Cosmeceuticals Market Size was valued at USD 15.64 billion in 2023. The Cosmeceuticals market industry is projected to grow from USD 16.69 Billion in 2024 to USD 27.67 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.52% during the forecast period (2024 - 2032). Increasing demand for anti-aging products, growing consumer awareness, rising disposable incomes, technological advancements, increasing demand for natural and organic products, expansion of e-commerce, and celebrity endorsements are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for cosmeceuticals is being driven by an aging population, which is seeking to maintain a youthful appearance. Anti-aging products are products are popular amongst consumers, as they are designed to reduce the appearance of wrinkles, fine lines, and other signs of aging. Advances in technology have enabled the development of more effective and targeted cosmeceutical products. For instance, nanotechnology has enabled the development of products that can penetrate deeper into the skin, providing more effective results.
Consumers are becoming more aware of the benefits of using cosmeceuticals, as they are becoming more informed about the ingredients and their effects. As consumers become more health-conscious, they are seeking products that not only provide cosmetic benefits but also have therapeutic benefits. In addition, celebrity endorsements of cosmeceutical products have helped to increase awareness and demand for these products. Many celebrities have their own cosmeceutical lines, which they promote through social media and other channels, helping to drive sales.
The demand for natural and organic cosmeceuticals is growing, as consumers become more concerned about the potential health risks associated with synthetic ingredients. Many consumers are seeking products that contain natural ingredients, such as botanical extracts, that have been shown to have therapeutic benefits. Furthermore, growth of e-commerce has made it easier for consumers to purchase cosmeceutical products from anywhere in the world. This has increased the reach of cosmeceutical brands, enabling them to expand their customer base and increase sales.
The cosmeceuticals market segmentation, based on product type, includes skincare, hair care, oral hygiene, and others. The skincare cosmeceuticals segment held the majority share in 2022 contribution to the cosmeceuticals market revenue. The demand for cosmeceuticals is being driven by an aging population, which is seeking to maintain a youthful appearance.
December 2019: Shiseido announced a partnership with A.S. Watson Group to launch a new skincare brand called Optune. The brand uses AI-powered technology to provide personalized skincare recommendations based on customers’ individual needs.
The Cosmeceuticals market segmentation, based on packaging material, includes glass, plastic, metal, and others. The plastic segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The Cosmeceuticals Packaging Material includes a range of products that are made from different material. As consumers continue to demand high-quality cosmeceutical products that deliver real results, it is likely that it will see continued innovation and expansion in packaging material segment.
February 2020: L’Oréal announced the launch of a new line of skincare products called Seed Phytonutrients. The products are made with organic ingredients and sustainable packaging, and are designed to appeal to environmentally conscious consumers.
The Cosmeceuticals market data has been bifurcated by distribution channel into store-based, and non-store-based. The store-based distribution channel segment dominated the market in 2022 due to the popularity of brick-and-mortar stores. However, the online segment is expected to grow at a faster rate. This growth is being driven by the increasing popularity of e-commerce and the convenience it provides to consumers.
Figure 1: Cosmeceuticals Market, by Distribution Channel, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Europe Cosmeceuticals market accounted for USD 6.64 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the increasing demand for anti-aging products, as well as the popularity of natural and organic product. Manufacturers in the region are introducing new Cosmeceutical’s products to cater to the diverse needs and preferences of consumers. Further, the Germany Cosmeceuticals market held the largest market share, and the UK Cosmeceuticals market was the fastest growing market in the European region due to the high demand for cosmeceuticals and the presence of several major manufacturers in the country.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: COSMECEUTICALS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America Cosmeceuticals market accounts for the second-largest market share. he market is being driven by the increasing demand for natural and organic products, as well as the popularity of anti-aging products. The U.S. is the largest market in the region, due to the high disposable income of consumers and their willingness to spend on premium products.
