by The cosmeceutical Market is estimated to be valued at US$ 76,875.0 Mn or Mn in 2023 and is expected to exhibit a CAGR of 9.02% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmeceutical products are topical medicines applied cosmetically, containing biologically active ingredients that benefit the health and appearance of the skin. These products provide both cosmetic and therapeutic benefits such as anti-aging, protection from UV rays, brightening and skin lightening. The increasing consumer awareness regarding the anti-aging benefits are driving the growth of the cosmeceutical market.
Market key trends:
One of the major trends driving the growth of cosmeceutical market is the increasing consumer preference for natural and organic cosmetic and skincare products. Consumers are increasingly looking for products with natural and organic ingredients that are gentler on skin. The concerns regarding side effects of synthetic and chemical ingredients used in cosmetic products have boosted the demand for natural anti-aging products. according to a report by Fortune Business Insights, the global organic cosmetic products market is expected to grow at a CAGR of over 10% during 2023-2029. The increasing popularity of natural cosmeceutical products among consumers is expected to fuel the market growth over the forecast period.
Global Cosmeceutical Market Is Estimated To Witness High Growth Owing To Increasing Focus on Appearance and Improving Skincare Regimes
Market Overview:
The Cosmeceutical Market Size is estimated to be valued at US$ 76,875.0 Mn in 2023 and is expected to exhibit a CAGR of 9.02% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Cosmeceuticals are cosmetic products formulated with biologically active ingredients that have pharmaceutical-like benefits on skin and appearances. These products provide skincare benefits by combining cosmetic and pharmaceutical efficacy. Common categories of cosmeceuticals include anti-aging, hydrating, and sun protection products that improve signs of aging, moisturize the skin, and prevent sun damage.
Market Dynamics:
Increasing focus on personal appearances and growing awareness about benefits of skincare products are augmenting growth of the global cosmeceutical market. Rising consciousness about anti-aging products among baby boomers is also fueling growth of the market. According to American Academy of Dermatology, more than 80% of visible skin aging is caused by sun exposure and approximately 90% of non-melanoma skin cancers are associated with exposure to ultraviolet (UV) rays from the sun. Increasing prevalence of skin conditions and disorders due to changing lifestyles and environmental stress is fueling demand for speciality skincare cosmeceuticals. Moreover, rapid urbanization and focus on beauty regimes in emerging countries is expected to offer lucrative opportunities over the forecast period. However, strict rules and regulations from Food and Drug Administration (FDA) for approval of new cosmeceuticals may hamper market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
