Market Overview: Cosmeceuticals is a class of cosmetic formulations that are enriched with bioactive compounds purported to have therapeutic benefits. Cosmeceuticals formed the bridge between pharmaceutical and cosmetic grade of bioactive compounds to have beneficial effects on skin health and beauty.
Vitamins, polyphenols, hydroxyl acids, and melatonin are some of the widely used active ingredients in cosmeceutical formulations. These are designed for topical use as cosmetics and are proven to pose a higher impact on human skin than cosmetic products.
When applied to the skin, the active ingredients reach deep dermal layers of skin and add nutritional benefits to the tissue. Also, hair cosmeceuticals are developed for improving hair growth and scalp control.
Market Dynamics Aging population and growing consumer awareness is driving the market growth
The growth of the cosmeceuticals market can be majorly attributable to the rising consumer interest towards natural and nutrition rich products both for health and beauty concerns. Aging population, increasing consumer spending and beauty consciousness are other factors supporting the sales. It has been observed that the demand is high among the people of age group 30-45.
Over the past decades, the decreasing mortality rate has given rise to the aging population all over the globe. People living longer and wanting to retain their youthful appearance is positively affecting market growth globally. Demand for anti-aging products to prevent hair damage, age spots, uneven skin tone, dry skin, and wrinkles is on the rise.
This, in turn, has created opportunities for new introductions and innovations in the cosmetic industry, thus making the manufacturers focus on active anti-aging-based skin products. The rising male grooming industry is another key growth promoter in the global cosmeceuticals market.
The share of male consumers in the dollar sales is likely to increase with growing demand for anti-aging and acne control cosmeceuticals among male population.
Market Segmentation By Key Ingredient • Vitamins • Polyphenols • Hyaluronic Acid By Product Type • Skin Care • Hair Care By Distribution Channel • Pharmacy/Drug Stores • Supermarkets/Hypermarkets • Specialty Stores • E-Commerce
Geographical Penetration: Europe is expected to dominate the global cosmeceuticals market during the forecast period
By Geography, Europe is leading the global cosmeceuticals market owing to high beauty interest in countries such as France, Italy, U.K. and Germany. Moreover, these countries have the largest population of people suffering from dry skin, considering their weather conditions.
This is likely to spur the demand for beneficial and multifunctional skincare cosmetic products. Moreover, higher spending capacity in the region for better quality products is expected to positively impact market growth.
Also, factors such as aging population, high incidence of dry skin, people interest to look young have constituted for a significant potential for cosmeceutical products in Europe.
Competitive Landscape: The global cosmeceuticals market is fragmented with the presence of large number of companies. The high product differentiation is resulting in entry of new companies into the market with novel skincare and haircare formulations.
The market is turning competitive with business development strategies followed by global cosmetic giants. The companies are focusing towards acquisitions to increase their distribution network and expand product portfolio.
Phytochemical based natural skincare cosmeceuticals has been the key focus of most of the existing players owing to large market potential across the globe. In June 2021, Sabinsa announced that the company had got the approval certification for Cococin, Saberry, and Nigellin Amer from the Ecocert Greenlife.
The company has successfully complied with the COSMOS-standard to help consumers with transparent information on the content as the demand for natural ingredients in cosmetics is rising. In May 2021, Global Bioenergies announced that the company would be launching its LAST long-wear cosmetics brand in June 2021.
To reduce the environmental footprint company’s products have been designed with around 90% natural ingredients and packaging. In February 2021, bioClarity, a 100% Vegan, toxin-free, cruelty-free skincare brand, announced partnership with Ulta Beauty, the nation's largest beauty retailer. This partnership will help companies to create brand awareness and greater access to existing and new customers worldwide.
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