According to Goldstein Research, “Rising consumers awareness towards cosmeceuticals and growing demand for anti-ageing products with the increasing ageing population are driving the cosmeceuticals market growth. Moreover, increasing spending on product innovations and ingredients by key market players are expected to encourage the growth of cosmeceuticals market across the globe. However, stringent regulations over product testing and availability counterfeit products are likely to hinder the market growth during the forecast period.”
Global Cosmeceuticals Market Outlook 2024
Global cosmeceuticals market is segmented on the basis of product type, by ingredients type, by distribution channel and by end-user. The end-user segment is further bifurcated into men and women, where women are the dominating user and held 52% share of global cosmeceuticals market in 2016. However, rising concerns for skin and hair men are also inclining towards cosmeceuticals. For cosmeceuticals, the active participating age group in both men & women is between 16 t0 35 years. Nearly 54% of women population prefer personal care for improving appearance. Around 36% men are preferring cosmeceutical products with sunscreen. Rising preference for cosmeceuticals for various applications is expected to contribute to the growth of cosmeceuticals market in the near future.
Asia-Pacific is the fastest growing region for global Cosmeceuticals market and occupied nearly 24% share of the total market in 2016. Asia-Pacific cosmeceuticals market is anticipated to reach USD 20.4 billion by 2024, growing at a CAGR of 8.7% during the forecast period. Massive adoption of cosmeceuticals countries such as China, Japan, South Korea and India irrespective of the income group are expected to propel the cosmeceuticals market in Asia-Pacific region.
Cosmeceuticals are still in the budding phase in developing countries
Increasing per capita income for sophisticated and quality personal care and cosmetic products in countries such as the U.S., Japan and South Korea are fuelling the growth of the global cosmeceuticals market. However, developing countries are still struggling to spend on personal care products. For instance, Vietnam spends USD 5.89 per person on personal care and cosmetics products annually, whereas China, Malaysia and Australia spend USD 24.7, USD 7.3 and USD 31 annually. However, rising popularity of private-label brands are booming the cosmeceuticals market as retail chains and e-commerce channels are seeking opportunities to brand these products and expand their business across the globe.
Global Cosmeceuticals Market
The report contains a detailed overview of the global cosmeceuticals market in terms of market segmentation by product type, by ingredients type, by distribution channel and by end-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global cosmeceuticals market also provides competitive outlook of some of the major players of global cosmeceuticals market which includes profiling of companies such as Johnson & Johnson, Beiersdorf, L'Oréal, Proctor & Gamble, Shiseido, Unilever, Amway, Kao, LVMH, Mary Kay, O Boticário, Revlon, Tom's of Maine, AVON Beauty Products, Burberry, INVERSIONES AVI AMERICA, Chanel, Chatters Canada, Clarins, Combe, Conair, Coty, Edgewell Personal Care, Henkel, Helen of Troy, Bayer, Elementis, Croda International amd Estee Lauder.. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global cosmeceuticals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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