[Research Report] The cosmeceuticals market size is expected to grow from US$ 45,916.66 million in 2021 to US$ 81,753.36 million by 2028; it is estimated to record a CAGR of 8.6% from 2021 to 2028.
Analyst Perspective
The Cosmeceuticals market implies to a segment within the cosmetics industry that combines products with pharmaceuticals properties. These products bridge the gap between traditional cosmetics and pharmaceuticals by offering more targeted and scientifically advanced formulations. The cosmeceuticals market is driven by factors such as increasing consumer awareness about personal appearance, rising disposable incomes, and growing demand for anti-aging and skin care products. Advances in technology and research have also contributed to the development of innovative cosmeceutical products. The product category within the cosmeceutical market includes skin care, hair care, oral care, sunscreens are among the most popular in this segments. Hair care products focus on improving hair health, addressing issues like hair loss, dandruff. Oral care cosmeceuticals include toothpaste, mouthwash, and other products that promote oral health. Cosmeceuticals products are primarily distributed through various channels such as retail stores, speciality outlets, e-commerce platforms have played a significant role in expanding the market growth and accessibility of cosmeceuticals.
Market Overview
Cosmeceuticals are cosmetic products that contain bioactive ingredients with potential pharmaceuticals properties. Cosmeceuticals are designed to provide cosmetic benefits while also targeting specific skin or hair concerns, offering more than just aesthetic improvements. The distinction between cosmeceuticals and regular cosmetic lies in the ingredients that have been scientifically researched and proven to provide specific benefits to the skin and hair. These ingredients may include antioxidants, peptides, vitamins, retinoids, hyaluronic acid, botanical extracts, and other bioactive substances. The cosmeceuticals market has seen significant growth as consumers increasingly seek products that provide both cosmetic and skin or hair health benefits. The cosmeceuticals market is highly competitive, with several major players and numerous smaller companies operating globally. The companies invest heavily in research and development to introduce innovative cosmeceuticals products and maintain a competitive edge. The cosmeceuticals market is driven by innovation, scientific advancements, and evolving consumer preferences, creating opportunities for both established players and new entrants.
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Cosmeceuticals Market: Strategic Insights
Market Size Value in US$ 45,916.66 million in 2021 Market Size Value by US$ 81,753.36 million by 2028 Growth rate CAGR of 8.6% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Cosmeceuticals Market: Strategic Insights
| Market Size Value in | US$ 45,916.66 million in 2021 |
| Market Size Value by | US$ 81,753.36 million by 2028 |
| Growth rate | CAGR of 8.6% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Market Driver
Development Opportunities in Emerging Countries to Drive market Growth
The emerging markets in regions such as the Middle East, Africa, and Asia Pacific are creating significant opportunities for the key market players to expand their businesses. The majority of players concentrate on developing markets, such as India and China, owing to the large population suffering from chronic diseases in these countries. With rising production costs against their practices, the healthcare companies are striving to produce sufficient revenue to entertain their investors. The markets in a few growing economies are expected to be an essential part of offering more reliable and profitable growth opportunities for the major players to expand their industry and geographic scope.
Advancements in biotechnology have increased the demand for cosmeceuticals, encouraging the introduction of more customized products and facilitating the shift toward personalized cosmeceuticals. Various players in the industry have been investing a significant amount of their revenue in R&D activities to develop better and advanced products and technologies to be used in the Cosmeceuticals market. The Asia Pacific market is anticipated to have the fastest growth during the forecast period due to the presence of significant biopharmaceutical companies in countries such as Japan and the growing number of local companies in countries such as China and India. These activities in the region are increasing the demand for cosmeceuticals in the region and is anticipated to provide significant growth opportunities to the players operating in the cosmeceuticals market during the forecast period. Thus, the factors mentioned above are driving the cosmeceuticals market during the forecast period.
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Segmental Analysis
Based on products, the cosmeceuticals market is categorized into skin care, hair care, oral care, and others. In 2021, the skin care segment is likely to hold the largest share of the cosmeceuticals market. Moreover, the same segment is also expected to witness growth in its demand at a fastest CAGR in cosmeceuticals market during 2021 to 2028, owing to the increasing demand of sunscreens in tropical countries and anti-ageing products across the globe. The growing prevalence of skin-related problems has propelled the growth of skin care segment in the cosmeceuticals market. Use of skincare products has increased due to climate change and its impact on the skin. The growing number of industries has resulted in higher levels of pollution in cities, which may have negative effects on the skin, prompting individuals to seek more skincare products for protection. UV protection is extensively advocated and emphasized by dermatologists, cosmetologists and other experts as one of the most critical skincare requirements. Consumers are increasingly aware that they must protect themselves not just from UV rays, but also from blue light, smoking, smog, pollution, germs, bacteria and viruses. As a result, manufacturers must focus on more specialized sunscreens, blue light protection therapies, antioxidant serums and antimicrobial product innovations. For instance, In Jan 2023, Oriflame launched a cosmeceutical range to expand skincare offerings. Oriflame expanded its skincare offering to the Indian market and launched its first range of ‘cosmeceutical’ products named ‘NovAge Proceuticals’. The cosmetics and beauty business’ new line is designed to address its customers’ specific skin challenges. Thus, the factors mentioned above are driving the skin care segment in cosmeceuticals market during the forecast period.
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Regional Analysis
The North America cosmeceuticals market was valued at US$ 12,918.33 million in 2021 and is projected to reach US$ 23,275.18 million by 2028; it is expected to grow at a CAGR of 8.8% during the forecast period. The North America cosmeceuticals market is segmented into the US, Canada and Mexico. The United States held the largest market in North America for cosmeceuticals, and the cosmeceuticals market is expected to grow due to increasing demand of anti-ageing products and increased adoption of online and e-commerce buying structure for cosmeceuticals. The trend of awareness related to skin, hair, and oral hygiene for health purpose, represents an unprecedented opportunity for improving public health in the country. These increasingly powerful services are proving to be a lifeline for people who need improved access to health services, which will fuel the growth of cosmeceuticals market.
Moreover, consumers are trying new products and are interacting with brands in new ways, which has been made possible due to the emergence of beauty vloggers, who share YouTube tutorials and Instagram stories about their favorite face creams, lipsticks, mascara, compact powder, etc. Many cosmeceutical companies have begun to abandon conventional ads and prefer hiring big faces and influencers for promoting their brands to target customers. Therefore, the US cosmeceuticals market has experienced a boom in the demand for cosmetic products in the historical period. Thus, above mentioned factors are expected to propel the cosmeceuticals market growth in the region.
Key Player Analysis
The cosmeceuticals market analysis consists of players, such as as L'Oreal S.A., Beiersdorf Global, Croda International, Amway Corp., Allergan, Unilever PLC, Johnson & Johnson, Procter & Gamble, Avon Products Inc., and BASF SE, among others are the top two players owing to the diversified product portfolio offered.
Recent Developments
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the cosmeceuticals market. A few recent key market developments in the cosmeceuticals market are listed below:
- In Aug 2021, Shiseido Company, Limited announced a framework agreement between its China subsidiary, Shiseido China Co., Ltd., and Boyu Capital to launch the Shiseido Beauty Innovations Fund. The operation of the Fund will be conducted by Boyu and Shiseido and is scheduled to start this year after completion of relevant regulatory filings in China. The Fund will explore investment opportunities among China’s emerging brands in cosmetics and wellness, as well as in related technology companies such as e-commerce services and consumer experience technology.
- In Jul 2021, L'Oreal Groupe launched its first ever TikTok beauty channel driven by a progressive vision of the beauty industry's future, the channel uncovers the group's science, innovations and technologies beyond the world's favorite beauty products. Working in collaboration with experts from L'Oreal, this new channel delivers content that combines science, innovation, tech behind beauty products.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Active Ingredient, Distribution Channel, and Product
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, RoAPAC, RoE, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The cosmeceuticals s market majorly consists of the players such 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 SE.
The global cosmeceuticals market based on application is divided into skin care, hair care, oral care, and others. In 2022, the skin care segment is likely to hold the largest share of the market. Moreover, the skin care segment is also expected to witness growth in its demand at a fastest CAGR of 9.0% during 2022 to 2028, owing to the increasing demand of sunscreens in tropical countries and anti-ageing products across the globe.
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 line.
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.
The List of Companies - Cosmeceuticals Market
- L’Oréal S.A.
- Beiersdorf Global
- Croda International
- Amway Corp.
- Unilever PLC
- Johnson & Johnson
- Procter & Gamble
- Avon Products Inc.
- Estée Lauder Inc.
- Shiseido Company Limited
- BASF SE
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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