markets. Success in the Japanese market can raise product/brand profile and visibility, particularly in other Asian markets. Additionally, the rising number of millennials in the region is spending more on cosmetic products to maintain their appearance. They are leading the trend of beauty athleisure. Additionally, social media trends are expected to increase in the upcoming years, as well as the growing need for people to look good, boosting the demand for cosmeceuticals in the region.
To understand geography trends, Download Sample Report
Cosmeceuticals Industry Overview
The most active companies in the market include key players, such as Procter & Gamble, Unilever, L'Oréal SA, Shiseido Co. Ltd, and The Estée Lauder Companies Inc. L'Oréal SA is one of the most active companies, with numerous brands offering a broad cosmeceuticals range worldwide. The company improved its quality and product innovation regarding ingredients, functionality, and packaging. These companies have been taking significant measures to increase their market penetration worldwide by establishing regional hubs and innovation centers. Moreover, these players are increasing their investments in R&D and marketing. They are expanding their distribution channels to maintain their market positions and offer innovative and multi-functional cosmeceuticals.
Cosmeceuticals Market Leaders
Procter & Gamble
Shiseido Company, Limited
*Disclaimer: Major Players sorted in no particular order
Cosmeceuticals Market News
- July 2022: L'Oréal Professionnel Paris, the professional product division of the global beauty brand, launched its 'Curl Expression' range in Nigeria. It includes ten products designed specifically for natural and kinky hair textures.
- May 2022: Shiseido announced the launch of Ulé, a new conscious prestige skincare brand created by Shiseido in France. Eight products in the brand's debut launch are available on the brand's e-commerce website, along with a boutique to be opened in Paris.
- March 2022: P&G Ventures relaunched Bodewell, a skin care product line designed for those suffering from conditions such as eczema and psoriasis. The new product line combines active ingredients like colloidal oatmeal and salicylic acid with essential moisturizers and a novel botanical blend called BW22.
Cosmeceuticals Market Report - Table of Contents
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Skin Care
22.214.171.124 Sun Protection
126.96.36.199 Other Skin Care Product Types
5.1.2 Hair Care
188.8.131.52 Shampoos and Conditioners
184.108.40.206 Hair Colorants and Dyes
220.127.116.11 Other Hair Care Product Types
5.1.3 Lip Care
5.1.4 Oral Care
5.2 By Distribution Channel
5.2.2 Online Retail Stores
5.2.3 Convenience Stores
5.2.4 Specialist Stores
5.2.5 Other Distribution Channels
5.3 By Geography
5.3.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 L'Oreal SA
6.3.2 Procter & Gamble
6.3.3 Unilever PLC
6.3.4 Shiseido Co. Ltd
6.3.5 Revlon Inc.
6.3.6 Groupe Clarins SA
6.3.7 Beiersdorf AG
6.3.8 Johnson & Johnson Inc.
6.3.9 Kao Corporation
6.3.10 Avon Products Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cosmeceuticals Market Research FAQs
How big is the Cosmeceuticals Market?
The Cosmeceuticals Market size is expected to reach USD 169.48 billion in 2023 and grow at a CAGR of 6.60% to reach USD 233.30 billion by 2028.
What is the current Cosmeceuticals Market size?
In 2023, the Cosmeceuticals Market size is expected to reach USD 169.48 billion.
Who are the key players in Cosmeceuticals Market?
L’Oréal S.A., Procter & Gamble, Unilever plc, Shiseido Company, Limited and Revlon Inc. are the major companies operating in the Cosmeceuticals Market.
Which is the fastest growing region in Cosmeceuticals Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Cosmeceuticals Market?
In 2023, the North America accounts for the largest market share in the Cosmeceuticals Market.
Cosmeceutical Industry Report
Statistics for the 2023 Cosmeceutical market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cosmeceutical analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.