Cosmeceuticals Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Cosmeceuticals Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The global cosmeceuticals market is projected to register a CAGR of 8.81% during the forecast period (2022 - 2027).

The outbreak of Covid-19 has had a significant impact on the market of global cosmeceutical products, and it has shown declining results in the growth rate. Due to the lockdown situation going on across the globe, cosmetic manufacturers had to shut down their production units as a result of the labor shortage. However, as the problem is improving globally, the market is set to revive, and sales are expected to recover in the coming years. Furthermore, raising awareness regarding cosmeceutical and cosmetics products, such as anti-aging, sun care, and hair care products, is expected to drive growth potential in the near future. Introducing new products with bio-active ingredients plays a crucial role in driving the demand for cosmeceutical products worldwide.

Countries such as United States, Canada, United Kingdom, Germany, and other European countries held a prominent share in the global cosmeceuticals market. China, India, and Vietnam present considerable growth opportunities for the market players, primarily due to the growing millennial population. Moreover, the leading companies are eyeing e-commerce as an opportunistic market segment as retail stores are predicted to have fewer consumer visits until the pandemic ends. Thus, skincare brands such as Olay have partnered with Shopee for a new digital campaign targeted at the millennial consumer demographic as part of its strategic e-commerce growth plans for South East Asia.

Key Market TrendsGrowing Ageing Population

Consumers, especially the aging population, are increasingly looking for methods and products to maintain and improve their appearance to look youthful and beautiful, especially with the rising awareness about anti-aging products. Middle-aged people are increasingly witnessing aging anxiety due to the high prevalence of signs of aging. Anti-aging skin products are cosmeceuticals, as they overlap the distinction between cosmetics and pharmaceuticals. Over the past two decades, the declining fertility and mortality rate has resulted in a sustained rise in the aging population across the region, especially in China and Japan. The strong desire among men and women to retain youthful appearances has groomed and nurtured the cosmetic industry across the region.

Asia-Pacific Fastest Growing Region in the Market

Though the term ‘cosmeceuticals’ started gaining momentum in China recently, it has become one of the most preferred product categories in the country. Busier and stressful lifestyles of consumers in the country and worsening environmental conditions created more concern around skin conditions among consumers seeking products for skin rejuvenation. This has led to an increase in sales of cosmeceuticals. Moreover, the population of Japan is among the most prolific consumers of cosmetics, placing it among the top five national markets for personal care products. From both size, trends, and market demand, Japan can be regarded as a gateway to other Asian markets. Success in the Japanese market can raise product/brand profile and visibility, particularly in other Asian markets.

Competitive Landscape

The most active companies in the market include key players, such as Procter & Gamble, Unilever, L'Oréal SA, Shiseido Co. Ltd, and The Estée Lauder Companies Inc. L'Oréal SA is one of the most active companies, with numerous brands offering a broad range of cosmeceuticals, across the world. The company has improved quality and product innovation regarding ingredients, functionality, and packaging. These companies have been taking significant measures to increase their market penetration worldwide by establishing regional hubs and innovation centers. Moreover, these players are increasing their investments in R&D and marketing. They are expanding their distribution channels to maintain their market positions and offer innovative and multi-functional cosmeceuticals.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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