Westford, USA, Dec. 11, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that cosmeceutical market size will attain the value of USD 94.51 Billion by 2031, with a CAGR of 5.10% during the forecast period (2024-2031). The cosmeceutical industry is expected to grow due to increasing consumer concern for their skin. The rise of cosmetic products has transformed the beauty and personal care industry. This trend has significantly increased the demand for products and expanded its market share in the personal care and cosmetic industries. With the widespread awareness of the harmful effects of these beauty products, the demand for organic and natural products has increased dramatically.
Browse in-depth TOC on “Cosmeceutical Market”
- Pages – 198
- Tables – 62
- Figures – 75
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Cosmeceutical Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 63.48 Billion |
| Estimated Value by 2031 | USD 94.51 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.10% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rising Consumer Preference for Advanced Skincare |
| Key Market Opportunities | Expansion in Emerging Markets with Growing Disposable Income |
| Key Market Drivers | Rising Demand for Electrical Equipment Protection |
Skincare Segment to Dominate Due to Rising Consumer’s Emphasis on Skin Protection
As per the cosmeceutical market outlook, the skincare segment led the market, accounting for 43.3% of the total share in 2023. Exposure to damaging UV light can result in premature skin aging or even skin cancer. This has enhanced the consumer’s emphasis on skin protection through the use of preventive skincare products. Furthermore, throughout the forecast period, demand for multifunctional goods is expected to drive the expansion of sun-care cosmetic products. BB cream can be used as a sunblock cream in addition to make-up serum and moisturizer.
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Specialty Retailers Segment is Growing Due to Strong Advertising and Other Marketing
On the other hand, supermarkets have the largest cosmeceutical market share in the specialty retailer’s segment. This is due to strong advertising and other marketing tactics used by distributors and manufacturers in specialty stores, such as discounts on bulk purchases. Consumers choose to shop in bulk at supermarkets when disposable wealth increases in Asia Pacific and developing countries.
Asia-Pacific is Growing Due to Rising Popularity of E-commerce
As per the cosmeceutical market analysis, the Asia-Pacific is expected to grow the fastest. The market is growing owing to rapidly growing countries in the region. This effectively paved the way for manufacturers to establish operations in the densely populated countries in the region. The development in popularity of e-commerce or e-tailing in the region has given people access to higher-quality brands of these items. Furthermore, improving living standards in countries such as China, India, and Russia are expected to boost the growth of the beauty and cosmetic products segment in this region.
Cosmeceutical Market Insights
Drivers
- Growing Consumer Demand for Natural and Organic Products
- Rising Awareness of Skincare and Anti-Aging Solutions
- Technological Innovations in Cosmetic Formulations
Restraints
- High Cost of Premium Cosmeceutical Products
- Stringent Regulatory Frameworks for Product Approval
- Market Saturation in Developed Regions
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Prominent Players in Cosmeceutical Market
- Procter & Gamble
- L’Oreal
- Unilever
- Estée Lauder
- Johnson & Johnson
- Shiseido
- Beiersdorf AG
- Avon Products
- Clarins Group
- Revlon
- Amway
- Mary Kay
- Kao Corporation
- Coty Inc.
- Oriflame Cosmetics
- Chanel
- Henkel AG & Co. KGaA
- Colgate-Palmolive Company
- Elizabeth Arden
- Natura & Co.
Key Questions Answered in Cosmeceutical Market Report
- Who are the key players in the market?
- Which is the dominating region in the market?
- What are the key drivers of the market?
- Which is the growing region in the market?
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This report provides the following insights:
Analysis of key drivers (growing consumer demand for natural and organic products), restraints (high cost of premium cosmeceutical products), opportunities (expansion in emerging markets with growing disposable income) influencing the growth of cosmeceutical market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the cosmeceutical market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the cosmeceutical market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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Source: GlobeNewswire – Press Releases