Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Cosmeceuticals Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 29, 2021 (GLOBE NEWSWIRE) — The Global Cosmeceuticals Market is expected to grow at a CAGR of around 9.0% from 2020 to 2027 and reach the market value of over US$ 74.2 Bn by 2027.
North America has a dominant cosmeceuticals market share currently and is expected to continue the same trend in the coming years. Well-developed manufacturing infrastructures, presence of prominent players in this region, the frequent launch of new product offerings in the global cosmeceutical market, and innovative research and development activities by leading players are stimulating the growth of North America cosmeceuticals market. Europe holds the second largest market share for the cosmetics market. Germany, the United Kingdom, the Netherlands, and France are the leading countries in Europe that are contributing to the growth of the cosmeceutical market.
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The Asia-Pacific cosmeceutical market is projected to have the highest growth in the forecast period. Growing awareness of cosmeceutical and cosmetic products, including anti-aging, sun care, and hair care products, coupled with rising disposable incomes, is driving the global market growth. In addition, advancements in technology and the incorporation of new ingredients have further added to progress in the global commercialization of cosmetic products.
Adoption and affordability of cosmeceuticals in emerging economies propels the cosmeceuticals market globally
The increasing use of cosmeceutical products in emerging economies is one of the preliminary factors responsible for the global growth of the cosmeceutical market. In addition, rising disposable incomes, increasing awareness of appearances are factors that fuel the growth of the emerging economies in the cosmeceutical market. Moreover, a large population base witnessing a high demand for cosmeceutical products makes emerging countries such as Brazil, China, and India a prominent place for market players.
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Lax regulations hinder the Cosmeceutical market growth
Cosmeceuticals do not fall within the category of cosmetics or pharmaceuticals and are therefore not regulated by the Food and Drug Administration (FDA). In addition, the Federal Trade Commission (FTC) monitors advertising statements for untenable product claims, thus implementing rigorous testing, regulatory and environmental management measures, and legislation. Lax Regulations act as a major constraint for the growth of the cosmeceutical market, as they provide stringent monitoring or inspection responsible for the detection of counterfeit products on the global market, causing skin and hair damage. The regulatory system for cosmeceutical products is complex and not strict compared to drugs, most of the time newly launched products are susceptible to regulatory uncertainty. This uncertainty in the regulations results in the introduction of counterfeit goods on the global market, which ultimately hinders the credibility of the cosmeceuticals on the global market.
Cosmeceuticals market is segmented based on product, material type, active ingredients, and distribution channel. Based on product, the market is segmented as skincare, hair care, and oral care. Based on material type, the market is classified into natural and multifunctional/synthetic. By active ingredients, the market is further segmented as alpha hydroxy acids, antioxidants, botanicals, exfoliates, moisturizers, peptides, retinoids, sunscreens, depigmenting agents, and others. Based on the distribution channel, the market is bifurcated into supermarkets & specialty stores, and online platforms.
The major players involved in the Cosmeceuticals market involve Johnson & Johnson Services, Inc., THE AVON COMPANY, Croda International Plc, Procter & Gamble, The Estée Lauder Companies Inc., Shiseido Company, Limited, L’Oréal S.A., Beiersdorf AG, Allergan, Unilever, and among others.
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Some of the key observations regarding the cosmeceuticals market include:
- In June 2019, The Estée Lauder Companies Inc. announced a new partnership with Cruelty Free International. This is an expanded partnership with Humane Society International to advance the worldwide end to cosmetic animal testing. Further, the collaboration with Cruelty Free International pinpoints the importance of bringing cosmetics animal testing in product supply chains to the global end, in support of the United Nations SDG on responsible consumption and production.
- In November 2020, Croda International Plc announced a collaboration with Anomera. The collaboration will assist to develop unique and innovative multifunctional ingredients and meet the beauty industry and consumer needs.
- In August 2019, Shiseido Company, announced long term partnership agreement with Tory Burch LLC, under that Shiseido will have the exclusive and global license to develop, market, and distribute Tory Burch beauty brands. For Shiseido, this partnership will expand its global fragrance portfolio, and create opportunities for collaboration across Shiseido Group and the company’s Centers of Excellence in Fragrance, Makeup, Skincare, and Digital, as well as the company’s Technology Acceleration Hub.
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