Global Cosmeceuticals Market - Segmented by Product Type, Active Ingredients, and Region - Growth, Trends, and Forecasts (2018 - 2023)
The global cosmeceuticals market was valued at USD 46.93 billion in 2017, and is expected to reach a value of USD 80.36 billion by 2023 at a CAGR of 9.38%, over the forecast period (2018—2023). The scope of the report constitutes of products offered by major players like L’Oréal, Allergan, Henkel, Avon, Johnson & Johnson, Procter & Gamble, etc. New players like Fujifilm have also entered this market in product segment, such as skincare, haircare, and oral care. The report offers market insights for North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The report also offers market share on a global level for the segmentation based on the active ingredients of the cosmeceuticals.
Aging Population and Cosmeceuticals
During the ten-year period from 2008 to 2017, there has been a rapid growth in population and an increase in the number of people aged 40 years and beyond. By 2050, the world population expects to reach 10.5 billion. The life expectancy for women is predicted to rise from 82.8 years in 2005 to 86.3 years by 2050. Whereas for men, the expected increase in the corresponding period is from 78.4 to 83.6 years. Notably, the share of people from this age group using cosmetic products is on the rise. Over the past two decades, declining fertility and mortality rate has resulted in a sustained rise in aging population globally. People are living longer, and a strong desire among men and women to retain youthful appearances has groomed and nurtured the cosmetic industry worldwide. Rapidly aging demographics has led to robust demand for anti-aging products to prevent wrinkles, age spots, dry skin, uneven skin tone and even hair damages. This increase in demand has created room for innovations in cosmetics, thus boosting the industry growth. Product manufacturers are focusing on active aging based skin cosmetic products, for appealing to a larger section of the population looking to increase their lifespan. Moreover, women are increasingly coping with hectic working lifestyles and have less time to spend on putting on makeup.This has prompted cosmetic vendors to change their product design to facilitate easy access and disposal. Makeup artists offering makeup lessons on social media has been on rise. It shows the inclination of people toward looking better for all occasions. The rise of knowledgeable, wealthy, beauty-conscious consumers looking for cosmetic products with medicinal benefits is the reason for increased sales. Consumers are increasingly getting aware of the use of organic ingredients, antioxidants, peptides in skin, and hair care products, and increased product developments in these segments are driving the market growth. In developing countries, personal care requirements vary between the urban and rural consumer, and marketers are using insights to introduce region-specific products to raise consumer awareness.
Natural and Organic is the Driving Market Ingredient
The introduction of new ingredients has played a major role in driving the demand for cosmeceutical products. For instance, the inclusion of antioxidants has bolstered the sales of anti-aging solutions in the overall cosmetic products market. Plant stem cell products, which are an evolving form of natural ingredients, are touted to be the next major innovation in the skincare sector. These products are gradually gaining traction in anti-aging products, such as botanicals, vitamins, and natural proteins. The demand for new ingredients is largely being driven by the “baby-boomer” segment in mature markets (the United States and Europe), mainly due to their propensity to opt for natural products. Manufacturers are increasingly offering personalized and sophisticated solutions to help their clients combat aging. Natural ingredients are known to be particularly effective in hair care products, particularly in the case of anti-aging hair products. Product manufacturers use a combination of organic and inorganic ingredients. It offers protection from the effects of sun exposure. Innovations in UV absorption techniques are seen as a major development in the study market. The demand for multi-functional products is also driving innovation, as price-conscious consumers are opting for products that can sufficiently provide hydration and skin protection.
Not all is Unwrinkled and Fair in the Cosmeceuticals Market
The growing influence of spurious products is considered as a direct consequence of the lack of an efficient regulatory framework that governs the cosmeceutical industry. These products are a major threat to reputed brands, as companies lose their market share to low quality, substandard products. This trend can be predominantly seen in developing economies, where the standards of regulations are not as well drawn out as in the case of mature markets. With the growing influence of online sales in the cosmetics products, several vendors are offering branded products at low prices, thus driving consumers toward counterfeit products. It has become imperative for product manufacturers to differentiate their offering from normal products to ensure that their products are not counterfeited. Extensive product marketing can help the companies offering the cosmeceuticals products, by increasing consumer awareness about the presence of fake products. Several product manufacturers are collaborating with the medical community to increase awareness among the users or intended customers in a step toward reducing production of substandard or fake products in global markets.
Key Developments in the Market
February 2017 - The Procter & Gamble Company, incorporated in Ohio in 1905, is segmented into five divisions, which include Beauty, Hair and Personal Care, Grooming, Health Care, Fabric Care and Home Care, and Baby, Feminine and Family Care. Procter & Gamble divested Hipoglós Brand to Johnson & Johnson Consumer Inc., the same year it filed an infringement complaint against Onuge Personal Care (Guangzhou) Co. Ltd and MS International Enterprises LLC. Procter & Gamble also divested Escudo Soap Brand to Kimberly-Clark de Mexico.
October 2016 - Avon and Cerberus announced a USD 605 million strategic partnership to drive Avon shareholder value and also the Avon Products, Inc. announced that it had divested Liz Earle, its wholly-owned, UK-based natural skincare brand.
Major Players: PROCTER & GAMBLE, JOHNSON & JOHNSON, L'ORÉAL, AVON, and ALLERGAN, amongst others.
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