The global cosmeceutical market is showing an increasing trend as people all over the world are focusing on appearances and the need to maintain and improve their appearance. The strong desire to retain their youthful appearance has been an instrumental factor in the rise of this market.
Cosmeceutical products are typically those products that have both cosmetic and medicinal properties. They are prepared to have a similar effect as a normal cosmetic product but having those with medicinal properties.
The typical age group for the rise in cosmeceutical products is in the age group of 30-45. Another reason is the decreasing mortality rates. People are now living longer and want to regain their youthful appearance. It is an important reason for the rise in cosmeceutical products.
Another important reason is women are now entering the workforce like never before and at the same time they are having sedentary lifestyles. This has compelled them to use medicinal products and avoid using products that have only cosmetic content in them. Consumers all over the world are becoming more and more aware of the healthy skincare regime.
Anti-aging products are typically known as cosmeceutical products as mostly they work as anti-aging products only. This is the distinction between cosmetics and pharmaceuticals.
The benefits of using a cosmeceutical product are numerous-
- They improve hyperpigmentation.
- They also improve the pores and acne and give a bright glow to the skin.
- They are also useful for treating ageing, wrinkles, loss of elasticity, skin tone, and sun damage.
Market restraints of the Cosmeceutical Market-
Low quality, cheap and fake products are one of the rising concerns of the cosmeceutical market. The main concern is they are hazardous not only for the consumer but also to the original brand of the company for fake products. It may happen that the original brands can lose their market share and make for concern for top reputed companies.
This trend is normally seen in developing countries as opposed to the developed countries.
The product segment of the market is divided into different segments, which are-
The skincare category is the dominant factor and holds the largest share in the market. Exposure to harmful ultraviolet radiation can be hazardous to the skin and can cause numerous skin diseases. This has been compelling the consumers to use the cosmeceutical products of the top companies.
Also, the demand for the various multifunctional products is increasing as BB creams is also becoming one of the most sought after and in-demand product. They can also be used a make-up serum and at the same time as a moisturizer.
Haircare on the other hand is also expected to witness a significant growth and increase in the demand for the products. These products are normally hair care, hair oils, shampoos and conditioners. Various environmental concerns are pushing for more increased hair care routines and this is prompting top companies to develop multifunctional and numerous benefits for the hair care regime.
Consumers are willing to shell out extra money due to the rising disposable incomes and are willing to pay extra for top use of the products.
The various distribution channels which comprise this market are supermarkets, stores, and hypermarkets. The rise in the distribution channels can be attributed to the rise in the various marketing channels and strategies of the distributors and manufacturers in the top stores.
The online distribution channel also witnesses a robust growth in the pandemic of 2020. This was due to the rise in the various technological advancements and the increasing adoption of technology among tech-savvy consumers.
Popular e-commerce platforms such as Amazon are one of the sought-after companies for the selling of various cosmeceutical products. The biggest advantage is that this is indirectly increasing the sale of the products through the online platform. Also, another advantage is that it is also attracting the consumers and thereby increasing the sales of the products.
The Regional Insights of the Global Cosmeceutical Market-
Europe is expected to hold the largest share of the market and is one on the way to becoming the largest revenue shareholder. The countries which are popular in the European region are the UK, Netherlands, Germany, and France. Another reason to observe is that the population of people suffering from dry skin is the largest and so the market for these products is very high. Another reason for the rise in the cosmeceutical market is that there has been a rise in the spending capacity of the people and people are willing to spend on these products.
Till the pandemic started, North America dominated the share of cosmeceutical products with over 30 percent share.
In Central and South America also Brazil is the top country that is at the forefront for the sale of cosmeceutical products.
Asia-Pacific is expected to witness the largest growth rate owing to the popularity of the various products and the widely expanding developing economies. This has led the manufacturers to open various outlets in the cities and open branches in the populated regions.
Key company insights and analysis-
Top manufacturers are increasingly focusing on the packaging of the products along with the ingredients of the products, for the effective marketing and sale of the merchandise. The manufacturers are focusing on the expansion of the products by engaging in various mergers and acquisitions and working towards expanding their market share and expanding their operations.
Another reason for the focus on the packaging is that a good amount of packaging is responsible for the longer shelf life of the product which retains its quality, texture, medicinal benefits, and longevity of the product. The manufacturers are also engaging in collaborations with the medical fraternity to increase the sale of the products and pave the way for innovations.
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The top companies who have a presence in the Global Market are-
Proctor and Gamble
The cosmeceutical market is expected to grow at a decent growth rate CAGR during the forecast period.
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