The Cosmeceuticals Market is projected to achieve a value of USD 64,568 Million in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 116,358 Million by 2033 with a CAGR of 7.6% during the forecast period 2024-2033.

Cosmeceuticals refer to a class of cosmetic items that incorporate biologically active components or pharmaceutical substances with the intention of delivering distinct advantages to the skin that go beyond what regular cosmetics offer. The formulation of cosmeceuticals is geared towards enhancing both the aesthetic appearance and overall well-being of the skin by delivering elements that possess therapeutic or medicinal properties. Such products can consist of substances like vitamins, antioxidants, peptides, hyaluronic acid, retinoids, and extracts from plants. They are often used to tackle issues such as signs of aging, hyperpigmentation, acne, dryness, or various other skin-related concerns.

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Cosmeceuticals designed for everyday skincare encompass items such as sunscreens, moisturizers, and treatments for acne, and these are typically accessible for purchase without the need for a prescription. On the other hand, specialized products like moisturizers tailored for eczema or diabetic skin often necessitate a prescription from a healthcare professional. It's crucial for the legality of cosmeceuticals to be clearly established, as they must gain recognition from the U.S. Food and Drug Administration (FDA) in the United States. In the European Union (EU), regulations concerning cosmetics permit these products to serve a secondary preventive function but not a curative one. Any skincare product labeled as medicinal would require official authorization and undergo expensive testing procedures in order to be marketed globally.

The worldwide cosmeceuticals market is expressing robust expansion, primarily driven by the increasing incidence of skin and hair disorders and the growing geriatric population across the globe. Furthermore, the market is poised for growth due to the rising consumer demand for cosmeceuticals and an increasing appetite for skin care, hair care, and oral care products. However, challenges such as the presence of counterfeit products and a lack of awareness among consumers about the benefits of cosmeceuticals are anticipated to impede the global cosmeceuticals industry progress.

The emergence of COVID-19 had a significant negative impact on the global demand for cosmeceuticals. A prominent reduction in the number of patient visits to leading dermatologists and the closure of stores that distributed these products during lockdown periods were among the primary factors that adversely affected the market. Additionally, to prevent the spread of COVID-19, elective procedures, including medical aesthetic treatments, were canceled, which led to a decrease in patient traffic at specialized clinics providing aesthetic therapy. This decline in procedures resulted in fewer patient prescriptions for cosmeceuticals, thereby negatively impacting the projected outlook for the cosmeceuticals market.

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Segments:

Market, By Product Type

  • Hair Care
  • Skin Care
  • Lip Care
  • Oral Care

Market, By Ingredients

  • Peptides and Proteins
  • Sunscreens
  • Hydroxy acids
  • Retinoids
  • Antioxidants
  • Skin lightening agents
  • Botanicals

Market, By Distribution Channel

  • Supermarkets and Specialty Stores
  • Online Platform

Competitive Analysis

The Cosmeceuticals Market is dominated by a few large companies, such as Beiersdorf, L’Oréal, Estée Lauder Companies Inc., Procter and Gamble, Allergan,Croda International Plc, Shiseido Company Limited, Johnson & Johnson Services, Inc.,Unilever, Elementis Plc,Coty Inc.,BASF SE,Avon and Other.

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