PUBLISHER: Grand View Research | PRODUCT CODE: 1630935
PUBLISHER: Grand View Research | PRODUCT CODE: 1630935
The global cosmeceutical market size is anticipated to reach USD 84.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 3.9% from 2025 to 2030. The onset of cosmeceuticals has reformed the cosmetic and personal care industry. These products, unlike the makeup products have the ability to resolve the origin of the imperfections rather than just covering them.
This quality has resulted into a tremendous rise in the demand for the product and increased its share in the cosmetic and personal care industry. Additionally, there has been a remarkable rise in the demand for organic and natural commodities due to awareness regarding harmful side effects of the synthetic elements in these cosmetic products. Manufacturers are seen taking advantage of this trend.
Furthermore, it has been observed that the demand is high among the people of age group 30-45. Over the past decades, decreasing mortality rate has given rise to the aging population all over the globe. People living longer and wanting to retain their youthful appearance is positively impacting the market growth globally. Demand for anti-aging products in order to prevent hair damage, age spots, uneven skin tone, dry skin, and wrinkles is on the rise.
The skin care category dominated the cosmeceutical market with a share of 43.3% in 2018. Exposure to harmful ultraviolet radiations can cause premature skin-aging or can even result in skin cancer. This awareness has increased consumer's focus on protecting their skin by using preventive skincare products. Moreover, demand for multifunctional product is expected to fuel the growth of sun-care cosmetic products in the forecast period. Hair Care is also expected to witness a considerable growth owing to an increase in the demand for products such as hair oil, hair color, shampoo, and conditioner.
Europe held the largest share of 32.2% in 2018. Moreover, the major countries in this region have the largest population of people suffering from dry skin, considering their weather conditions. This is likely to spur the demand for beneficial and multifunctional skin care cosmetic products. Asia Pacific is expected to witness the highest growth among other regions. The market in this region is gaining traction due to widely expanding developing economies.
Key players having a presence in the global market include Johnson & Johnson, Procter & Gamble, Sabinsa Corporation, L'Oreal, Allergan, AVON, Estee Lauder, Unilever, Beiersdorf, and Croda International Plc.