Global & India Cosmeceuticals Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Skin Care, Hair Care, Oral Care, and Others), Distribution Channel (Supermarkets/Hypermarkets. Online Retail Stores, Convenience Stores, Specialist Stores, and Other Distribution Channel) and Age (Paediatrics, Teens, Adults, and Oldage)
The Global & India cosmeceuticals market is expected to grow from US$ 45,916.66 million in 2021 to US$ 81,753.36 million by 2028. It is estimated to grow at a CAGR of 8.7% from 2022 to 2028.
The report highlights prevailing trends and factors driving the market growth. The market's growth is due to the increasing demand for anti-aging products and a shift to male grooming products. However, the impact of the COVID-19 pandemic is restricting the market growth.
The growth of the cosmeceuticals market can be majorly attributable to the rising consumer interest in natural and nutrition-rich products for health and beauty concerns. The aging population, increasing consumer spending, and beauty consciousness are other factors supporting the sales. It has been observed that the demand is high among people aged 30-45. Over the past decades, the decreasing mortality rate has given rise to the aging population all over the globe. People are living longer and wanting to retain their youthful appearance are positively impacting the market growth globally. The demand for anti-aging products to prevent hair damage, uneven skin tone, age spots, dry skin, and wrinkles is on the rise. This, in turn, has created opportunities for new introductions and innovations in the cosmetic industry, thus making manufacturers focus on active anti-aging-based skin products.
The shift of male pampering culture is another key growth promoter in the global cosmeceuticals market. The share of male consumers in the dollar sales is likely to increase with the growing demand for anti-aging and acne control cosmeceuticals among the male population. The joint efforts from influencers and brands are dismantling the ancient notion that men should not indulge in self-care. The industry should expect to further segment men's grooming, particularly in developed markets with opportunities for stronger development. In skin care, there will be growth in products designed for different skin types and degrees of stubble. The number of product launches for men will still be low compared to those for women, but the gap will narrow over time.
On the other hand, the impact of the COVID-19 pandemic and stringent regulatory approvals hinders the overall cosmeceuticals market growth. The recent coronavirus outbreak has forced governments worldwide to take strict measures to ensure the spread of the disease is limited. As more people are advised to stay indoors, people are looking to run businesses from home. Despite the slowdown in manufacturing processes, the demand for cosmeceuticals among a few categories continues to rise. Beauty endorsements, indoor marketing of products, and adoption of beauty products by online influencers have all opened a huge growth potential. The only real dilemma is the supply-demand gap. It is likely that the manufacturing restrictions will ease, and chances are companies will look to capitalize on the situation with support from e-commerce websites.
Lack of proper regulatory approvals and health claims is hindering the penetration of these products in health savvy population. For instance, the Federal Food, Drug, and Cosmetic Act (FD&C Act) in the U.S. does not recognize the term cosmeceutical and included these under cosmetics. The regulatory system for cosmeceuticals products is complex and not strict as compared to drugs. Most of the time, new launched products are susceptible to uncertainty of regulatory review. This uncertainty in the regulations leads to launch of counterfeit goods in market which hampers the credibility of cosmeceuticals in the market.
Based on application, the cosmeceuticals market is segmented into skin care, hair care, oral care, and others. In 2021, the skin care segment held the largest market share. Moreover, the skin care segment is expected to register the highest CAGR from 2022 to 2028. Based on distribution channel, the market is segmented into supermarket/hypermarket, online retail stores, convenience stores, specialist stores, and other distribution channels. The supermarket/hypermarket segment held the largest market share in 2021. However, the specialist stores segment is anticipated to register the highest CAGR during the forecast period. Based on age, the market is segmented into pediatrics, teens, adults, and old age consumers. The adults segment held the largest market share in 2021. However, the teens segment is anticipated to register the highest CAGR during the forecast period.
Various organic and inorganic strategies are adopted by companies in the cosmeceuticals market. The organic strategies mainly include product launches and product approvals. Further, inorganic growth strategies witnessed in the market are acquisitions, collaborations, and partnerships. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help the market players strengthen their customer base and expand their product portfolios. A few significant developments by key players in the cosmeceuticals market are listed below.
In January 2020, Allergan plc launched the SkinMedica Instant Bright Eye Cream, a refreshing eye treatment that hydrates, brightens, and helps visibly firm the appearance of the delicate skin around the eyes. The product is designed to improve the appearance of the eyes immediately and continues reducing the visible signs of aging and fatigue over time—including dark circles, fine lines, and creepiness of upper eyelids.
American Academy of Dermatology (AAD), National Institute of Dental and Craniofacial Research (NIDCR), Food and Drug Administration (FDA), International Diabetes Federation (IDF), and International Association of Oral Medicine and Toxicology (IAOMT) are a few of the major primary and secondary sources referred to while preparing the report on the cosmeceuticals market.
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