PUBLISHER: IMARC | PRODUCT CODE: 1561470
PUBLISHER: IMARC | PRODUCT CODE: 1561470
The global cosmeceuticals market size reached US$ 58.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 108.1 Billion by 2032, exhibiting a growth rate (CAGR) of 6.8% during 2024-2032. The growing focus on anti-aging solutions, rising popularity of natural and organic products, expansion of e-commerce sector, and ongoing investment in research and development activities are primarily driving the market's growth.
Aging Population
The aging population is a significant driver of growth in the cosmeceuticals market. For instance, according to the World Bank data, Japan's 65-year-old population accounted for 26.59% in 2016, which further rose to 28.7% in 2021. As people age, they often seek products that help reduce the visible signs of aging, such as wrinkles, fine lines, and age spots. Cosmeceuticals that offer anti-aging benefits, like retinoids, peptides, and antioxidants, are in high demand, thereby boosting the cosmeceuticals market revenue.
Rising Demand for Skin Care Products
The rising demand for skincare products is significantly driving the growth of the cosmeceuticals market. For instance, according to IMARC, the global skin care products market size reached US$ 159.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 230.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032. Cosmeceuticals are a hybrid between cosmetics and pharmaceuticals, combining the aesthetic benefits of cosmetics with the therapeutic benefits of pharmaceuticals. These factors are expected to propel the cosmeceuticals market in the coming years.
Growing E-Commerce Sector
The rise of e-commerce platforms has significantly contributed to the growth of the cosmeceuticals market. For instance, according to an article published by the India Brand Equity Foundation, the Indian e-commerce market is expected to reach US$ 300 Billion by 2030, representing tremendous development. India's e-commerce platforms reached a GMV of US$ 60 billion in fiscal year 2023, a 22% rise over the previous year. E-commerce platforms make cosmeceutical products more accessible to a global audience. Consumers can purchase products from anywhere, breaking down geographical barriers and reaching markets that were previously underserved. These factors are further positively influencing the cosmeceuticals market.
IMARC Group provides an analysis of the key trends in each segment of the global cosmeceuticals market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product type, ingredient type, and distribution channel.
The report has provided a detailed breakup and analysis of the cosmeceuticals market based on the product type. This includes skin care (anti-aging, anti-acne, sun protection, moisturizers, and others), hair care (shampoos and conditioners, hair colorants and dyes, and others), lip care, and oral care.
According to the cosmeceuticals market outlook, as the global population ages, there's an increasing demand for skincare products that address signs of aging. Ingredients like retinoids, peptides, hyaluronic acid, and antioxidants are popular. Moreover, products aimed at treating hair loss and promoting hair growth, including those with minoxidil and biotin, are in high demand. Besides this, consumers are increasingly interested in lip care products that offer multiple benefits, such as hydration combined with sun protection or anti-aging properties. Apart from this, there is high demand for teeth whitening products, including those with advanced formulations and natural ingredients that offer effective results. Innovations in oral care products, such as those incorporating probiotics or enamel-repairing technologies, are gaining attention.
The report has provided a detailed breakup and analysis of the cosmeceuticals market based on the ingredient type. This includes antioxidants, sunscreens, botanicals, peptides and proteins, exfoliants, moisturizers, retinoids, and others.
According to the cosmeceuticals market overview, antioxidants help neutralize free radicals, which can cause oxidative stress and damage to skin cells, leading to premature aging. Growing interest in preventive skincare to maintain youthful skin and protect against environmental damage fuels demand for antioxidant-rich products. While sunscreens protect the skin from harmful UV rays that can cause sunburn, skin aging, and increased risk of skin cancer. Elevated awareness of the harmful effects of UV radiation, including skin cancer and premature aging, drives demand for effective sunscreens. Besides this, botanicals offer natural skincare solutions and are often used for their soothing, anti-inflammatory, and antioxidant properties.
A detailed breakup and analysis of the cosmeceuticals market based on the distribution channel has also been provided in the report. This includes supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others.
Supermarkets and hypermarkets offer a one-stop shopping experience where consumers can find a wide range of products, including cosmeceuticals, along with their groceries and other household items. Moreover, convenience stores provide a fast and easy way for consumers to pick up essential cosmeceuticals without making a special trip. Besides this, specialty stores often have knowledgeable staff who can provide personalized recommendations and detailed information about cosmeceuticals. Furthermore, online shopping allows consumers to browse and purchase cosmeceuticals from the comfort of their homes, often with the convenience of home delivery.
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
According to the cosmeceuticals market statistics, North America, particularly the United States, is a major market for cosmeceuticals due to high consumer spending on personal care products and advanced R&D in the sector. There's a strong emphasis on anti-aging products, with a significant demand for innovative formulations. The presence of numerous leading cosmeceutical brands and a well-established retail network drive market growth. Moreover, Europe is a key market, with countries like Germany, France, and the UK showing a high demand. The market is characterized by a preference for natural and organic cosmeceuticals. There is a growing interest in products with eco-friendly and sustainable credentials. Additionally, European consumers are highly focused on dermatologically tested and scientifically backed products.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)