Cosmeceuticals Market Development and Future Demand Analysis Report

Posted by niket gore on October 13th, 2022

The Cosmeceuticals Market Forecast to 2028 – COVID-19 Impact and Global and India Analysis – by Application, Distribution Channel, and Age, the market is expected to reach US$ 81,773.26 million by 2028 from US$ 45,916.66 million in 2021; it is estimated to grow at a CAGR of 8.7% from 2022 to 2028. The report highlights the key factors driving the cosmeceuticals market growth and prominent players with their developments in the cosmeceuticals market. The increasing demand for anti-aging products and a shift to male grooming products are key factors driving the market's growth. However, the stringent regulatory approvals and impact of the COVID-19 pandemic are hindering the growth of the cosmeceuticals market.

Before the COVID-19 pandemic, the market for cosmeceutical products was constantly growing as consumer spending and beauty consciousness among the global population rose. As the global supply chain was disrupted during COVID-19, suppliers from other countries have experienced delays or cancellations in supplying raw materials to manufacture personal care products, cosmetics, and other beauty items. As a result, large corporations' production and sales operations have suffered. For example, L'Oréal SA, a worldwide beauty products behemoth, had a 4.8% drop in sales in North America as per the company.

As the public has become more aware of how to protect oneself from the virus, personal care products have been seeing a surge in demand. Soaps, sanitizers, and disinfectants are among the items that have seen significant sales rise. The demand for hand washes and soaps has surged as frequent hand washing has been proposed as a critical preventive step, boosting the cosmeceuticals industry.

In Great Britain, the total retail sales volume in the cosmetic industry fell by 11.9% compared with volume sales data of year 2019, as per the Office for National Statistics data. Consumers' focus shifted from beauty products to hygiene. However, the demand for anti-aging products and innovative and eco-friendly packaging designs are contributing to the country's market growth.

In India, the COVID-19 outbreak has driven a significant loss in value for the cosmeceutical market during 2020. The lockdown period has limited retail sales, affected usage habits, and caused a shift in purchase behaviors. The COVID-19 outbreak has further heightened consumers’ awareness of sustainability and health. Even after the complete lift-off of the lockdown restrictions, people are not stepping out of their homes completely. This has accelerated the dependence on e-commerce sites to purchase cosmeceuticals, ultimately boosting the overall market during the forecasted period.

Based on application, the cosmeceuticals market is segmented into skincare, hair care, oral care, and others. In 2022, the skin care segment is estimated to account for the largest market share and is anticipated to register the highest CAGR from 2022 to 2028. Skincare cosmeceuticals contain biological applications, capable of exerting physiologic changes to the skin. The increasing demand for anti-aging products is expected to serve as a leading driver for the rapid growth of the skincare segment during the forecasted period.

L’Oréal S.A., Beiersdorf Global, Croda International, Amway Corp., Allergan, Unilever PLC, Johnson & Johnson, Procter & Gamble, Avon Products Inc., Estée Lauder Inc., Shiseido Company Limited, and BASF E. are a few leading companies operating in the cosmeceuticals market. In April 2022, OLAY North America and Pantene North America collaborated with Walmart to launch new Boosters for skin and hair to meet consumers’ evolving personal care needs. Further, in May 2022, Unilever’s oral care brands, including Pepsodent and CloseUp, declared their ambitions to convert their entire global toothpaste portfolio to recyclable tubes by 2025. Moreover, in September 2019, Unilever also announced the launch of its mouthwash formulation in India, which, it claims, will reduce 99.9% of coronavirus after 30 seconds of rinsing.

Cosmeceuticals Market, by Geography, 2022 (%)

Report : Cosmeceuticals Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Skin Care, Hair Care, Oral Care, and Others), Distribution Channel (Supermarkets/Hypermarkets. Online Retail Stores, Convenience Stores, Specialist Stores, and Other Distribution Channel) and Age (Paediatrics, Teens, Adults, and Oldage)

The report segments the cosmeceuticals market as follows:

Based on application, the cosmeceuticals market is segmented into skincare, hair care, oral care, and others. Based on distribution channel, the market is segmented into supermarkets/hypermarkets, online retail stores, convenience stores, specialist stores, and other distribution channels. Based on age, the market is segmented into pediatrics, teens, adults, and old age consumers.

Based on Geography, the cosmeceuticals market is segmented into North America, Europe, Asia Pacific (India), the Middle East & Africa, and South & Central America.

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