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Cosmeceuticals Market Size, Share & COVID-19 Impact Analysis, By Product Type (Skin Care, Hair Care, Injectable and Others), By Distribution Channels (Pharmacy/Drug Stores, Online Stores, and Others), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI102521

 

KEY MARKET INSIGHTS

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The global cosmeceuticals market size was USD 29.84 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with cosmeceuticals witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of -26.4% in 2020. The market is projected to grow from USD 31.51 billion in 2021 to USD 58.34 billion in 2028 at a CAGR of 9.2% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


Cosmeceuticals are cosmetic products with biologically active ingredients asserting to have medical or drug-like benefits. Cosmetic pharmaceuticals are the advances made with cosmetic dermatological products and the innovative trending era in skincare. These products improve the appearance and provide nutrients necessary for healthy skin and treat medically impaired skin cells. The inception of cosmeceuticals has restructured the cosmetic and personal care industry, and the market is projected to expand due to the growing consciousness of consumers about their physical appearance.


The cosmeceutical brands are available over-the-counter and are largely used as a part of the regular skincare treatment to help improvise pigmentation, skin tone, texture, and fine lines. Antioxidants, peptides and proteins, retinoids, exfoliants, and botanical extracts are common ingredients used in these products. The active ingredients are continuously advancing by various emerging and international players involved in pharmaceutical cosmetics, biotechnology, and natural products. Besides, the advancements in dermatology and pharmacology have augmented the development of new active compounds (such as liposomes) more swiftly. For example, companies such as Onlynaturals in England and LoveLula in the U.K. produce most of their revenue from natural skincare cosmetic products. Moreover, with a growing perception of skin-care beauty products due to most Asian and American women's sensitive skin, they are eyeing cosmetic products that provide anti-septic, anti-inflammatory, and anti-bacterial products moisturizing properties.


Product Sales Severely Impacted by Lockdown Measures Imposed During Pandemic


Cosmeceuticals sales were hampered during the pandemic owed to strict guideline measures imposed by the government bodies. Import and export of skincare branded products were impacted owing to manufacturing difficulties and issues pertaining to product transportation. According to various published articles, there was a decrease of 35% in sales of these products in the U. S. This trend is estimated to carry forward into 2021, where there are still rising cases of COIVD-19.


LATEST TRENDS


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Advancements in Nano Technology is Accelerating the Cosmeceuticals Market Growth


Nanotechnology has opened multiple opportunities in the arena. Companies are heavily investing in research and development to offer better stem cell component products. Nanotechnology provides advantages such as diversity in products and increased bioavailability of active ingredients which help in the development of novel anti-aging products. For instance, PanaceaNano in January 2018 announced the launch of a line of anti-aging skincare products known as NOBLE. These products are developed using the company’s patented technology organic nano-cube (ONC) molecules. Therefore, owing to the benefits offered by nanotechnology to yield nanocosmeceuticals is anticipated to have a proliferative growth trend during the forecast period.


DRIVING FACTORS


Ageing Population and Growing Consumer Awareness to Propel Market Growth


The cosmeceuticals market shows significant growth due to the surge in consumer obsession with maintaining a youthful appearance. With the rapidly aging population, especially in the developed markets of the United States and Europe, the demand for cosmetics is expected to increase. Additionally, factors such as the high demand for natural beauty products and a healthy lifestyle are expected to propel the demand for cosmetic and pharmaceutical products.


As the baby-boomer generation becomes more cautious in resolving aging indications, the demand for cosmeceuticals has increased significantly. Furthermore, product manufacturers concentrate on the early prevention of premature aging by providing better anti-aging products and growing their customer base. The major customers of such products are people above 35 years. The most recent trend observed in this industry is the increasing use of natural ingredients in anti-aging cosmetics. Therefore, several companies have utilized ayurvedic knowledge for producing anti-aging serums. With the strong base of innovation and technology, the cosmeceuticals industry is likely to have a bigger market in the near future.


Adoption and Affordability of Products in Emerging Economies to Aid Growth


The growing usage of these products in emerging economies is one of the prime factors responsible to drive the growth of the market. The US and European markets have already experienced rapid growth in this industry. Countries such as Brazil, China, and India are the major focus areas for the market players.


