by Cosmeceuticals are cosmetic products that are claimed to have medicinal or drug-like benefits. They help improve the skin’s appearance through hydration and anti-aging properties. The increasing consumer awareness about nutrition, anti-aging and skincare is driving the demand for cosmeceuticals. The global cosmeceuticals market is estimated to be valued at US$ 8180.03 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing awareness regarding benefit of cosmetic products is one of the major drivers of the global cosmeceuticals market. People are increasingly becoming conscious about their appearance and looks. Moreover, consumer awareness about anti-aging properties of cosmeceuticals through advertisement and digital media is also contributing to the growth of the market. According to studies, women are found to be more concerned about their looks and are actively using anti-aging cosmetic products. Changing lifestyle and increasing expenditure on personal care is expected to fuel the demand for cosmeceuticals during the forecast period.
SWOT Analysis
Strength: Cosmeceuticals combine cosmetics with bioactive ingredients that have additional medical benefits. They provide multitasking skincare and are becoming popular with consumers.
Weakness: Their classification as cosmetics does not require rigorous clinical testing for safety or efficacy. This lack of regulation raises concerns about safety and effectiveness of some products.
Opportunity: Aging populations and rising beauty consciousness are driving demand for anti-aging cosmeceuticals. Innovation in active ingredients is expanding their uses beyond the skincare segment into haircare and oral care.
Threats: Strict regulations on drug claims can limit the ability to market benefits. Economic slowdowns may reduce discretionary spending on premium skincare products.
Key Takeaways
The Global Cosmeceuticals Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 8180.03 Mn by 2024, growing at a CAGR of 6.5%.
Regional analysis: North America currently dominates the cosmeceuticals market, followed by Europe. The large elderly population and demand for anti-aging products in these regions are major factors for their leadership. However, Asia Pacific is expected to witness the fastest growth due to rising middle class, increased access to skincare information and growing beauty consciousness in countries like China, India and South Korea.
Key players: Key players operating in the cosmeceuticals market are ACOME, Allied Wire & Cable Inc., Coficab Tunisie SA, Coroplast Fritz Muller GmbH & Co. KG, Coroplast Fritz Muller GmbH & Co. KG, Delphi Automotive PLC, Draka Holdings B.V. Lear Corporation, Leoni AG, Sumitomo Electric Industries, Ltd, and Yazaki Corporation. These companies are focusing on new product launches and expanding their regional presence through partnerships and mergers.
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Source: Coherent Market Insights, Public sources, Desk research
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