Owing to the increasing consumer consciousness regarding the appearance, the cosmeceuticals market is expected to witness a surge across the globe. Cosmeceuticals segment is expected to experience the fastest growth in personal care industry. Increasing demand from middle age and growing urban population are expected to drive the global cosmeceuticals market. Global cosmeceuticals market is further supported by various factors such as the presence of superior quality and premium priced cosmeceuticals products. Cosmeceuticals products are used for varied applications such as skin irritation, skin lightening, tooth whitening and others. Cosmeceuticals market is growing rapidly and expected to witness double-digit growth in the next four to five years. Although demand for cosmeceuticals is increasing significantly but various other treatment options are entering the market. These treatment alternatives are expected to increase the completion in the cosmeceuticals market and expected to hinder the growth of cosmeceuticals market to some extent.
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Global Cosmeceuticals Market is segmented on the basis of product type, ingredient and region. Based on the product type segmentation includes hair care, skincare, lip care, tooth whitening, injectable and others. Of which skincare is expected to be the dominating segment, followed by hair care in the forecasted period. Among skincare, anti-ageing sub-segment is expected to contribute maximum revenue over the forecasted period. However, the injectable segment is expected to witness the fastest growth in the next four to five years due to the various advantages such as weight treatment and wrinkle reducer associated with it. Based on the ingredient used, cosmeceuticals market is segmented into antioxidants, proteins, peptides, botanicals, moisturizers and others. Of which antioxidant segment is the leading segment which is expected to contribute the highest revenue during the forecasted period. Global cosmeceuticals market is segmented on the basis of a region into North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East and Africa, and Japan.
The Global Cosmeceuticals market is expected to witness robust growth over the forecasted period due to the rising consumer awareness regarding the benefits of cosmeceuticals coupled with increasing number of premium quality cosmeceuticals products. Globally, among all regions, North America is expected to contribute the highest market share, followed by Europe over the forecasted period. However, Asia Pacific is anticipated to witness the highest growth owing to the rising disposable income of consumers in various countries. In Asia Pacific, Japan is anticipated to contribute highest market share and expected to grow with highest CAGR, followed by China.
Major factors that fuel the growth of cosmeceuticals market includes increasing consumer consciousness regarding the appearance and increasing number of urban population coupled with rising consumer awareness related to benefits of cosmeceuticals. Another factor that is driving the growth of cosmeceuticals market is increasing the affordability of consumers in the emerging markets such as China and India. A major factor that restraints the growth of cosmeceuticals market is growing consumer awareness related to harmful effects of ingredients used in cosmeceuticals.
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Major companies operating in cosmeceuticals market are Procter and Gamble, L’Oreal SA, Unilever, Active Organics, Allergan, Arch Chemicals, Inc., BASF SE, Bayer AG, Symrise AG. Companies operating in cosmeceuticals market are adopting a strategy by investing the huge amount in research and development (R&D) activities in order to launch new products and penetrate into emerging markets. Companies are developing new ingredients such as peptides and stem cells for cosmeceuticals products.