Aspects such as the increasing disposable income, growing awareness, and rising appearance consciousness are fueling the demand for the product in emerging countries. Besides, the huge population base of the Asian region also makes it a prime location for the players.


Additionally, there is an opportunity in the Chinese market, as China can build its own industry and compete globally. The increasing wealth in emerging markets such as Latin America, China, and India, is expected to attract an even wider audience in the future owing to the growing demand for more efficient products and luxury brands.


RESTRAINING FACTORS


Lax Regulations Likely to Hinder Market Growth


As these products are neither placed under cosmetics nor pharmaceuticals, they are not regulated by the FDA. Moreover, the Federal Trade Commission monitors advertising statements for unbearable claims by-products. Hence rigorous actions and laws are required for testing, regulation, good environmental management. Lax regulations are a major constraint for this market's growth as it gives scope for the growth of fake products in the market, causing skin and hair damage. Instead, this industry exists in a state of regulatory limbo: at times, they are measured as drugs, but they are often regulated as cosmetics.


The regulatory system for such products is complex and not stringent 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 cosmetic pharmaceuticals' credibility in the market.


SEGMENTATION


By Product Type Analysis


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Skin Care Segment Dominated the Global Market


Based on type, the market is segmented into skincare, haircare, injectable, and others.


On the basis of type, the skincare market is further categorized into anti-aging, skin whitening, sun protection, professional skincare, anti-acne, and others. Furthermore, the hair care market is further bifurcated into hair growth, anti-dandruff and others.


The skincare segment dominated the market with a share of 48.5% in 2020. Swiftly aging statistics direct a strong demand for anti-aging products to avoid uneven skin tone, age spots, wrinkles, and dry skin. Additionally, this increasing demand has generated room for innovations in cosmetics, henceforth promoting this industry growth. Likewise, a key trend remarked in the global market is the emergence and popularity of natural and organic products.


The haircare market segment is expected to showcase significant growth owing to the upsurge in the demand for products such as hair oil, hair color, shampoo, and conditioner. Benefits provided by shampoos such as dirt, removal of dandruff, and environmental pollutants are making it a widespread daily used product. In addition, a purge of the unwanted build-up without flaking out much sebum in order to make the hair unmanageable drives the consumers to buy branded hair care products.


The others segments include products such as tooth whitening for oral care, lip care, body slimming products, and others.


By Distribution Channel Analysis


Pharmacy/Drug Stores is Responsible for Dominance of the Segment in 2020


Based on distribution channels the market has been segmented into pharmacy/ drug stores, online channels, and others (specialty stores, convenience stores, supermarkets).


Among them, pharmacy/ drug stores held the largest market share in 2020 due to the antagonistic promotions and many marketing strategies of the distributors and manufacturers in the stores, such as offers on bulk purchases.


The online distribution channel is projected to witness significant growth over the forecast period due to technological advancements and the acceptance of technology among consumers. Apart from the key players of the market, the e-commerce platforms such as Amazon are stimulated to gain traction by selling these cosmetic products in certain areas with comparatively fewer drug stores. Besides, discounts that are offered by stores online are moderately more than that in the stores, thus attracting the consumers and increasing the product sales. In addition, several global companies are proposing new and exciting products that are being marketed through social media sites such as YouTube and Instagram. By rigorously selling online, these new companies are able to reach an extensive range of consumers without the struggles of creating new physical store locations.


REGIONAL INSIGHTS


Asia Pacific Cosmeceuticals Market Size, 2020 (USD Billion)

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Asia Pacific stood at USD 14.69 billion in 2020 and is expected to dominate the global cosmeceuticals market during the forecast period. The 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 market growth. Besides, significant advancements in technology and the advent of new ingredients have further added to the progress in the commercialization of cosmeceutical products globally. 


Additionally, North America is expected to grow at a moderate growth rate owing to factors such as technological advancement and the launch of new and innovative products by cosmeceuticals companies. Europe is also likely to witness significant growth during the forecast period due to increased shift towards usage of cosmeceuticals by the population and efforts in launch of products by the companies.


However, Latin America and Middle East and Africa are anticipated to have a slow growth rate owing to the lack of awareness among the population coupled with lower disposable income.


