Cosmeceuticals Market Research Report Information, by Product Type (Skincare, Hair Care, Oral Hygiene, and Other Types), by Injectable (Botox, Dermal Fillers, And Other Injectable), by Distribution Channel (Pharmacy/Drug Stores, Online Stores, And Others), And Region - Forecast 2023-2032

Report Overview

Cosmeceuticals Market size is expected to be worth around USD 112.0 Bn by 2032 from USD 57.4 Bn in 2022, growing at a CAGR of 7.1% during the forecast period from 2023 to 2032.

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Cosmeceuticals are restorative beauty care products that contain naturally active synthetic substances and profess to give clinical or drug-like benefits. Corrective drugs are headways in superficial dermatological things, and innovative skincare is in the vogue age. These items upgrade the presence of and support the skin and treat restoratively compromised skin cells. The presentation of cosmeceuticals rebuilt the beauty care products and individual consideration business, and the cosmeceuticals market is supposed to ascend as clients' familiarity with their appearance develops. Cosmeceutical brands are available without a prescription and are ordinarily utilized related to other skincare items to assist with further developing pigmentation, complexion, surface, and fine kinks.

These items usually include cell reinforcements, peptides and proteins, retinoids, exfoliants, and herbal concentrates. The cosmeceuticals business is exploding, inferable from purchasers' interest in defending an energetic appearance. The growing maturing populace, especially in created countries like the US and Europe, is anticipated to raise interest in beauty care products. Furthermore, factors like developing interest in average magnificence items and a sound way of life will probably drive interest in beauty care products and drugs.

Driving factors

Increasing The Public's Awareness of Cosmetics and Introducing Cutting-Edge Products To Boost Market Expansion

A greater number of people worldwide use these products because of the strong emphasis placed on initiatives by government agencies and market players to raise public awareness of skin and hair health. In addition, one of the primary factors driving the adoption of these products in both established and emerging economies is the creation of active ingredients by cosmeceuticals market participants.

For instance, in the year 2021, a number of specialized campaigns sponsored by the American Academy of Dermatology will emphasize skin and hair health alongside overall health. The month of May is skin cancer awareness month, highlighting the importance of sun protection through the use of sunscreen products and the harm caused by UV rays to the skin are two examples. The demand for professional skincare products is rising as a result of the rising incidence of skin conditions in both children and adults.

Various cosmeceuticals market players have been encouraged to develop novel formulations with a focus on the development of active ingredients, such as plant-based alternatives, as a result of this and the global adoption of organic products. The cosmeceuticals market's expansion can be attributed to an increase in key product launches and product development.

Restraining Factors

High Cost of Branded Products To Affect Demand for Cosmeceuticals

Cosmetics are in high demand all over the world due to the rising number of people with skin and hair conditions, the aging population, and public awareness of dermatological treatments. It is anticipated that the market's expansion will be stifled by the prohibitive price of branded cosmeceuticals sold by major cosmeceuticals market players.

The high costs incurred by the end consumer are the result of the growing number of important businesses positioning themselves as extravagance brands in this sector, the high recovery costs of products as a result of spending on novel product research and development, and brand campaigns.

A major impediment to cosmeceuticals market expansion is the availability of low-quality alternates as a result of a lack of strict regulation. During the forecast period, the demand for these products in developing nations is also hindered by the absence of insurance reimbursement.

Type Analysis

In 2022, The Dominance Of The Skin Care Segment Resulted From An Increase In Product Adoption.

The cosmeceuticals market is divided into skin care, hair care, Oral Hygiene, and other types by product type. Anti-aging, sun protection, skin whitening, anti-acne cosmetics, professional skincare, and other segments further divide the skincare market. The general public's rising awareness of skin diseases and increasing use of personal care products contributed to this market's dominance.

Due to the growing number of people who are getting older and the growing awareness of anti-aging products that effectively manage skin aesthetics like wrinkles, the anti-aging category dominated the skincare market.

Distribution Channel Analysis

A Stable Distribution System To Support The Pharmacy/Drug Store Sector's Dominance Of The Global Market From 2023 To 2032

Based on the distribution channel, the global cosmeceuticals market is divided into drug stores/pharmacies, online stores, and others. In 2022, the segment of drug stores and pharmacies held the largest share of the global market. The retail stores' discounts and the introduction of cutting-edge products at reasonable prices are to blame for the segment's dominance. Additionally, the robust network of these stores in developed nations and stronger penetration of larger store chains are to blame for the strong growth of the pharmacy/drug stores segment in the global market.