The Asia-Pacific Cosmeceuticals market is expected to grow at the fastest CAGR from 2022 to 2030. The market is being driven by the increasing demand for beauty products in countries such as China, Japan, and South Korea, as well as the popularity of natural and organic products. Moreover, Japan Cosmeceuticals market held the largest market share, and the India Cosmeceuticals market was the fastest growing market in the Asia-Pacific region due to the high demand for premium cosmetics and the presence of several major manufacturers in the country.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Cosmeceuticals market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Cosmeceuticals industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Cosmeceuticals industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Cosmeceuticals industry has provided innovative products with some of the most significant benefits. The Cosmeceuticals market major player such as L'Oréal S.A. (France), Allergan Plc. (Ireland), Avon Products Inc. (UK), Johnson & Johnson (US), Procter & Gamble Co. (US), The Estée Lauder Companies Inc. (US), Merck & Company Inc. (US), Royal DSM NV (Netherlands), Unilever NV (Netherlands), Evonik Industries AG (Germany) and others are working to expand the market demand by investing in research and development activities.
L'Oréal is a French multinational company that specializes in the production and sale of beauty and personal care products, including makeup, skincare, hair care, and fragrances. The company was founded in 1909 and is now one of the largest cosmetics companies in the world, with operations in over 150 countries. It has a strong presence in the cosmeceuticals market, with several brands that offer products designed to bridge the gap between cosmetics and pharmaceuticals. In February 2019, L’Oréal announced a partnership with Alibaba to develop a new AI-powered shopping experience for customers in China. The partnership aimed to leverage Alibaba’s e-commerce platform and L’Oréal’s expertise in beauty products to provide personalized recommendations to customers.
Procter & Gamble (P&G) is an American multinational corporation that produces and sells a wide range of consumer goods, including personal care products, home care products, and health care products. The company was founded in 1837 and is headquartered in Cincinnati, Ohio. It has a presence in the cosmeceuticals market through its portfolio of personal care brands, which includes Olay, SK-II, and Secret. In July 2020, Procter & Gamble announced the launch of a new skincare brand called Kindra. The brand is targeted at women going through menopause and offers products to help with symptoms such as dryness and hot flashes.
Key Companies in the Cosmeceuticals market includes
Cosmeceuticals Industry Developments
October 2019: Estée Lauder acquired Dr. Jart+, a Korean skincare brand that specializes in innovative products for sensitive skin. The acquisition aimed to expand Estée Lauder’s presence in the rapidly growing Asian market.
December 2020: Unilever announced the acquisition of Paula’s Choice, a skincare brand that specializes in products for acne-prone and sensitive skin. The acquisition aimed to expand Unilever’s presence in the premium skincare market.
January 2021: L’Oréal announced the launch of a new line of skincare products called La Roche-Posay My Skin Track UV. The products are designed to monitor exposure to UV rays and provide personalized skincare recommendations based on the user’s individual needs.
February 2021: Estée Lauder announced the acquisition of Deciem, the parent company of skincare brand The Ordinary. The acquisition aimed to expand Estée Lauder’s presence in the rapidly growing skincare market.
September 2021: Shiseido announced a partnership with A.S. Watson Group to launch a new line of skincare products called Waso. The products are made with natural ingredients and are designed to appeal to environmentally conscious consumers.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 15.64 billion |
| Market Size 2024 | USD 16.69 billion |
| Market Size 2032 | USD 27.67 billion |
| Compound Annual Growth Rate (CAGR) | 6.52% (2024-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Packaging Material, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | L'Oréal S.A. (France), Allergan Plc. (Ireland), Avon Products Inc. (UK), Johnson & Johnson (US), Procter & Gamble Co. (US), The Estée Lauder Companies Inc. (US), Merck & Company Inc. (US), Royal DSM NV (Netherlands), Unilever NV (Netherlands), and Evonik Industries AG (Germany) |
| Key Market Opportunities | Growing Consumer Awareness |
| Key Market Dynamics | Increasing Demand for Natural and Organic Products |
Frequently Asked Questions (FAQ) :
The cosmeceuticals market size was valued at USD 15.64 Billion in 2023.
The market is projected to grow at a CAGR of 6.52% during the forecast period, 2024-2032.
Europe had the largest share in the market
The key players in the market are L'Oréal S.A. (France), Allergan Plc. (Ireland), Avon Products Inc. (UK), Johnson & Johnson (US), Procter & Gamble Co. (US), The Estée Lauder Companies Inc. (US), Merck & Company Inc. (US), Royal DSM NV (Netherlands), Unilever NV (Netherlands), and Evonik Industries AG (Germany).
The plastic cosmeceuticals packaging material dominated the market in 2022.
The store-based had the largest share in the market.
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