Cosmeceuticals Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMFMCG2620 | Last Updated On: Oct 14 2022 | Available Formats

> Global Cosmeceuticals Market Expected to reach a high CAGR of 5.5% By 2029: DataM Intelligence

Global Cosmeceuticals Market is segmented By Key Ingredient (Vitamins, Polyphenols, Hyaluronic Acid, Peptides and Proteins, and Others), By Distribution Channel (Drug Stores, Specialty Stores, E-Commerce, and Others), By Product Type (Skin Care Cosmeceuticals (Sunscreen, Anti-Aging, Moisturizer, Skin Lightening, Others), Hair Care Cosmeceuticals (Shampoos and Moisturizers, Hair Growth Stimulants, Others), and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022 - 2029


Market Overview:

[150 Pages Report] The Global Cosmeceuticals Market is predicted to reach at a high CAGR of 5.5% during the forecast period (2022-2029)

Cosmeceuticals Market - Strategic Insights



Market CAGR


Segments Covered

By Key Ingredient, By Distribution Channel, By Product Type, Hair Care Cosmeceuticals, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Cosmeceuticals is a class of cosmetic formulations that are enriched with bioactive compounds purported to have therapeutic benefits. Cosmeceuticals formed the bridge between pharmaceutical and cosmetic grade of bioactive compounds to have beneficial effect on skin health and beauty. Vitamins, polyphenols, hydroxyl acids, and melatonin are some of the widely used active ingredients in cosmeceutical formulations. These are designed for topical use as cosmetics and are proven to pose higher impact on human skin over cosmetic products. When applied to the skin, the active ingredients reach deep dermal layers of skin and add nutritional benefits to the tissue. Also, hair cosmeceuticals are developed for improving hair growth and scalp control.

Market Dynamics

Aging population and growing consumer awareness is driving the market growth

The growth of the cosmeceuticals market can be majorly attributable to the rising consumer interest towards natural and nutrition-rich products both for health and beauty concerns. An aging population, increasing consumer spending and beauty consciousness are other factors supporting the sales. It has been observed that the demand is high among the people of age group 30-45. Over the past decades, the decreasing mortality rate has given rise to the aging population all over the globe. People living longer and wanting to retain their youthful appearance is positively affecting market growth globally. Demand for anti-aging products to prevent hair damage, age spots, uneven skin tone, dry skin, and wrinkles is on the rise. This, in turn, has created opportunities for new introductions and innovations in the cosmetic industry, thus making the manufacturers focus on active anti-aging-based skin products. The rising male grooming industry is another key growth promoter in the global cosmeceuticals market. The share of male consumers in the dollar sales is likely to increase with growing demand for anti-aging and acne control cosmeceuticals among male population.

However, the lack of proper regulatory approvals and health claims is hindering the penetration of these products in the health-savvy population. For instance, the Federal Food, Drug, and Cosmetic Act (FD&C Act) in the U.S. does not recognize the term cosmeceutical and included these under cosmetics. The regulatory system for cosmeceuticals products is complex and not stringent as compared to drugs. Most of the time, newly launched products are susceptible to the uncertainty of regulatory review. This uncertainty in the regulations leads to the launch of counterfeit goods in the market which hampers the credibility of cosmeceuticals in the market. Moreover, the evolution of nutricosmetics and the rising popularity for these beauty-from-within categories may affect the growth of cosmeceuticals in the future.

Market Segmentation

Skincare is by far the largest segment and contributed significantly to the global dollar sales in 2020

The global cosmeceuticals market is segmented by product type into skincare, hair care and other categories. The wide range of skincare applications from moisturizing to anti-aging, scar and wrinkle removal, acne control to hyperpigmentation are driving the growth of this segment. Moreover, the demand for multifunctional products is expected to fuel the growth of sun-care cosmetic products in the forecast period. For instance, BB creams can also function as sunblock cream, apart from a make-up serum and moisturizer. Products like these are becoming widely popular owing to their convenience, thereby driving the skincare category in this segment.

However, the hair care cosmeceuticals segment is estimated to grow at a faster rate owing to rising demand for anti-hair fall and hair growth stimulation products, and the male grooming industry. Benefits provided by shampoos such as the removal of dandruff, dirt, and environmental pollutants are making it a popular daily use product. Also, eradication of the unwanted build-up without flaking out much sebum to make the hair unmanageable drives the consumers to buy branded hair care products.

Geographical Penetration:

Europe is expected to dominate the global cosmeceuticals market during the forecast period

By Geography, Europe is leading the global cosmeceuticals market owing to high beauty interest in countries such as France, Italy, U.K. and Germany. Moreover, these countries have the largest population of people suffering from dry skin, considering their weather conditions. This is likely to spur the demand for beneficial and multifunctional skin care cosmetic products. Moreover, higher spending capacity in the region for better quality products is expected to positively impact market growth. Also, factors such as the aging population, high incidence of dry skin, people's interest to look young have constituted a significant potential for cosmeceutical products in Europe.

However, the market growth over the forecast period will be majorly driven by the Asia Pacific region with countries such as India, Thailand and Malaysia witnessing double-digit growth rates. Growing awareness regarding cosmeceutical and cosmetics products, such as anti-aging, sun care, and hair care products, coupled with rising disposable income is expected to drive the market growth. Besides this, advancements in technology and advent of new ingredients have further added to the progress in the commercialization of cosmeceutical products globally.  For example, in 2016, over 2 billion people have spent on premium personal care products instead of cosmetic surgeries in Asia-Pacific region.

Competitive Landscape:

The global cosmeceuticals market is fragmented with the presence of large number of companies. The high product differentiation is resulting in entry of new companies into the market with novel skincare and haircare formulations. The market is turning competitive with business development strategies followed by global cosmetic giants. The companies are focusing towards acquisitions to increase their distribution network and expand product portfolio. Phytochemical based natural skincare cosmeceuticals has been the key focus of most of the existing players owing to large market potential across the globe. In June 2022, Sabinsa announced that the company had got the approval certification for Cococin, Saberry, and Nigellin Amer from the Ecocert Greenlife. The company has successfully complied with the COSMOS-standard to help consumers with transparent information on the content as the demand for natural ingredients in cosmetics is rising. In May 2022, Global Bioenergies announced that the company would be launching its LAST long-wear cosmetics brand in June 2022. To reduce the environmental footprint company’s products have been designed with around 90% natural ingredients and packaging. In February 2022, bioClarity, a 100% Vegan, toxin-free, cruelty-free skincare brand, announced partnership with Ulta Beauty, the nation's largest beauty retailer. This partnership will help companies to create brand awareness and greater access to existing and new customers worldwide.

COVID-19 Impact: Negative impact on the cosmeceuticals market

Since the outbreak of Covid-19 since March 2020, the market of global cosmeceuticals products has shown declining results in the growth rate. Due to the lockdown situation going on across the globe cosmetic manufacturers had to shut down their production units as a result of the labor shortage. However, as the situation is getting improved globally, the market is set to revive and the sales are expected to recover in the coming years. Moreover, the leading companies are eyeing the e-commerce as an opportunistic segment of the market as retail stores are predicted to have lesser consumer visits till the pandemic ends. Thus, skin care brands such as Olay has partnered with Shopee for a new digital campaign targeted at the millennial consumer demographic as part of its strategic e-commerce growth plans for South East Asia.

Frequently Asked Questions

What is the Projected CAGR value of the Functional Pet Food Market?

Functional Pet Food Market is expected to grow at a CAGR of 5.5% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Functional Pet Food Market during 2022-2029.

Which is the fastest growing region in the Functional Pet Food Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

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