In contrast, the online store's segment is expected to experience a higher CAGR than the other segments. The entry of major players that are investing in the growth of e-commerce and digital platforms to engage customers in real-time is credited with the higher growth of online channels. In addition, the COVID-19 pandemic has significantly influenced consumers' preference for online stores over retail ones.

Key Market Segments

Based on Type

• Skincare
• Hair Care
• Oral Hygiene
• Other Types

By Injectable

• Botox
• Dermal Fillers
• Other Injectable

By Distribution Channel

• Pharmacy/Drug Stores
• Online Stores
• Other Distribution Channels

Growth Opportunity

Personalized cosmeceutical products, tailored to an individual's specific skin type and concerns, have become increasingly popular. Companies that offer customizable solutions may find a unique selling point in the market.

Latest Trends

Increasing Preference of General Population Toward Natural Products To Boost Demand For Cosmeceuticals

Bringing to light the advantages that natural ingredients offer over conventional products, such as fewer side effects like skin cracking and hair loss. The cosmeceuticals market is expected to expand as a result of major market players' efforts to raise awareness of organic outcomes through different brand drives and dermatologists' growing preference for prescribing natural alternatives such as organic products for skin and hair care. In addition, the major players in the market are working on the creation of e-commerce media, such as Direct to Consumer (DTC) dispersal media, in order to meet the growing demand, which is anticipated to support the expansion of organic outcomes.

Regional Analysis

Asia-Pacific Region Accounted Significant Share Of The Global Cosmeceuticals Market

Asia Pacific dominated the cosmeceuticals market. The market's expansion can be attributed to the increasing emphasis on strategic partnerships and product launches by market players as well as investments in digital infrastructure to boost product distribution and appeal to consumers. In addition, the Asia-Pacific market is being driven by a number of key factors, including a growing population and increased public awareness of these products.

In addition, consumers of cosmeceuticals in Asia-Pacific are likely to grow gradually due to rising demand for products and a growing awareness of skin and hair health, medical aesthetics, and dermatological disorders.

In the global market, North America held the second-largest cosmeceuticals market share. The widespread availability of patients with dermatological conditions like melanoma and eczema and the expanding use of cutting-edge dermatology products in the region is to blame for this expansion. Additionally, it is anticipated that cosmeceutical products will see an increase in demand as a result of an increasing number of dermatological procedures, such as non-surgical cosmetic procedures.

Key Regions and Countries

North America

• US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

Strong Portfolio Of Leading Companies' Products To Help Take Over The Market

The global cosmeceuticals market is fragmented, with key players, such as L’Oréal, Unilever, Estée Lauder Companies Inc., Procter & Gamble, and Shiseido Company Limited, holding a significant market share. The dominance of these players is attributed to the robust product portfolio of skincare products, strategic collaborations, and a strong distribution network. However, the presence of domestic players in the competitive landscape, holding the majority of the market share, varies among different regions. The key companies operating in the market are introducing advancements in key products to gain a competitive advantage over other market players.

Moreover, there is a strong emphasis on mergers and partnerships with a view to strengthening product portfolios along with a focus on the development of e-commerce platforms to improve product reach and cosmeceuticals market position. Moreover, the other market players, including ELEMENTIS PLC., Beiersdorf, AVON, and Allergan (AbbVie Inc.), are focused on offering OTC products to provide to developing markets as well as acquire prominent market share across the globe.

Top Key Players in Cosmeceuticals Market

• L’Oréal (France) Estée Lauder Companies Inc. (U.S.)
• Beiersdorf (Germany)
• Shiseido Company Limited (Japan)
• Procter and Gamble (U.S.)
• Elementis Plc (U.S.)
• Avon (U.K.)
• Allergan (U.S.)
• BASF SE (Germany)
• Croda International Plc (U.K.)
• Unilever (U.K.)
• Coty Inc. (U.S.)
• Johnson & Johnson Services, Inc. (U.S.)
• Clarins (France)
• LVMH (France)
• Other Key Players

Recent Development

• September 2021 – Plc Croda International launched Nutrinvent Balance, a novel ingredient in cosmeceuticals to reduce sebum production from the scalp and hair. The new ingredient is intended for consumer use in hair care products. In addition to strengthening the company's market position, the development aims to expand the company's product portfolio.
• July 2021 – An innovative digital biomarker detection system that can identify clinical signs of aging has been granted a patent, according to L'Oreal. In addition to offering suggestions for customized formulations and products, this raises public awareness of skin aging. The company's product portfolio adoption may improve as a result of this possible expansion of the customer base.
• February 2021 – The face care brand O.W.N. was launched by Beiersdorf. The brand further personalizes its product offerings for customers by employing an exclusive AI algorithm. The launch is geared toward European consumers with the intention of expanding into the region's market.

Report Scope: