Cosmeceuticals Global Market Report 2024

Cosmeceuticals are cosmetic products enriched with active ingredients that offer potential therapeutic benefits, extending beyond traditional cosmetic effects. These products aim to enhance the health and appearance of the skin, hair, and overall aesthetics.

The primary categories of cosmeceuticals include skincare, haircare, injectables, oral care, and other related products. Skincare involves practices and products utilized to maintain and improve skin health and appearance. These products are formulated with a variety of ingredients such as proteins, antioxidants, vitamins, metals, ceramides, peptides, amines, acids, and exfoliants. Cosmeceuticals are accessible through diverse distribution channels such as supermarkets, pharmacies, drug stores, beauty salons, online retail platforms, among others.

The cosmeceuticals market research report is one of a series of new reports from The Business Research Company that provides cosmeceuticals market statistics, including cosmeceuticals industry global market size, regional shares, competitors with a cosmeceuticals market share, detailed cosmeceuticals market segments, market trends, and opportunities, and any further data you may need to thrive in the cosmeceuticals industry. This cosmeceuticals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cosmeceuticals market size has grown strongly in recent years. It will grow from $56.91 billion in 2023 to $61.36 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The observed growth in the historic period can be attributed to several factors. These include the aging population, fostering increased demand for cosmeceuticals, ongoing scientific research enhancing product development and efficacy, rising disposable income allowing greater spending on beauty and wellness products, a growing focus on health and wellness leading to a surge in cosmeceutical consumption, and evolving regulatory changes influencing the market landscape and product innovations.

The cosmeceuticals market size is expected to see strong growth in the next few years. It will grow to $84.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. Anticipated growth in the forecast period can be attributed to several factors, notably the increasing popularity of non-invasive beauty treatments, a growing market for men's grooming and skincare products, the integration of digital technology in skincare solutions, a rise in demand for personalized skincare tailored to individual needs, and the emergence of the clean beauty movement promoting natural ingredients and sustainability. Key trends expected in this forecast period encompass the incorporation of cannabis-derived ingredients in skincare, a focus on transparency and traceability of product ingredients, the ascent of nutricosmetics blending beauty and nutrition, the development of hybrid skincare-beauty products combining multiple benefits, and the introduction of microbiome-friendly products catering to skin health.

The growth of the cosmeceuticals market is anticipated to be propelled by the increasing prevalence of skin disorders. Skin disorders encompass a variety of conditions affecting the skin's appearance, structure, texture, or overall health. Cosmeceuticals, characterized by skincare products containing bioactive ingredients with therapeutic benefits, play a role in managing and complementing the treatment of various skin disorders such as photo-melanosis, photo-tanning, melasma, and freckles. For instance, as of January 2023, data from the American Cancer Society indicates that melanoma, though constituting only about 1% of skin cancers, is responsible for the majority of skin cancer deaths. The anticipated rise in skin disorders, including conditions such as psoriasis, affecting 125 million people globally, is expected to drive the demand for cosmeceutical products, contributing to market growth.

The significant growth in disposable incomes worldwide is a key driver for the cosmeceuticals market. Increasing disposable incomes on a global scale influence consumer behavior, fostering a heightened demand for premium and specialized cosmeceutical products. This trend is evident in data from the Bureau of Economic Analysis (BEA) as of October 2023, revealing a notable increase in disposable income for Americans-from $18,247.8 billion in the first quarter of 2022 to $19,880.2 billion in the first quarter of 2023. As consumers have more financial resources at their disposal, the demand for high-quality cosmeceuticals is expected to rise, contributing to the overall growth of the market.

Technological advancements represent a prominent trend gaining momentum in the cosmeceuticals market, with companies strategically embracing innovative technologies to maintain their market standing. An example of this trend is observed in the September 2021 launch by Croda International Plc., a United Kingdom-based specialty chemicals company. Croda introduced Nutrinvent Balance, a unique encapsulation technology specifically designed to deliver rapid sebum reduction benefits on the scalp. This technological innovation, part of Croda's hair care ingredient line, is formulated to provide immediate sebum reduction upon the first application. Targeted at individuals experiencing scalp oiliness, this advancement exemplifies the industry's commitment to leveraging technology for enhanced product performance.

Major companies in the cosmeceuticals market are directing their efforts towards the development of nutricosmetics products. Nutricosmetics, referring to cosmetic products consumed orally in the form of supplements or functional foods, aim to promote skin health and beauty from within. An illustration of this strategic focus is evident in the actions of Symrise AG, a Germany-based chemicals company. In March 2023, Symrise launched diana food bioactives, a collection of innovative nutricosmetic ingredients designed for use in 'Beauty from within' products. The product range includes solutions for skin conditioning and anti-aging, skin brightening, as well as hair and nail care. Comprising bioactives derived from natural sources, such as collagen type I, vitamins C and A, and polyphenols from various fruits, Symrise's venture into nutricosmetics aligns with the growing demand for holistic beauty solutions that cater to overall well-being.

In February 2022, L'Oreal, a renowned personal care company headquartered in France, completed the acquisition of Takami Co. Ltd. The financial details of the transaction were not disclosed. L'Oreal's strategic move to acquire Takami aims to fortify its future footprint and expansion in the Japanese market. Takami, recognized for its acclaimed beauty treatments, brings a valuable addition to L'Oreal's portfolio. The acquisition is particularly beneficial due to Takami's omnichannel distribution, making it a complementary brand for L'Oreal. Takami boasts a distinctive visual identity and a dedicated customer base, further enhancing L'Oreal's position in the skincare market. Takami Co. Ltd., based in Japan, is a skincare brand with a primary focus on the exploration, development, and commercialization of skincare products.

Major companies operating in the cosmeceuticals market report are BASF SE, Johnson & Johnson, LVMH (Moet Hennessy Louis Vuitton), Givenchy, The Procter & Gamble Company, Unilever PLC, L'Oreal S.A., Henkel AG & Co. KGaA, The Estee Lauder Companies Inc., Chanel Ltd., Allergan PLC, Beiersdorf AG, Shiseido Company Limited, Natura &Co S.A, Coty Inc., Amorepacific Corporation, Avon Products Inc., Clarins, Revlon Inc., Croda International PLC, Elementis PLC, Lady Burd, Sabinsa Corporation, Nardo's Naturals, SBLC Cosmetics GmbH, Mineral Mine

Asia-Pacific was the largest region in the cosmeceuticals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cosmeceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cosmeceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cosmeceuticals market includes revenues earned by the sale of products such as sun protection, anti-aging, anti-acne, professional skincare, anti-dandruff, hair growth, keratin treatment, dermal fillers, botox, and oral-care. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Cosmeceuticals Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on cosmeceuticals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for cosmeceuticals ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cosmeceuticals market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product Type: Skincare; Haircare; Injectable; Oral Care; Other Product Types
• 2) By Ingredients: Proteins; Antioxidants; Vitamins; Metals; Ceramides; Peptides; Amines; Acids; Exfoliants; Other Ingredients
• 3) By Distribution Channel: Supermarket; Pharmacy; Drug Stores; Beauty Salon; Online Retailing Store; Other Distribution Channels
• Companies Mentioned: BASF SE; Johnson & Johnson; LVMH (Moet Hennessy Louis Vuitton); Givenchy; The Procter & Gamble Company
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.