– March 23, 2022 —
Market Overview
Between 2018 and 2023, the global cosmetics market is predicted to rise significantly. Consumers, particularly the elderly, are increasingly seeking ways and goods to maintain and improve their appearance to remain youthful and beautiful, especially as awareness of anti-aging treatments grows. Due to the high incidence of external indicators of ageing, middle-aged adults are increasingly experiencing ageing anxiety.
Cosmeceuticals are anti-aging skincare products that blur the lines between cosmetics and medications. The lowering fertility and mortality rates have resulted in a steady growth in the region’s ageing population, particularly in China and Japan, over the last two decades. The great desire among men and women to maintain their youthful features has nourished and fostered the cosmetic sector throughout the region.
Since the outbreak of Covid-19 in March 2020, the global cosmeceuticals market’s growth rate has slowed. As a result of the worldwide lockdown, cosmetic firms were forced to shut down their production units due to a labour shortage. However, as the global situation improves, the market is poised to rebound, and sales are projected to rebound in the following years. Furthermore, as retail outlets are expected to have fewer consumer visits until the epidemic ends, the main corporations are viewing e-commerce as an opportunistic part of the industry.
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Segmental Analysis
Product type, packaging material, and distribution channel have all been segmented in the worldwide cosmeceuticals market.
The market has been divided into skin care, hair care, oral hygiene, and other categories based on product type. The skin care products market is predicted to increase at the highest rate among these product kinds. Skin care cosmeceuticals include sunscreens, skin whitening agents, exfoliants, and anti-aging products that treat dermatologic illnesses.
Glass plastic, metal, and various packaging materials have been used to segment the market. The metal sector, which protects cosmeceuticals from germs, moisture, and heat, leads the market. Furthermore, metal casing may be recycled after use, is indestructible, and is lightweight.
The market has been divided into store-based and non-store-based segments based on distribution channel. Consumers like consultations and testing of cosmeceutical goods before purchasing, hence store-based has the most market share.
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Regional Overview
Because of the strong adoption of consumer products such as cosmetics and apparel, Europe is likely to dominate the industry. The increased awareness of cosmeceutical products in this region is due to strong promotional operations by cosmeceutical manufacturers. The producers are focusing on the youth because they continue to be drawn to preventative and curative treatments aimed at preventing the early indications of ageing, acne, and a variety of other ailments.
Because of the existence of large manufacturers such as Procter & Gamble and Estée Lauder, which provide a wide range of products, North America has seen steady market expansion. The majority of cosmeceutical companies in this region provide products to treat skin concerns, with a focus on sun and hair care
Due to increased knowledge of health products, economic progress, and cross-cultural acceptance, Asia-Pacific is experiencing consistent growth. In the forecast period, the cosmeceuticals industry is expected to develop at a modest rate globally.
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Competitive Dynamics
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) are some of the key players in the global cosmeceuticals industry.
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