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Cosmeceuticals Market Share, Size, Regional Analysis, Growth Forecast Till 2028

Market Overview:

The global cosmeceuticals market size is expected to experience significant growth by reaching USD 58.34 billion by 2028 while exhibiting a CAGR of 9.2% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Cosmeceuticals Market, 2021-2028.” The report further mentions that the market stood at USD 29.84 billion in 2020. The increasing presence of geriatric population and the rising consumer awareness regarding the adoption of natural anti-aging products is anticipated to favor the product’s demand worldwide. For instance, according to the data by the United Nations, the total number of geriatric people worldwide is expected to reach 2.1 billion.

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Market Witnessed a Negative Growth Rate of -26.4% in 2020; Shutdown of Stores Affected the Sales

According to various published articles, an overall decrease of 35% in sales was witnessed across the cosmetic sector in the U. S. This is due to the novel coronavirus pandemic that led to the closure of several stores as the lockdown was announced across several countries to curb the spread of the disease. This further hampered the sales prospect of the stores and several manufacturers that resulted in the market experiencing a negative growth rate of -26.4% in 2020.

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Market Segmentation:

Based on the product, the market is divided into skin care, hair care, injectable, and others.

  • On the basis of product type, the skincare segment held global cosmeceuticals market share of about 48.5% in 2020 and is expected to showcase significant growth in the forthcoming years. This is owing to the increasing demand for anti-aging serums to ensure protection from uneven skin tone, wrinkles, age spots, and dry skin.

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DRIVING FACTORS

Increasing Adoption of Natural Products to Propel Market Growth

The increasing stress levels owing to hectic lifestyle and untimely consumption of meals is leading to adverse health issues among the youth. According to the National Institutes of Health, 1 in million people between 13 and 30 years of age suffers from Werner syndrome that leads to greying of hair, wrinkled skin, and loss of hair. Therefore, the increasing incidence of premature aging is leading to high awareness among the young population to ensure optimum health. This is further leading to the surging demand for natural beauty products such as anti-aging cosmetics and serums that are anticipated to contribute to the growth of the global cosmeceuticals market growth in the forthcoming years.

REGIONAL INSIGHTS

Asia Pacific – The market in the region stood at USD 14.69 billion in 2020 and is expected to hold the highest position in the forthcoming years. This is attributable to the increasing awareness regarding the benefits of the cosmetics products such as anti-aging, hair care products, and skincare, etc. Moreover, the presence of a large youth population in countries such as India, China, and Japan is anticipated to drive the adoption of cosmeceuticals in the region. As per a report by the United Nations, around 700 million people residing in Asia-Pacific come under the youth bracket.

Europe – The market in the region is expected to experience significant growth in the forthcoming years. This is due to the increasing focus of the established manufacturers to introduce innovative cosmeceuticals to cater to the growing demand from countries such as the U.K., Germany, France, and Spain that favor regional growth between 2021 and 2028.

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COMPETITIVE LANDSCAPE

Prominent Companies Focus on Product Innovation to Strengthen Their Market Positions

The global market is experiencing healthy competition among key players that are focusing on developing innovative anti-aging products to cater to the growing consumer demand. Moreover, this is expected to aid the companies in expanding their product portfolio and further boost sales revenues. Additionally, the other major companies are striving to maintain their presence by adopting strategies such as merger and acquisition, partnership, and collaboration that will contribute to the growth of the market during the forecast period.

Industry Development:

  • January 2021 – Allergan announced the acquisition of Cypris Medical, a leading company in the manufacturing of minimally invasive products. The acquisition is expected to expand the company’s footprint and further strengthen its position in the global marketplace.

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List of the Companies Profiled in the Global Market:

  • L’Oréal (France)
  • Beiersdorf Global (Germany)
  • Croda International Plc (U.K.)
  • Allergan (Ireland) (Part of AbbVie)
  • Avon (U.K.)
  • BASF SE (Germany)
  • Estée Lauder Companies Inc. (U.S.)
  • Shiseido Company, Limited (Japan)
  • Procter & Gamble (U.S.)
  • Elementis (U.K.)

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