Cosmeceuticals Market Business Overview 2023: Revenue and Market Share by Type with Future Predictions
The cosmeceutical market continues to grow and diversify as manufacturers and suppliers enter the market, meeting consumer demand for innovative products, ingredients, and technologies. Cosmeceuticals are beauty products induced with medicinal properties. Cosmeceuticals are gaining high demand owing to its curative and precautionary measures towards skin, hair, oral hygiene, and other issues.
The cosmeceuticals market is growing because cosmeceuticals cater to aging effects, acne, sun damage, hair greying, dandruff, and other body issues. The other type of cosmeceuticals available mainly includes food ingestible, body slimming, and other solutions as well.
The cosmeceuticals market has been segmented by packaging material. The metal segment has gained the maximum revenue since they are easy to carry and store, environment-friendly, and guard the cosmeceutical content against moisture and heat. Strong promotional activities by companies have been increasing product awareness, thereby, increasing demand among consumers.
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Top Key Companies:
- L'Oréal S.A. (France),
- Evonik Industries AG (Germany)
- Johnson & Johnson (US),
- Allergan, Plc. (Ireland),
- Avon Products, Inc. (UK),
- Procter & Gamble Co. (US),
- The Estée Lauder Companies Inc. (US),
- Merck & Company, Inc. (US),
- Royal DSM NV (Netherlands),
- Unilever NV (Netherlands),
The global cosmeceuticals market has been segmented into product type, packaging material, distribution channel, and region.
The market on the basis of product type has been segmented into skin care, hair care, oral hygiene, and others.
The market, by packaging material, has been segmented into glass, plastic, metal, and others.
The market, by distribution channel, has been segmented into store based and non-store based.
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Detailed Regional Insights:
Europe is witnessed to dominate the cosmeceuticals market owing to the inclination for heathy consumer products. Europeans are highly health conscious and the rising health concern for various health issues have resulted in the demand for cosmeceuticals. Major companies are researching further and launching products to cater to specific dermatological issues. Cosmeceuticals are lab tested and are passed through various regulatory bodies to make them safe to use thereby boosting the growth of cosmeceuticals market in this region. In order to maintain the safety of the people, the European Commission maintains a special database with information on cosmetic substances and ingredients used for the manufacturing of cosmeceuticals, called CosIng, which enables easy access to data on these pharmaceutical ingredients used, including legal requirements and restrictions.
North America is expected to show a steady growth in the cosmeceuticals market. To maintain the safety of the people in this region, cosmeceutical distributors follow regulations according to FD&C (Federal Food, Drug, and Cosmetic Act) before distributing cosmeceutical products to the public. The people in this region are highly inclined towards natural products which is encouraging manufacturers to develop products with more of natural elements. Presence of major players and their promotional activities have increased the demand for cosmeceuticals in this region.
Asia-Pacific is expected to be the fastest growing market for cosmeceuticals in the forecast period owing to the increasing population along with high adoption of cross culture. The rising health concern among the consumers and increasing awareness about therapeutic products are projected to drive the market in this region, during the forecast period. Globally, the cosmeceuticals market is expected to grow at a modest rate during the forecast period.
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