The market size for cosmeceuticals is expected to grow to US$1 81.75 billion in 2028, up from US$1 45.91 billion as of 2021. it is expected to grow at a CAGR of 8.6 percent between 2021 and ACFA official website
Cosmeceuticals are cosmetic formulations that have been enriched with bioactive substances believed to have therapeutic properties. They are an interconnection between pharmaceutical- and cosmetic-grade bioactive substances. The aging population, as well as the growing consumer awareness, are driving the market’s expansion.
The growth of the market has been driven by the growing interest of consumers in nutritious and natural products to address beauty and health concerns. The increasing aging of the population, rising consumer spending, and the growing awareness of beauty are driving the need for anti-aging products. It’s been noticed that the demand for antiaging products is high for people 30 to 45 years old. The longer lives of people because of advances in health care around the globe are driving an urge among them to keep their youthful appearance for a long time. Therefore, anti-aging products are in high demand to stop hair loss wrinkles, age spots, irregular skin tones, dry and flaky skin, and wrinkles. The increasing consumers‘ demand for anti-aging products as well as the rise in living standards as well as income, has been the main driver behind the expansion of the cosmeceuticals industry.
The growing industry of grooming for males is another important growth booster in the market for cosmeceuticals. The demand for anti-aging and acne-control cosmeceuticals is growing for males. However, the absence of a proper regulatory framework and specifications for health claims makes it difficult to market these products to the health-conscious population.
For example instance, it is the case that the Federal Food, Drug, and Cosmetic Act (FD&C Act) in the US does not acknowledge the term cosmeceutical and these products fall under the category of cosmetics. The system of regulation for products cosmeceuticals is complex and is not as strict as other drugs. The majority time, recently launched products are vulnerable to uncertainty in the regulatory review process, which can lead to the introduction of counterfeit products that undermine the credibility of legitimate cosmetics. Additionally, the development of nutricosmetics and the increasing popularity of categories that focus on beauty from within could hinder the growth of the market for cosmeceuticals.
The current COVID-19 pandemic has significantly contributed to the growth of online shopping around the world, driving the demand for cosmetics and cosmeceuticals.
The market for cosmeceuticals is a highly dispersed vendor landscape because of the presence of large, medium, and small-scale companies in the market. Of the many strategic alliances made by the companies in the cosmeceuticals industry to secure substantial stakes taking advantage of the new opportunities and taking advantage of the latest technologies and patents has gained a lot of attention. The increasing emphasis on R&D has increased the degree of competition among the leading manufacturers. The market for cosmeceuticals is predicted to expand steadily because of the existence of established players who are focusing on improving the quality of their products as well as facilitating differentiation in their products and expanding their reach to other countries.
Through activating ingredients, the market for cosmeceuticals is classified into antioxidants exfoliants, peptides as well as botanicals, retinoids, and many more. The antioxidants segment accounted for the highest part of the market by 2021 and is predicted to grow at the largest CAGR over the forecast timeframe.
According to the product, the market for cosmeceuticals is divided into hair care, skin care, oral care, and many more. The segment for skin care held the most share of the marketplace in the year 2021. In addition, it is expected to record the highest CAGR in the market during the forecast time.