KEY INDUSTRY PLAYERS


Rigorous Innovations Coupled with Brand Expansion to Aid L’Oréal SA’s Dominant Position


L'Oréal SA is one of the most active companies with numerous brands offering a broad range of cosmetic pharmaceuticals, globally. The company has spent significantly on product innovation, improving quality in terms of functionality, ingredients, and packaging. Likewise, other companies have embraced strategic acquisition to surge their geographical presence and customer base.


Players such as Procter & Gamble, Shiseido Co. Ltd, Estée Lauder Companies Inc., Avon Products Inc., Croda International., BASF SE, Allergan Inc., and others are the key market players. Thus, anticipating to impact the global market positively, these companies are likely to gain market share during the forecast period.


LIST OF KEY COMPANIES PROFILED:



  • L’Oréal (France)

  • Beiersdorf Global (Germany)

  • Croda International Plc (U.K.)

  • Allergan (Ireland) (Part of AbbVie)

  • Avon (U.K.)

  • BASF SE (Germany)

  • Estée Lauder Companies Inc. (U.S.)

  • Shiseido Company, Limited (Japan)

  • Procter & Gamble (U.S.)

  • Elementis (U.K.)


KEY INDUSTRY DEVELOPMENTS:



  • October 2019 - Shiseido announced its acquisition of clean-clinical skincare brand Drunk Elephant for a huge USD 845 million. Shiseido has acquired a 100% stake in the company. With the help of this acquisition, the company is enable to attain sustainability across the brand and increase its customer base.

  • January 2021 -  Allergan (a part of AbbVie) announced plans to acquire Cypris Medical, a company specializing in minimally invasive products for face and neck lifts.


REPORT COVERAGE


An Infographic Representation of Cosmeceuticals Market

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The global cosmeceuticals market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading modalities types. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.


Report Scope & Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Estimated Year



  2021



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD billion)



Segmentation



  Product Type; Distribution Channel; and Region



By Product Type




  • Skin Care

    • Anti-ageing

    • Skin Whitening

    • Sun Protection

    • Professional Skin Care

    • Anti-acne

    • Others



  • Hair Care

    • Hair Growth

    • Anti-dandruff

    • Others



  • Injectable

    • Botox Cosmetics

    • Dermal Fillers

    • Other Injectable



  • Others

    • Lip Care

    • Tooth Whitening

    • Anti-cellulite/Body Slimming Preparations

    • Others





By Distribution Channel




  • Hospitals

  • Medical Spas and Specialty Clinics

  • Others



By Region




  • North America (By Product Type, By Distribution Channel, and By Country)

    • U.S. (By Product Type)

    • Canada (By Product Type)



  • Europe (By Product Type, By Distribution Channel, and By Country)

    • U.K. (By Product Type)

    • Germany (By Product Type)

    • France (By Product Type)

    • Italy (By Product Type)

    • Spain (By Product Type)

    • Rest of Europe (By Product Type)





  • Asia Pacific (By Product Type, By Distribution Channel, and By Country)





    • China (By Product Type)

    • Japan (By Product Type)

    • India (By Product Type)

    • Australia (By Product Type)

    • Southeast Asia (By Product Type)

    • Rest of Asia Pacific (By Product Type)



  • Latin America (By Product Type, By Distribution Channel, and By Country)

    • Brazil (By Product Type)

    • Mexico (By Product Type)

    • Rest of Latin America (By Product Type)



  • Middle East & Africa (By Product Type, By Distribution Channel, and By Country)

    • GCC (By Product Type)

    • South Africa (By Product Type)

    • Rest of Middle East & Africa (By Product Type)





Frequently Asked Questions

Fortune Business Insights says that the global market was USD 29.84 billion in 2020, and is projected to reach USD 58.34 billion by 2028.

In 2020, the market size stood at USD 29.84 billion.

Growing at a CAGR of 9.2%, the market will exhibit substantial growth during the fore-cast period (2021-2028)

The skincare segment is expected to be the leading segment in this market during the forecast period.

The growing consumer consciousness regarding appearance, rising disposable income in emerging economies, and availability of technologically advanced and user-friendly products is fueling the market.

LOreal is the leading player in the global market.

Asia Pacific dominated the market in 2020.

The increasing focus on innovation, advancements in the field of dermatology and pharmacology, and geographic expansion are the key strategies adopted by market players.

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Cosmeceuticals Market Size, Share and Global Industry Trend Forecast till 2026
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