Cosmeceuticals incorporate anti-aging ingredients like vitamins, peptides, retinoids, and others that claim to have medicinal or drug-like benefits. They help reduce signs of aging, lighten dark spots, treat acne, and moisturize skin. Anti-aging products dominate the market. Consumer preference for products with natural ingredients is driving uptake. The global Cosmeceuticals Market is estimated to be valued at US$ 8,180.03 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for natural ingredients is one of the major trends being witnessed in the cosmeceuticals market. Consumers are increasingly preferring cosmetic products containing natural and plant-based ingredients over chemicals. They are concerned about the potential side-effects of chemicals on their skin over long-term use. Various anti-aging products contain natural ingredients like hyaluronic acid, peptides, vitamins, minerals, antioxidants and plant stem cells that are gentle yet effective on skin. They also suit sensitive skin. Leading brands are focusing on developing natural formulations using natural oils, herb and fruit extracts to cater to this growing demand and increase their customer base.
Segment Analysis
The global cosmeceuticals market is dominated by the skin care sub segment which accounted for around 62% of the overall market share in 2024. This is because skin care cosmeceuticals products offer anti-aging benefits and also improves the appearance of the skin which is a major concern among the population across all age groups worldwide. The demand for skin care cosmeceuticals is particularly high in developed regions.
Key Takeaways
The Global Cosmeceuticals Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to reach a value of US$ 8180.03 Mn by 2024, expanding at a CAGR of 6.5% during the forecast period.
Regional analysis: North America region currently dominates the global cosmeceuticals market and is expected to remain the largest market over the forecast period. This is attributed to the increased awareness regarding cosmeceuticals products and their benefits among the population in the region. The high disposable incomes in countries like the US and Canada also allow consumers to spend more on high value cosmeceuticals products.
Key players operating in the cosmeceuticals market are ACOME, Allied Wire & Cable Inc., Coficab Tunisie SA, Coroplast Fritz Muller GmbH & Co. KG, Coroplast Fritz Muller GmbH & Co. KG, Delphi Automotive PLC, Draka Holdings B.V. Lear Corporation, Leoni AG, Sumitomo Electric Industries, Ltd, and Yazaki Corporation. These players are focusing on new product launches and expansion to various regions to gain significantly higher market shares.
For more insights, Read- https://www.insightprobing.com/cosmeceuticals-market-growth-demand-and-overview/
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