Cosmeceuticals Market to Reach Valuation of USD 77.4 Billion by 2028 – Rising Concerns for the Premature Aging Industry Drives the Market

In terms of revenue, the Global Cosmeceuticals Market is expected to reach USD 77.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.80% from 2022 to 2028.

The adoption of cosmetic products has witnessed a rapid surge on account of increasing consumer spending and rising concerns for the premature aging industry are anticipated to augment the growth of the market during the forecast period.

Key Highlights from Report

The product type segment held a significant share in 2021. The Cosmeceuticals Market is categorized as skincare, haircare, and oral care. The skincare category influences the market. Exposure to harmful ultraviolet radiation affects premature skin aging, which results in skin cancer. This recognition has grown the consumer’s focus on protecting their skin by using preventive skincare products. In addition, the increasing demand for multifunctional products is anticipated to fuel the growth of sun-care cosmetic products during the forecast period. For instance, BB creams also play as sunblock creams, which exclude make-up serum and moisturizer. Products like these are broadly popular owing to their convenience, driving the skincare category in this segment.

The Distribution Channel segment is projected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. Manufacturers in the market are increasingly focusing on packaging as it plays a key role in retaining the product quality, color, texture, medicinal benefits, and shelf life segments. They are sighted on increasing their graphical reach by engaging in mergers and acquisitions with other companies, carrying the objective of growing their market share and cutting down their operational cost. The competitors mostly compete based on product quality, technological innovations, price, volume, and capacity.

Market Dynamics:

The adoption of cosmetic products has witnessed a rapid surge on account of increasing consumer spending and is anticipated to augment the growth of the Cosmeceuticals Market in the years to come. This is owing to the adoption of cosmetic products has witnessed a rapid development on account of increasing consumer spending and concerns about premature aging. Furthermore, the shift of cosmetic manufacturers to India, Thailand, and Vietnam is creating various growth opportunities, with access for a huge chunk of the population. Moreover, the increasing awareness of natural and organic cosmetics is further anticipated to propel the Cosmeceuticals Market over the forecast period.

In current years, the development of counterfeit products as an alternative to high-cost branded products has created a large drawback for product manufacturers. The duplicate products in the Cosmeceuticals Market deteriorate the image of original brands, due to the utilization of low-quality raw materials. As a result of the loss of market coverage by the original brands. Thus, such elements are likely to curtail market growth to a certain extent during the forecast period.

Asia Pacific held the largest shares in 2021. This is attributable owing to the increasing leading market owing to the obligation to look younger among the population of countries which includes Germany, the U.K., Netherlands, and France. Furthermore, these countries have the largest population of people suffering from dry skin, considering their weather conditions. This is likely to stimulate the demand for beneficial and multifunctional skin care cosmetic products. Additionally, higher spending capacity in the region for better quality products is anticipated to positively influence market growth.